S-Pankki buys Oma Säästöpankki in nearly €600 million deal

Oma Säästöpankki has accepted S-Pankki’s takeover offer for about 96.58 per cent of its shares, Yle reported. S-Pankki made the offer, worth nearly €600 million, in July.

Oma Säästöpankki will continue operating as part of S-Pankki. The combined bank will hold nearly €9 billion in home loans, bringing it into the same size class as Danske Bank. Before the deal, S-Pankki held just under €6 billion in home loans and Oma Säästöpankki just under €3 billion.

Oma Säästöpankki chief executive Karri Alameri called the deal a significant step for the bank. In a statement issued by S-Pankki, he said the combination would provide a strong foundation for the future and allow the bank to develop its services more broadly for customers.

S-Pankki said customer services and the banks’ day-to-day operations would remain unchanged for now, and customers would not need to take any action. The combined bank is expected to have about one million active customers. S-Pankki says it serves about 3.4 million customers.