Jyske Bank takes over Sparekassen Lolland

1/25/2013 11:46 AM EST

Jyske Bank A/S
Company Announcement

Jyske Bank takes over Sparekassen Lolland



Jyske Bank A/S has entered into an agreement with Sparekassen Lolland A/S to
take over all its banking activities, including customers, employees and
branches. 

All necessary approvals from the authorities have been obtained.

Jyske Bank will take over all assets and liabilities, except for share capital
and subordinated capital. 

The take-over comprises all 45,000 customers of Sparekassen Lolland’s branches
and 70,000 customers of FinansNetbanken.The balance sheet amounts to DKK
12.9bn. Loans and advances amount to DKK 7.1bn and deposits to DKK 9.7bn. 

The background behind the take-over is that, in connection with an inspection
of Sparekassen Lolland, the Danish FSA ascertained a requirement of further
loan impairment charges and provisions for guarantees and determined a solvency
requirement which the Board of Directors of Sparekassen Lolland A/S has
assessed is not possible to meet within the specified time limit.Consequently,
it is not possible for Sparekassen Lolland to continue as an independent
financial institution. 

Sparekassen Lolland’s branches and FinansNetbanken will be open for business as
usual, and the customers will be served in the usual manner. 



Further information

Please direct any questions concerning this announcement to Anders Dam,
Managing Director and CEO at tel. +45 89 89 20 01.