Denmark's Sydbank buys rival Alm. Brand Bank

Danish lender Sydbank has agreed to buy rival Alm. Brand Bank for 1.83 billion Danish crowns ($289 million), equal to 95% of book equity, both banks said on Thursday.

The transaction, pending regulatory approval, is expected to be completed by Nov. 30. Alm. Brand said it would issue an extraordinary dividend of 8 crowns per share when the transaction closes.

($1 = 6.3358 Danish crowns)

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