Competition Authority Approves Sale of Handelsbanken Finland to Oma Säästöpankki

The Finnish Competition and Consumer Authority (FCCA) has approved the sale of Handelsbanken Finland’s operations to Oma Säästöpankki. The deal, which was first announced in March 2023, is expected to close in the fourth quarter of this year.

The approval of the sale by the FCCA is a significant milestone for the two banks. Oma Säästöpankki will become Finland’s fifth-largest retail bank, with over 1.2 million customers and assets of €15 billion. Handelsbanken, on the other hand, will exit the Finnish market.

The FCCA’s approval was not without conditions. The authority required Oma Säästöpankki to sell Handelsbanken’s corporate banking business to another bank. This was done to ensure that there would be no reduction in competition in the corporate banking market.

The sale of Handelsbanken Finland’s operations to Oma Säästöpankki is a sign of the growing consolidation in the Finnish banking sector. In recent years, there have been a number of large bank mergers and acquisitions, as banks seek to reduce costs and increase their market share.

The acquisition of Handelsbanken Finland by Oma Säästöpankki is expected to have a number of benefits for both banks. Oma Säästöpankki will gain access to Handelsbanken’s strong customer base and its expertise in corporate banking. Handelsbanken, on the other hand, will benefit from Oma Säästöpankki’s strong retail banking franchise.

The acquisition is also expected to be beneficial for Finnish customers. The combined bank will be able to offer a wider range of products and services to customers, and it will be better able to compete with other banks in the market.