Handelsbanken, Swedish financial institution, has announced its decision to divest its Finnish enterprises for an impressive sum of $1.4 billion
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Loading... - Nathan Price
- 01 Jun 2023
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Handelsbanken, a prominent Swedish bank, announced on Wednesday its plans to divest parts of its Finnish operations to three local companies for approximately 1.3 billion euros ($1.43 billion), which corresponds to the net value of the businesses being sold.
In addition to the net asset value, Handelsbanken will receive a modest premium of up to 8.5 million euros. The transaction is anticipated to be finalized in the second half of 2024.
The private customer segment, asset management and investment services operations will be transferred to S-Bank, while the small and medium-sized enterprise operations will be acquired by Oma Savings Bank. Furthermore, Fennia will take over the life insurance operations previously managed by Handelsbanken.
Expressing their enthusiasm, Oma Savings Bank stated that the deal would have a profoundly positive impact, bolstering their standing among small and medium-sized enterprises in Finland.
Oma's CEO, Pasi Sydanlammi, emphasized the favorable outcomes, stating that the growing business volumes would enhance OmaSp's cost efficiency, overall business profitability, and significantly contribute to their annual profit-making capability.
