Aktia Bank and the savings bank Saaristosäästöpankki have signed a letter of intent to merge

Aktia Bank plc               
Stock Exchange Release
6.8.2013 at 7.50 a.m.


Aktia Bank plc and the savings bank Saaristosäästöpankki Oy have signed a letter of intent to merge. In the transaction, Saaristosäästöpankki is valued to net asset value at a maximum. The affect of the transaction on Aktia Bank's result and key figures is considered to be neutral.

In the letter of intent, Saaristosäästöpankki's owner foundations commit aqcuisition of shares corresponding to approx. 1% of Aktia Bank's shares in the period up until the next Annual General Meeting. Aktia Bank aims to put an option to, if necessary, issue or sell own shares to the owner foundations of Saaristosäästöpankki at a rate corresponding Aktia Bank’s net asset value per share (as at 30 June 2013), should the foundations not buy shares in public trading to a lower valuation. 

Saaristosäästöpankki has about 5,500 customers, 10 employees, and a business volume of approx. EUR 100 million and a Tier 1 ratio of about 30%. Following the transaction, Saaristosäästöpankki would be incorporated in, and its acivities be continued by Aktia Bank. The employees of Saaristosäästöpankki would be transferred to Aktia Bank as so-called long-service employees.

  • Saaristosäästöpankki is a well-run bank with sound economy. Even though Aktia is a much bigger bank, the merger would significantly improve our strategic position in the Turunmaa region, says Jussi Laitinen, CEO of Aktia.
  • The present market position as well as future branch-specific regulation are challenging for smaller, local banks. For us, a merger with Aktia Bank, which guarantees that capital generated locally remains in the area, is an attractive alternative, says Eugen Friman, Managing Director of Saaristosäästöpankki.

The parties will evaluate alternative ways to merge, and enter into a final agreement without delay. The transaction is subject to approval by the Finnish Financial Supervisory Authority.


For more information, please contact:
Jussi Laitinen, CEO, Aktia Bank plc, tel. +358 10 247 6250
Eugen Friman, Managing Director, Saaristosäästöpankki Oy, tel. +358 400 532 635

Malin Pettersson, Communications manager, Aktia Bank plc, tel. +358 10 247 6369, +358 40 589 7941

Nasdaq OMX Helsinki,
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Aktia Group provides a broad range of products within banking, insurance and real estate agency. Aktia operates mainly in coastal areas and inland growth areas. Aktia has about 300,000 customers who are served by nearly 1,000 employees at 60 branch offices and via Internet and telephone services. Aktia's shares are listed on the list of NASDAQ OMX Helsinki Ltd. For more information about Aktia see www.aktia.fi

Saaristosäästöpankki in short
Saaristosäästöpankki has operated in 106 years, and has good experience in providing savings bank services in the archipelago. Saaristosäästöpankki Oy was formed in 2003 in a merger between the savings banks in Nauvo and Korppoo. In 2007, the Houtskari savings bank was incorporated in Saaristosäästöpankki. Saaristosäästöpankki has branch offices i Houtskari, Korppoo, Nauvo and Parainen.