S-Bank has carried out a directed share issue of EUR 200 million as part of the completion of the transaction

S-Bank Plc                          
Other information disclosed according to the rules of the Exchange
28 November 2024 at 1.30 pm

S-Bank has carried out a directed share issue of EUR 200 million as part of the completion of the transaction 

S-Bank Plc announced on 31 May 2023 that it will acquire the Finnish private customer, asset management and investment services operations of Svenska Handelsbanken AB. At the same time, S-Bank announced that it would strengthen its own capital by carrying out a planned share issue of up to EUR 200 million, directed at its owners, before the transaction is completed. This ensures that the bank's capital adequacy remains strong even after the transaction. The transaction is expected to be completed on 1 December 2024.

In connection with the transaction, the shareholders of S-Bank have today unanimously resolved to authorise the Board of Directors to decide on the directed issue of up to 2 443 494 new shares. Based on the authorisation, the Board of Directors of S-Bank has decided on the directed issue of a total of 2 443 494 new shares to the owners of S-Bank, i.e. SOK and cooperatives that are part of S-Group. The subscription price of the shares is EUR 81.85 per share, and it is based in the net value of S-Bank on 31 March 2023. The share issue is carried out for the purpose of financing the transaction, which constitutes a serious financial reason for the directed share issue.

The share subscription price has been paid and the Board of Directors has today approved the share subscriptions received from the owners. The aggregated subscription price of the shares, EUR 199 999 983,90, will be entered in S-Bank’s reserve for invested non-restricted equity in its entirety.

The new shares will be notified for registration in the trade register as soon as possible. After the registration of the new shares, the total number of shares of S-Bank will be 9 123 674 shares. The total number of new shares corresponds to approximately 26,8 percent of S-Bank’s share capital.