Danske Bank to Demerge its Finnish Mortgage Business.
M2 EQUITYBITES-March 27, 2017-Danske Bank to Demerge its Finnish Mortgage Business
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27 March 2017 - Danish bank Danske Bank A/S plans to de-merge its Finnish mortgage business as part of a larger move to merge its operations in the country, the bank said.
On February 2, 2017, Danske Bank A/S announced that it was looking into the possibilities of merging its activities in Finland - Danske Bank Plc and Danske Bank A/S, Helsinki branch - into a single Finnish branch.
As a part of this process, the board of directors of Danske Bank Plc has approved a demerger plan aiming for a partial demerger pursuant to the Finnish Companies Act.
This implies that all assets, liabilities and reserves of Danske Bank Plc's mortgage credit banking business will be transferred to an acquiring company wholly owned by Danske Bank A/S to be incorporated in conjunction with the demerger.
Danske Bank said that the reason for separating the mortgage credit banking business of Danske Bank Plc by way of a partial demerger is that the Finnish legislation requires a Finnish limited liability company as a holder of the mortgage credit banking license.
The demerger is subject to approval by the general meeting of Danske Bank Plc and the acquiring company obtaining necessary licenses to operate as a Finnish credit institution and mortgage credit bank.
Application for such licenses will be filed with the Finnish Financial Supervisory Authority.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Mar 27, 2017|
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