SAMPO PLC STOCK EXCHANGE ANNOUNCEMENT
22 November 2004 at 10.00 a.m.
SAMPO BANK PLC TO EXPAND TO LATVIA BY ACQUISITION OF MARAS BANKA
Sampo plc's fully-owned subsidiary Sampo Bank plc has today announced to acquire the family-owned Maras Banka in Latvia. The parties have agreed not to publish the price of the transaction.
Maras Banka is focused on mortgage lending to private individuals. At the end of October 2004 Maras Banka had total assets of EUR 41.2 million and it had a market share of approximately 3.5 % in private housing loans.
Following the acquisition Sampo Group has banking operations in all three Baltic countries. By expanding to the fast growing Latvian banking markets Sampo Group will strengthen its position in Latvia, where it already has P&C and life insurance companies.
The transaction still requires the approval of the respective authorities in Latvia.
SAMPO PLC
Hannu Vuola
Head of Group Communications
Tel. +358 10 516 0040
Distribution:
Helsinki Stock Exchange
Main news media
www.sampo.com
Financial Supervision