Sampo Bank will be divided into three companies on 31 October 2001, and the assets and liabilities related to banking will remain in one of them (Sampo Bank plc). The pro forma balance sheet of the new Sampo Bank plc is approximately EUR 15.5 billion and the capital adequacy approximately 10.5 per cent. The staff is transferred to the new bank as old employees.
Company liabilities and properties will be transferred to the other companies. Of these, Sampo Credit plc, balance sheet total EUR 5.5 billion, will comprise export and project financing as well as liabilities of major companies. Property owned by the bank will be transferred to Sampo Properties Ltd, balance sheet total EUR 0.3 billion. The new companies are jointly and severally liable for the debts and other liabilities of Sampo Bank which have arisen prior to the division. The arrangement will not affect customer service or business operations.
Head of Group Communications
FOR FURTHER INFORMATION, PLEASE CONTACT:
Ilkka Hallavo, Managing Director, Sampo Bank plc,
tel. +358 10 513 3901
Jarmo O Salonen, Head of Investor Relations, Sampo plc,
tel. +358 10 514 0030
FOR DISTRIBUTION TO:
The principal media