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Major Danish pension provider changes name after turning mutual

In the wake of Norliv's takeover of Nordea Liv & Pension, the new customer-owned company is now adopting an entirely new name.

Anne Broeng is chairwoman of the new companyVelliv | Photo: PR.

In future, Nordea Liv & Pension will be renamed Velliv, according to news service Finans. The name change will take effect in the fall, and comes after the customer association Norliv took over the majority of Denmark's third largest pension fund from the Nordea group -- a move which changed the company into one that is customer-owned, or mutual.

Norliv now owns 70 percent of the company, but the idea is for it to take over all the equity in the long run. Norliv is also changing its name to Velliv Association.

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