The decisions to merge will be made in the Board of Directors of Oma Savings Bank and in the Board of Trustees of Eurajoen and Mietoinen Savings Banks in early 2021
Oma Savings Bank has started negotiations to merge two savings banks into its business. (Credit: aymane jdidi from Pixabay)
Oma Savings Bank Plc (OmaSp) has started negotiations to merge Eurajoen and Mietoinen Savings Banks into Oma Savings Bank. The decisions to merge will be made in the Board of Directors of Oma Savings Bank and in the Board of Trustees of Eurajoen and Mietoinen Savings Banks in early 2021. Possible unification would take place in the second half of 2021, when Eurajoen and Mietoinen Savings Banks would transfer over their businesses to Oma Savings Bank and continue as regional Savings Bank Foundations to promote for thrifty and economical education.
CEO Pasi Sydänlammi:
“The unification would bring a continuation to OmaSp’s excellent growth story, and further strengthen the bank’s profit-making ability. The planned merger will increase the bank’s business volumes essentially and expand our service network. The customer base in Eurajoen Savings Bank is concentrated in Satakunta region, especially in Pori and Rauma areas, and Mietoinen Savings Bank operates in the region Varsinais-Suomi mainly in Turku economic area. The customers of both banks will continue to be customers in familiar branches, and the personnel of the banks will move as old employees to OmaSp.”
When completed, the business transfers would increase the balance sheet of Oma Savings Bank by approximately EUR 400 million and increase the number of private and corporate customers by about 20,000. The combined operating profit of the banks for 2019 was approximately EUR 37 million for 2019, of which OmaSp accounts for EUR 32.7 million.
Source: Company Press Release