SAMPO CREDIT PLC HAS BEEN MERGED INTO SAMPO PLC AND
SAMPO FINANCE LTD INTO SAMPO BANK PLC
Sampo plc's wholly owned subsidiary, Sampo Credit plc, has today been merged into Sampo plc. Prior to the merger, Sampo Credit's loan portfolio, valued at approximately EUR 400 million in terms of risk-weighted assets, was sold to Sampo Bank plc.
The merger will result in the transfer to Sampo plc of some EUR 600 million in capital, which will be used to repay a short-term loan of EUR 550 million taken in April 2004 as part of financing for the If transaction.
Sampo Bank plc's wholly owned subsidiary, Sampo Finance Ltd, has been merged into Sampo Bank plc on 30.9.2004. The merger will have no effect on the services and related agreements of Sampo Finance. The staff of Sampo Finance has been transferred to Sampo Bank.
SAMPO PLC
Hannu Vuola
Head of Group Communications
Tel. +358 10 516 0040 or mobile +358 50 424 0040
DISTRIBUTION:
Helsinki Exchanges
The principal media
Financial Supervision Authority