NORWAY – ABN Amro’s Alfred Berg has bought the asset management activities of Norwegian banking alliance SpareBank in a deal worth around 6.7 million euros.

The transaction involves around two billion euros in assets.

“Alfred Berg Industriefinans in Norway has bought the asset management activities of SpareBank 1 Gruppen, called Sparebank 1 Aktiv Forvaltning, for around 6.7 million euros,” Alfred Berg’s parent ABN Amro said in a statement.

Alfred Berg has also signed three-year asset management agreements with alliance members SpareBank 1 Livsforsikring, SpareBank 1 Skadeforsikring and ODIN Forvaltning.

The sale stems from SpareBank’s decision to focus on the savings and insurance market.

“The agreement shows confidence in our company and an appreciation of our results in asset management,” said Arild Orgland, chief executive of Alfred Berg Industrifinans.

“The co-operation confirms the position of Alfred Berg Industrifinans as a leading asset manager in the Norwegian

“We look positively on the long term, strategic relationship with Alfred Berg Industrifinans,” said SpareBank chief executive Gunn Wærsted.

Alfred Berg Industrifinans is part of ABN Amro Asset Management’s Alfred Berg Asset Management unit .

ABN Amro said the sale is subject to regulatory approval and that SpareBank Aktiv Forvaltning manages around 15.8 billion crowns (two billion euros) of assets.