OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE, 17 JUNE 2022 AT 10.00 A.M. EET, OTHER INFORMATION DISCLOSED ACCORDING TO THE RULES OF EXCHANGE
Oma Savings Bank Plc’s merger negotiation with Liedon Savings Bank are proceeding – estimated positive annual impact on profit EUR 15-20 million
In May 2022, Oma Savings Bank Plc (OmaSp) launched negotiations to merge Liedon Savings Bank's banking business into its business. Negotiations have progressed and the acquisition plan of the merger has been approved by the Boards of both banks. On 17 June 2022, the acquisition plan will be filed for registration in the Trade Register. The goal is to implement the merger on 30 November 2022.
The acquisition of the business will have a significant positive impact on OmaSp's annual profitability. It is estimated to increase OmaSp's profit before taxes by approximately EUR 15-20 million annually in the coming years. In the longer term, business in the Turku economic area is expected to significantly increase OmaSp's earnings.
The merger will increase OmaSp's balance sheet by approximately EUR 1.4 billion. The arrangement will significantly strengthen OmaSp's market position and service network in the Turku economic area and throughout Southwest Finland. The number of OmaSp's private and corporate customers will increase to more than 200,000 after the merger. The growing volumes will further improve OmaSp's cost efficiency and business profitability.
The acquisition of the business is planned to be carried out through a directed share issue to Liedon Savings Bank, in which it will receive 3,125,049 shares of Oma Savings Bank Plc. The additional purchase price will be paid in cash based on Liedon Savings Bank's customer business results for the period 1 May to 30 November 2022.
Following the transfer of the banking business, Liedon Savings Bank is to become a regional savings bank foundation. Foundation's assets will consist of the compensation to be paid and the non-banking assets of Liedon Savings Bank. When the foundation starts operations, its total assets are estimated to be approximately EUR 160 million.
Oma Savings Bank Plc
Additional information:
Pasi Sydänlammi, CEO, tel. +358 45 657 5506, pasi.sydanlammi@omasp.fi
Minna Sillanpää, CCO, tel. +358 50 665 92, minna.sillanpaa@omasp.fi
Distribution:
Nasdaq Helsinki Ltd
Major media
www.omasp.fi
OmaSp is a growing Finnish bank and the largest savings bank in Finland based on total assets. About 330 professionals provide nationwide services through OmaSp’s 35 branch offices and digital service channels to over 150,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.
OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.
