Finland’s S-Bank acquires majority stake in FIM
S-Bank, a provider of retail banking services to the Finnish market, is to take a majority stake in FIM, the independent asset manager, to create a group capable of offering a broader range of products and services.
The deal will enable the businesses to jointly offer savings and investment services, through to discretionary asset management. FIM’s retail banking operations will be combined with the banking operations of S-Bank by the end fo 2013.
Investment services will remain the responsibility of FIM. Customers of FIM will not be affected, as the same people will continue to manage assets as they have previously, the company said. FIM is offering its own customers and members of the cooperatives in S Group the opportunity to make investments in FIM’s funds without subscription, redemption or management fees, from 3 June to the end of 2013.
Further information on joint products is expected to be announced before the end of the year.
|S-Bank and FIM in figures, 31 Dec. 2012|
|Core expertise||Daily banking services, savings and small loans||Asset management, mutual funds and investments|
|Net income||EUR 68.4 million||EUR 31.3 million|
|Deposits||EUR 2.5 billion||EUR 189 million|
|Assets under management||–||EUR 2.2 billion|
|Outlets and offices||Over 700 S Group outlets||8 offices|
|Customers||2.6 million customers||Over 50,000 customers|