Oma Savings Bank Plc has completed the acquisition as planned of Handelsbanken’s SME enterprise operations in Finland
Oma Savings Bank Plc’s (OmaSp or the Company) has completed as planned the acquisition of Svenska Handelsbanken AB’s (Handelsbanken) SME enterprise operations in Finland on 1st September 2024. As part of the acquisition of the SME enterprise operations, personal banking services for entrepreneurs, excluding asset management and investment services, were also transferred to OmaSp. The acquired SME enterprise operations is geographically located all over Finland.
The size of the deposit base transferred to OmaSp is approximately EUR 440 million and the lending volume approximately EUR 500 million. Approximately 10,000 customers transferred to OmaSp and at the same time 30 people transferred to the Company as old employees.
CEO Sarianna Liiri, OmaSp:
” I am very pleased that the long-prepared business transaction has been completed. OmaSp’s personnel have accumulated solid competence in carrying out corporate transactions. I am really proud of the attitude and the professional skills how the personnel have carried out this project as well.
With this acquisition, OmaSp’s market position will further strengthen in Finland, even though the size of the transferred stock has decreased from the time the transaction was agreed due to several factors, such as long execution time and more accurate segmentation. The transaction will further improve OmaSp’s cost efficiency and business profitability. The transaction strengthens the annual profit before taxes by approximately EUR 7–10 million. The impact on OmaSp’s capital adequacy is approximately -1.7 percentage points through risk-weighted assets, and the Company’s capital adequacy remains stable. The purchase price was paid in cash and was the net value of the balance sheet items transferred on the day of the transaction plus EUR 12 million. The transaction has no effect on the number of shares outstanding in the Company.
We warmly welcome customers from Handelsbanken to OmaSp. We will ensure that a first-class customer experience is maintained with our own banking expert in the future.”
On 31 May 2023, Handelsbanken signed an agreement with OmaSp, S-Bank Plc and Fennia Life Insurance Company Ltd. to sell the bank’s SME enterprise operations in Finland to OmaSp, its retail banking, asset management and investment services businesses to S-Bank, and its life insurance business, including investment, pension and loan insurance, to Fennia.
