Banking group Handelsbanken has reached an agreement with S-Bank, Oma Savings Bank and Fennia Life Insurance Company regarding the transfer of parts of its operations in Finland.
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.
Upon the transfer date, the Bank will receive cash consideration equal to the actual net asset value of approximately €1.3bn (£1.1bn, €1.4bn) as per Q1 2023, plus a maximum premium payment of €8.5m.
The transaction is expected to be finalised during second half of 2024.
The sales are contingent on customary approvals by public authorities and the relevant trade unions have been informed.