Sampo plc to sell Sampo Bank Group to Danske Bank A/S
Sampo plc has today signed an agreement to sell all Sampo Bank plc's shares to Danske Bank A/S. The cash consideration is EUR 4,050 million. Before the closing of the transaction Sampo Bank will pay a dividend of EUR 25 million to Sampo plc. Sampo Group will book a sales gain of pproximately EUR 2.9 billion from the transaction. The sales gain is not taxable for Sampo plc and the transaction will increase the Group's equity capital from EUR 4.6 billion to EUR 7.5 billion. The transaction requires the necessary approvals, which are expected to be received in the beginning of 2007.
Sampo Bank will continue to operate under its current name. The transaction has no effect on customer relationships.
Sampo Bank Group consists of Sampo Bank plc in Finland and its subsidiary banks in the Baltic countries and Russia and a number of investment services companies, the most important of which are Mandatum Asset Management Ltd, Sampo Fund Management Ltd, Mandatum & Co Ltd. and Mandatum Securities Ltd.
Sampo Group's other business areas, P&C insurer If and life insurance company Sampo Life, continue to follow their current strategies.
Sampo Bank, the new owner of which will be Danske Bank, and Sampo Life have today signed a co-operation agreement that secures for Sampo Life the right to sell life and pension insurance products through Sampo Bank's branch network also in the future.