The deal has resulted in a customer base increase of approximately 10,000 SME clients for OmaSp. Credit: TippaPatt / Shutterstock.

Oma Savings Bank (OmaSp) has closed the acquisition of Svenska Handelsbanken‘s SME enterprise operations in Finland.

The transaction, first announced in May 2023, includes the transfer of personal banking services for entrepreneurs, except asset management and investment services, to OmaSp.

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The acquisition encompasses a deposit base of approximately €440m ($441.8m) and a lending volume of approximately €500m.

Around 10,000 customers and 30 employees from Handelsbanken have joined OmaSp as a result of the deal.

OmaSp CEO Sarianna Liiri said: “With this acquisition, OmaSp’s market position will further strengthen in Finland, even though the size of the transferred stock has decreased from the time the transaction was agreed due to several factors, such as long execution time and more accurate segmentation.

“The transaction strengthens the annual profit before taxes by approximately €7m–€10m. The impact on OmaSp’s capital adequacy is approximately -1.7% points through risk-weighted assets, and the company’s capital adequacy remains stable.

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“The purchase price was paid in cash and was the net value of the balance sheet items transferred on the day of the transaction plus €12m. The transaction has no effect on the number of shares outstanding in the company.

“We warmly welcome customers from Handelsbanken to OmaSp. We will ensure that a first-class customer experience is maintained with our own banking expert in the future.”

In May last year, Handelsbanken also agreed to sell retail banking, asset management, and investment services to S-Bank, as well as life insurance business, including investment, pension, and loan insurance services to Fennia Life Insurance Company.