United Bankers Plc’s intra-Group corporate arrangements will be completed on 31 December 2023
United Bankers Plc
STOCK EXCHANGE RELEASE 5 December 2023 at 15:00 EET
United Bankers Plc’s intra-Group corporate arrangements will be completed on 31 December 2023
United Bankers announced on 19 June 2023 that it is planning internal corporate arrangements, the objective of which is to clarify and simplify the Group structure. The Finnish Financial Supervisory Authority has granted UB Asset Management Ltd the authorisation extensions required for the completion of the demerger of UB Securities Ltd on 5 December 2023. Thus, the condition to completion of the demerger has been fulfilled. The contemplated completion date of the demerger and mergers of wholly owned subsidiaries of United Bankers is 31 December 2023. However, the completion date may change due to registration-related reasons.
In the intra-Group corporate arrangements UB Securities Ltd will demerge in accordance with the Finnish Companies Act as a full demerger, in which the acquiring companies will be UB Asset Management Ltd and a new United Bankers’ wholly owned limited liability company to be established in connection with the completion of the demerger. UB Securities Ltd will cease to exist on the completion date of the demerger. UB Asset Management Ltd will acquire all authorised operations, including safekeeping of financial instruments.
Simultaneously with the demerger, but as separate arrangements, the mergers of UB Brokerage Company Ltd and UB Life Ltd, which is UB Brokerage Company Ltd’s subsidiary acting as its insurance agent, into UB Asset Management Ltd are completed as sister company and subsidiary mergers in accordance with the Finnish Companies Act. Consequently, the Group’s insurance business is centralised into Finland and the UB Life branch office located in Luxembourg is closed.
For more information, please contact:
Patrick Anderson, CEO, United Bankers Plc
Email: patrick.anderson@unitedbankers.fi
Phone: +358 400 244 544, +358 9 25 380 236
Nina Rosenlew, General Counsel, United Bankers Plc
Email: nina.rosenlew@unitedbankers.fi
Phone: +358 40 522 6519, +358 9 25 380 261
Investor Relations: ir@unitedbankers.fi
United Bankers in brief:
United Bankers Plc is a Finnish expert on wealth management and investment markets, established in 1986. United Bankers Group’s business segments include wealth management and capital markets services. In asset management, the Group specializes in real asset investments. United Bankers Plc is majority-owned by its key personnel and the Group employs 163 employees (FTE) and 31 agents (30 June 2023). In 2022, the United Bankers Group’s revenue totalled EUR 48.6 million and its adjusted operating profit amounted to EUR 16.6 million. The Group’s assets under management amount to approximately EUR 4.6 billion (30 June 2023). United Bankers Plc’s shares are listed on Nasdaq Helsinki Ltd. The Group companies are subject to the Finnish Financial Supervisory Authority’s supervision. For further information on United Bankers Group, please visit www.unitedbankers.fi.
DISTRIBUTION:
Nasdaq Helsinki
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