Helsinki, Finland, 2013-10-24 08:30 CEST (GLOBE NEWSWIRE) --
Aktia Bank plc Stock Exchange Release 24.10.2013 at 9.30 am
Aktia Bank and the savings bank Vöyrin Säästöpankki have signed a pre-agreement on merger
Aktia Bank plc and Vöyrin Säästöpankki have signed a pre-agreement on merger. The merger is to be implemented as conveyance of the business operations of Vöyrin Säästöpankki to Aktia Bank plc. In this transaction, the net value of Vöyrin Säästöpankki's business operations is estimated to approximately EUR 11 million. The estimated affect of the transaction on Aktia Bank's result and key figures is neutral.
Closing of the final agreement and implementing the transaction are subject to the Finnish Financial Supervisory Authority's approval of the transaction and customary terms and conditions. The parties involved aim to close the agreement on merger by the end of 2013, and the implementation of the transaction is expected to take place during the first half of 2014.
Vöyrin Säästöpankki, which following the transaction will be transformed into a foundation, will use a part of the purchase sum to buy approx. 1% of Aktia Bank’s shares on the market in the period up until 28 February 2015.
Vöyrin Säästöpankki has approximately 4,300 customers, a business volume of approximately above EUR 90 million, a Tier 1 capital ratio of above 30% and 9 employees who will be transferred to Aktia Bank as so-called long-service employees.
- The merger with Vöyrin Säästöpankki improves Aktia Bank's strategic position in the Pohjanmaa region. Vöyrin Säästöpankki has operated for 90 years, and it's a well-run bank with sound economy, says Aktia's CEO Jussi Laitinen .
- We find a merger with Aktia Bank to be the best alternative available, considering the challenges imposed by future banking regulations and the current market situation on smaller players on the financial market. In a merger with Aktia Bank, locally generated capital from the start of our business will stay here, says Jan Björklund , Managing Director of Vöyrin Säästöpankki.
AKTIA BANK PLC
For more information, please contact: Jussi Laitinen, CEO, Aktia Bank plc, tel. +358 10 247 6250 Jan Björklund, Managing Director, Vöyrin Säästöpankki, tel. +358 50 601 65
Distribution: Nasdaq OMX Helsinki mass media www.aktia.fi
Aktia Group provides a broad range of products within banking, insurance and real estate agency. Aktia Bank operates mainly in coastal areas and inland growth areas. Aktia Bank has about 300,000 customers who are served by nearly 1,000 employees at 57 branch offices and via Internet and telephone services. Aktia's shares are listed on the list of NASDAQ OMX Helsinki Ltd. For more information about Aktia Bank see www.aktia.fi
Vöyrin Säästöpankki in short Vöyrin Säästöpankki is an independent savings bank operating in the former municipality of Vöyri and the Vöyri archipelago. The bank was founded in 1924. Customers are mainly private persons, agricultural entrepreneurs and smaller businesses.
