The Danish Metalworkers' Union plans to increase its ownership stake in the newly formed AL Sydbank A/S to approximately 10%, the bank said on Thursday.
According to a company filing, the union, known as Dansk Metal, will hold a 7.76% stake in the lender immediately following its merger with Arbejdernes Landsbank and Vestjysk Bank.
The deal, announced in late October, is set to create a major new player in the Danish banking market.
"We are happy about the support from Dansk Metal as it helps to ensure a stable and long-term ownership structure”, said Ellen Trane Nørby, Chair of Sydbank's Board of Directors.
The merger prompted Sydbank to terminate its 1.35 billion Danish Kroner share buyback program.
Shareholders are scheduled to vote on the transaction at an extraordinary general meeting on December 4.
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Sydbank on Wednesday reported a profit of 1.92 billion Danish Kroner for the first nine months of 2025, as the Danish lender proceeds with a major merger and confirms the halt of its share buyback program.
Sydbank, Arbejdernes Landsbank, and Vestjysk Bank on Wednesday released key documents detailing the terms of their planned merger, advancing a deal that would create a major new player in the Danish banking sector.
Sydbank on Wednesday raised its 2025 profit forecast after reporting a jump in third-quarter earnings.
Sydbank said on Monday it has terminated its 1.35 billion Danish Kroner share buyback program, citing a recently announced merger agreement.