Sydbank A/S to acquire Alm. Brand Bank A/S

                                                                                                                                                                                       

Nasdaq Copenhagen A/S London Stock Exchange Bourse de Luxembourg Other stakeholders   Company Announcement No 22/2020	Peberlyk 4 6200 Aabenraa, Denmark   Tel [phone] Fax [phone]   Sydbank A/S CVR No DK 12626509, Aabenraa sydbank.dk
1 October 2020

Dear Sirs

Sydbank A/S to acquire Alm. Brand Bank A/S

Sydbank A/S and Alm. Brand A/S have concluded an agreement to the effect that Sydbank will acquire Alm. Brand Bank and consequently take over all the bank’s employees and the bank’s customers.

Moreover the agreement involves the establishment of a partnership to create attractive value propositions for bank customers and insurance customers. The partners’ investments to develop new and integrated customer solutions where banking and insurance are linked will total a minimum of DKK 100m over the coming three years. The partnership is expected to increase the business volume and income of both parties. Sydbank projects that in a 3-5 year period the annual income from this cooperation will represent around DKK 40-50m.