Estonia, Financial Services, Funds, Investments, Pensioners

International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 09:08

LHV bought Danske's Estonian pension funds for EUR 10.9 mln

BC, Tallinn, 22.06.2016.Print version
AS LHV Varahaldus, asset management subsidiary of AS LHV Group, bought Danske Capital AS for 10.92 million euros, LHV told the stock exchange, informs LETA/BNS.

It said the final price was determined after auditing the balance sheet of Danske Capital AS as at April 30.

 

The share purchase agreement whereby the asset management arm of LHV acquired Estonian pension funds of Danske Bank was signed on Jan. 29 this year. In February, LHV Varahaldus increased its share capital by 8.2 million euros by issuing new shares to its parent company, LHV Group. LHV Group also bought 0.6 million euros' worth of subordinated bonds of LHV Varahaldus.

 

Following the completion of the transaction, LHV Varahaldus's market share on the market for mandatory pension funds is approximately 30%.

 

Danske Capital managed three mandatory and two voluntary pension funds whose assets stood at 235.8 million euros at the moment the deal was transacted. Danske's mandatory pension funds had over 43,000 active clients.






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