POLAND – The Polish authorities have approved Nordea’s previously announced acquisition of Sampo’s Polish life and pensions businesses.

Nordea said the deal gives it full holding of Sampo PTE and Sampo Life.

They currently have around 595,000 active pension savers – with some €770m in assets under management. Nordea will more than double its customer base in Poland to around 1m.

“The compulsory pension system is one of the fastest growing segments of the long-term savings market in Poland with an expected growth rate of around 20% annually", said says Allan Polack, Nordea’s head of life and pensions.

The €95m purchase was first announced in June this year.

Sampo said it would recognise a sales gain of €25m on the transaction.

Topics