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Aktia Bank Plc and Saaristosaastopankki Sign Definitive Merger Agreement


Wednesday, 30 Oct 2013 10:50am EDT 

Aktia Bank Plc announced that the Bank and the savings bank Saaristosaastopankki have signed a definitive agreement on the merger between the parties. Upon receipt of necessary approvals, the transaction was carried out so that the owners of Saaristosaastopankki sold all shares in Saaristosaastopankki to Aktia Bank. Henceforth, Saaristosaastopankki will operate as a subsidiary to Aktia Bank, and 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, Saaristosaastopankki 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 Saaristosaastopankki, providing that targeted improvement of result is achieved in the following three years. 

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23 Jul 2014