Bird & Bird advises S-Bank on the acquisition of a significant part of Handelsbanken's Finnish operations

S-Bank Plc will acquire the Finnish private customer, asset management and investment services operations of Svenska Handelsbanken AB. The transaction is expected to be completed during second half of 2024. The transaction will be financed by debt financing from the market and by a subsequent share issue to the owners.

Handelsbanken signed this transaction with a consortium led by S-Bank to sell the Handelsbanken’s Finnish retail banking, asset management and investment services businesses to S-Bank, its SME business to Oma Savings Bank Plc and its life insurance business, including investment, pension, and loan insurance, to Fennia Life Insurance Company Ltd. 

Bird & Bird's Nordic team representing S-Bank is led by partners Jori Taipale and Iina-Mari Supperi, who also coordinate the project among the consortium members. Senior counsel Kristiina Lehvilä is leading on the loan financing matters and partner Mika Puurunen is advising on the share issue project. In Sweden, the team is being led by partner Mårten Willamo. 

Other members of the team include partner Mikko Ahonen, associate Joel Rautiainen, associate Marla Melin, senior associate Vuokko Rajamäki (all Corporate), counsel William Schofield, associate Sarah Hansén, associate Anna-Kaisa Mäenpää (all Finance & Financial Regulation), partner Ville Alahuhta, associate Matias Vikström (all Tax), partner Teea Kemppinen, partner Maisa Nikkola, senior associate Lotta Kumpuniemi (all Employment), partner Katia Duncker, senior counsel Petteri Metsä-Tokila, associate Maria Karpathakis (all Competition & EU), partner Sakari Halonen, senior associate Riku Rauhanen, senior associate Teemu Lahdelma, associate Niilo-Pekka Salminen (all Commercial, Tech & Comms) and senior associate Jenny Rontu (Real Estate). 

Partner at Bird & Bird Jori Taipale comments: “I am grateful and proud to have the opportunity to lead, together with Iina-Mari, our excellent Bird & Bird Nordics team advising S-Bank on this complex transaction. I wish to thank our team, the various parties involved in the transaction and their advisors for a smooth process and their hard work. I’d also like to give a special thank you to our client S-Bank for their ongoing cooperation and trust.” 

Jussi Sokka, SVP, Legal & Governance, General Counsel, from S-Bank adds: “We highly value the seamless, efficient, and pragmatic collaboration with the Bird & Bird team and we’re excited to continue working together to close the deal. The acquisition will start the next chapter in the S-Bank story. With this transaction our housing loan and deposit portfolio will grow, and we will become the fourth largest bank in both sectors in the Finnish market.  The transaction will also strengthen S-Bank's position as one of the leading asset managers in Finland.”

You can read more about the deal in S-Bank's stock exchange release: S-Bank to acquire Handelsbanken’s Finnish private customer, asset management and investment services operations (s-pankki.fi).