Brief: Alandsbanken To Transfer Most Of Mortgage Portfolio, Bonds To Borgo

Alandsbanken Abp

21/01/2022 07:05

Jan 21 (Reuters) - Alandsbanken Abp  ALBAV.HE :
    * REG-THE BANK OF ÅLAND WILL TRANSFER MOST OF ITS SWEDISH
MORTGAGE
PORTFOLIO TO BORGO AB
    * ON JANUARY 20, 2022, BOARD OF DIRECTORS OF BANK OF ÅLAND
(ÅLANDSBANKEN) DECIDED TO CARRY OUT TRANSFER OF MOST OF BANK'S
SWEDISH MORTGAGE PORTFOLIO AND PREVIOUSLY ISSUED SWEDISH COVERED
BONDS TO SWEDISH COMPANY BORGO AB
    * FOLLOWING TRANSACTION, BANK OF ÅLAND'S OWNERSHIP STAKE IN
BORGO
WILL INITIALLY AMOUNT TO 19.9 PER CENT
    * TRANSACTION WILL MAINLY OCCUR DURING Q1 OF 2022, 2022, BUT
SOME
SMALL PORTIONS OF LOAN PORTFOLIO WILL BE TRANSFERRED LATER IN
YEAR.
    * TRANSACTION WILL HAVE A POSITIVE EFFECT ON BANK OF ÅLAND'S
NET
OPERATING PROFIT IN Q1
    * TOTAL FULL-YEAR EFFECT ON 2022 EARNINGS IS EXPECTED TO BE
POSITIVE.

Source text for Eikon:  ID:nGNE51JvNB 
Further company coverage:  ALBAV.HE 

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