Helsinki, Finland, 2013-10-30 15:50 CET (GLOBE NEWSWIRE) --
Aktia Bank plc Stock Exchange Release 30.10.2013 at 4.50 p.m.
Aktia Bank and the savings bank Saaristosäästöpankki have signed a definitive merger agreement
Aktia Bank and the savings bank Saaristosäästöpankki have signed a definitive agreement on the merger between Saaristosäästöpankki and Aktia Bank. A stock exchange release regarding the letter of intent to merge was published by Aktia Bank on 6 August 2013. Upon receipt of necessary approvals, the transaction was carried out so that the owners of Saaristosäästöpankki sold all shares in Saaristosäästöpankki to Aktia Bank. Henceforth, Saaristosäästöpankki will operate as a subsidiary to Aktia Bank, and the the two banks will merge as soon as possible. The merger is planned to take place during the first half of 2014.
The transaction price amounts to EUR 6.9 million. Before the conveyance, Saaristosäästöpankki paid EUR 2.3 million as extra dividend to its old shareholders. The transaction price will be paid in cash. The total transaction price, including an optional extra purchase price, may rise to a maximum amount corresponding the net asset value of Saaristosäästöpankki, providing that targeted improvement of result is achieved in the following three years.
The estimated affect of the transaction on Aktia Bank's result and key figures is neutral.
The agreement also includes the prerequisites mentioned in the stock exchange release dated 6 August 2013 concerning the sellers' commitment to acquire shares in Aktia Bank and the buyer's commitment to, if necessary, issue shares to the sellers.
AKTIA BANK PLC
Jussi Laitinen, CEO, tel. +358 10 247 6250
Distribution: Nasdaq OMX Helsinki Ltd Central media www.aktia.fi
Aktia in brief: Aktia Group provides a broad range of products within banking, insurance and real estate agency. Aktia operates mainly in coastal areas and inland growth areas. Aktia has about 300,000 customers who are served by nearly 1,000 employees at 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, see www.aktia.fi
