Handelsbanken, the second largest bank in Sweden, has announced a deal to sell parts of its Finnish business.
The divestment to three local companies will generate about €1.3 billion for the bank, with the bank receiving a small premium of up to €8.5 million on top of the net asset value.
The bank said that it had agreed deals with S-Bank, Oma Savings Bank and Fennia Life Insurance Company.
The private customer, asset management and investment services operations are to be sold to S-Bank, who will also take over lease agreements for branch offices. The small and medium-sized enterprise operations are to be sold to Oma Savings Bank. The life insurance operations are to be sold to Fennia Life Insurance Company.
In a separate statement, Oma chief exec Pasi Sydanlammi said: “The growing business volumes further improve OmaSp's cost efficiency and business profitability and has a material impact on the annual profit-making ability.”
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