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Moens Bank A/S Takes Over Kongsted Sparekasse

Monday, 11 Feb 2013 03:16am EST 

Moens Bank A/S announced that the Boards of the Company and Kongsted Sparekasse want to merge Kongsted Sparekasse with the Company with effect from May 1, 2013. Kongsted Sparekasse has loan of approximately DKK 110 million, which is more than funded with a deposit in the amount of DKK 200 million. There is no guarantee capital in Kongsted Sparekasse, which has equity of approximately DKK 16 million. Kongsted Sparekasse has approximately 2,500 customers, most of whom reside in its market area in southern Zealand, Denmark. Following the merger, continue Sparekasse’s activities as a branch of the Company, which is convinced that the merger will provide a number of operational advantages, since among other things, management of Information Technology (IT) and administrative tasks can be streamlined and made more efficient. The Company will at once receive approximately 2,500 new customers. A merger reduces the Company’s solvency and core capital ratio by approximately 1.1%. In connection with the merger, Kongsted Sparekasse is being converted to a fund equivalent to the Company’s payment for Sparekasse. The fund is expected to be in the size of DKK 2.5 million and the fund's purpose is to distribute funds for charitable purposes in the Sparekasse’s local market area. The operational benefits of the merger are expected to affect the Company’s fiscal year 2013 core earnings (profit before value adjustments and impairment losses) with approximately DKK 2 million. 

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