- S-Bank is to acquire Handelsbanken’s Finnish private customer, asset management and investment services operations.
- Oma Savings Bank is to acquire Handelsbanken’s small and medium-sized enterprise operations.
- Fennia Life Insurance Company is to acquire Handelsbanken’s life insurance operations.
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. According to Handelsbanken, the company’s Finnish operations will continue as usual for the time being, and the transaction does not require its customers to take any action.
Handelsbanken’s private customer, asset management and investment services operations are to be sold to S-Bank. The small and medium-sized enterprise operations are to be sold to Oma Savings Bank, and the life insurance operations, including investment, pension and payment protection insurances, are to be sold to Fennia Life Insurance.
According to Handelsbanken, the transaction represents about 30 per cent of the lending volumes and about 50 per cent of the risk-weighted exposure amounts in the bank’s operations in Finland. The employees affected by the transaction – a significant proportion of Handelsbanken’s employees in Finland – will transfer to the buyer companies as old employees.
The divestment of the bank’s remaining operations in Finland continues as part of a separate process. For the time being, the services of large enterprises and corporations, limited liability housing companies and real estate companies will continue as usual.
The transaction is expected to be finalised during the second half of 2024. The sales are contingent on customary approvals by public authorities. Handelsbanken announced its decision to withdraw from Denmark and Finland and that it was looking for a buyer for its operations in Finland in late 2021.
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