S&P upgrades Gjensidige Bank

S&P said it raised the long-term rating on Gjensidige Bank ASA and Gjensidige Bank Boligkreditt AS to A+.

The agency also affirmed the bank's A-1 short-term ratings.

The outlook is positive.

Nordea recently completed its acquisition of all shares in the bank, which is now considered a highly strategic and important subsidiary to the Nordea group, S&P said.

As part of the Nordea group, Gjensidige Bank will benefit from management, funding and liquidity support from the Nordea group, as well as extraordinary support if needed, the agency said.

Through this acquisition, Nordea plans to strengthen its presence in the Norwegian market, S&P said, and expand its customer base.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.