STOCKHOLM, Sweden, Dec. 22, 2003 (PRIMEZONE) -- Lansforsakringar Bank is acquiring Lansforsakringar Fondforvaltning AB from Lansforsakringar AB. Lansforsakringar Bank is a subsidiary of Lansforsakringar AB. The purchase consideration amounts to SEK 115 M.
"There is a natural connection between the banking and fund operations. Consequently, this transaction is fully in line with our strategy. As a result of the acquisition of the fund management company, the bank's earnings will be strengthened," says Tomas Johansson, President, Lansforsakringar Bank.
Transfer
The transaction is being implemented as a non-cash issue, which results in an increase in the share capital in Lansforsakringar Bank of SEK 115 M. The acquisition is intended to occur as of January 1, 2004 and is dependent upon the necessary approvals of the authorities.
Key figures September 30, 2003 Lansforsakringar Bank Return on equity 3.1 Capital adequacy ratio, % 8.55 Tier 1 ratio, % 8.06 Total assets, SEK M 29,256 Income, SEK M 34.6 Rating, Standard & Poor's K 1/BBB+ Key figures Lansforsakringar Fondforvaltning September 30, 2003 Assets under management, SEK M 31,679 Income, SEK M 11.9 Pro forma Bank Group, including Lansforsakringar Fondforvaltning Income statement, Jan. 1, 2003-Sep. 30, 2003 SEK M Net interest income 497.8 Commission, net 130.1 Other revenues 87.6 Total operating revenues 715.5 Personnel expenses 107.9 Other expenses 293.7 Total expenses 401.6 Profit before loan losses 72.5 Loan losses, net 33.6 Profit from banking business 38.9 Profit from insurance business 3.1 Total operating profit 42.0 Tax -2.1 Income for the period 39.9 Balance sheet, Sep. 30, 2003 SEK M ASSETS Lending to the public 27,899 Bonds 649 Tangible and intangible assets 223 Assets in the insurance business 5 Other assets 653 Total assets 29,429 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits and borrowing from the public 18,546 Securities issued 6,756 Debt in insurance business 6 Other liabilities 2,106 Subordinated debt 180 Shareholders' equity 1,835 Total liabilities and shareholders' equity 29,429
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