Nordnet announced the acquisition of the Norwegian bank Netfonds.

Nordnet, a Stockholm, Sweden-headquartered financial company providing online banking services, announced getting into an agreement to acquire its Norwegian competitor, Netfonds.

Financial details were not disclosed. The deal's rationale is to create a leading digital bank in Norway for savings and investments.

Netfonds, founded in 1996 by Rolf Dammann and led by CEO Harald S. Thorstensen, is one of the leading companies in Norway when it comes to online securities trading, and was Norway’s first online broker in 1996. The company offers trading in a wide range of securities to more than 80,000 registered customers in Norway and Sweden. Netfonds has today a total of 17 billion NOK in savings capital and made a profit before tax of NOK 42 million in 2017.

Nordnet, founded in 1996 and led by CEO Anders Danielsson, is a Pan-Nordic digital bank for savings and investments. The company is owned by Nordic Capital and investment bank Öhman Group, which de-listed it from the stock exchange in 2017.