Evli Bank acquires Erik Penser Fonder
Finland’s Evli Bank has acquired Swedish fund manager company Erik Penser Fonder in a strategic move to grow on the market.
| Related news: • Evli Bank acquires Carnegie's asset management |
Evli Bank has signed an agreement where it will acquire 100 percent of the shares in Erik Penser Fonder AB, a fund manager company founded and owned by Swedish businessman Erik Penser.
The purchase price is undisclosed but the deal will add about 2 billion kronor (€194 million, $285 million) in assets to Evli’s current offering through eight equity-, hedge- and fixed income funds.
“Our ambition is to grow on the Swedish market. We are actively looking for new acquisitions”, Mikael Thunved, Managing Director of Evli Bank’s Stockholm branch, told The Swedish Wire.
This is the Finnish bank's second major acquisition in a short time. Two weeks ago Evli said had signed a share purchase agreement by which it will acquire Swedish investment bank Carnegie’s asset management operations in Finland in a deal worth 2 - 3 million euro.
“The financial crisis has opened up for interesting opportunities that we didn't see before”, Mikael Thunved said.
Evli acquires Erik Penser Fonder from Urdar AB, a subsidiary of Yggdrasil AB that is fully owned by Erik Penser.
"With the sale of Erik Penser Fonder, Yggdrasil will focus its engagement in the financial sector to Erik Penser Bankaktiebolag", commented Lars Thulin, chief executive officer of Yggdrasil. "This will complete the last years consolidation through sales of other entities and give room for further expansion within the bank".
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Last Updated (Tuesday, 20 October 2009 10:50)
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