D&I represents Handelsbanken in the disposal of its private, SME and life insurance operations in Finland to S-Bank, Oma Savings Bank and Fennia Life Insurance Company. The private customer, asset management and investment services operations are to be sold to S-Bank, the small and medium-sized enterprise operations to Oma Savings Bank and the life insurance operations to Fennia Life Insurance Company.
The transaction includes lending volumes of approximately EUR 4.1 billion and deposit volumes of approximately EUR 2.8 billion, which are divided between S-Bank and Oma Säästöpankki and transfer of insurance portfolios to Fennia Life Insurance Company. The transaction represents approximately 30 per cent of the lending volumes and approximately 50 per cent of the risk-weighted exposure amounts in the Bank’s operations in Finland. The purchase price is a cash consideration equal to the actual net asset value (approximately EUR 1.3 bn as per Q1 2023) plus a maximum premium payment of EUR 8.5 million. The sales are contingent on approvals by public authorities.