Sweden's Handelsbanken to sell Finnish businesses for $1.4 bln (updated)

Oma Saastopankki Oyj

31/05/2023 06:32

(Adds transaction detail in 2nd paragraph, Oma statement in
paragraphs 4-5)
       OSLO, May 31 (Reuters) - Sweden's Handelsbanken
 SHBa.ST  said on Wednesday it has agreed to sell parts of its
Finnish operation to three local companies for about 1.3 billion
euros ($1.43 billion), equal to the net assets of the divested
businesses.
    Handelsbanken will also receive a small premium of up to 8.5
million euros on top of the net asset value, with the deal
expected to close in the second half of 2024, it added.
    Private customer, asset management and investment services
operations were sold to S-Bank, small and medium-sized
enterprise operations were sold to Oma Savings Bank  OMASP.HE 
and life insurance operations to Fennia, Handelsbanken said.
    Oma Savings Bank separately said the deal was "really
positive" and would boost the company's position among small and
medium enterprises in Finland.
        "The growing business volumes further improve OmaSp's
cost efficiency and business profitability and has a material
impact on the annual profit-making ability," Oma CEO Pasi
Sydanlammi said in a statement.
  

($1 = 0.9084 euros)

 (Reporting by Terje Solsvik; Editing by Christian Schmollinger
and Essi Lehto)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70;))