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Home BUSINESSTapiola to merge with S-bank
Fri, 07 Jun, 2013 12:02:40 AM
FTimes-STT Report, June 7

S-bank (S-Pankki), operated by retail cooperative S group is going to buy the cooperative Bank Tapiola with the view to expand its banking activities.

The operation of the new S-Bank will start from next year, S group sources said.

S-group will own 75 percent of the merged company while LahiTapiola Group will be owner of the remaining 25 percent.

The S-Bank presently running with 2.6 million clients has about EUR 2.5 billion deposit and the amount of personal loans to the customer is EUR 240 million. The operational profit of the bank is EUR 6.4 million, bank sources said.

Meanwhile, the Tapiola Bank having more than 250 000 customers is running with present amount of deposit of EUR  1.6 billion. The amount of personal customers loans is EUR 1.7 billion. 

‘ The balance sheets of both the banks adjust very well with each other and  we expect better output after combine operation instead of individual banking,’ the S-Group Chief Executive Officer Kuisma Niemelä said.

The Banks authorities said that the new bank will offer S-Group customers various new services including collateralised credit and mortgages.

The authority also said that that before the merger, they will need approval from Financial Supervisory Authority and the Consumer Protection Office. The new financial Institution will also apply for a private banking license.

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