AS HANSAPANK

ANNOUNCEMENT

29.03.99

 

 

HANSABANK WILL MERGE THE LIFE ASSURANCE COMPANIES

 

 

On March 26 Hansabank bought all shares of Eesti Elukindlustuse 

AS from Eesti Kindlustus. The purchase price was the size of 

the shareholders’ equity of Eesti Elukindlustus as at February 

28, 1999, totalling to EEK 17.3 million.

 

On the same day Hansabank Insurance and Eesti Elukindlustus 

signed an insurance portfolio transferral agreement and 

Hansabank, as the owner of both companies decided to merge the 

two insurance companies.

 

The important aspects of the merger agreement are:

1. The merging company is Eesti Elukindlustuse AS and the 

merged company is Hansabank Insurance,

2. The legal name of the post-merger company will be 

Hansabank Insurance,

3. The share replacement ratio is 1:1,

4. Starting from April 1, 1999 all transactions of 

Hansabank Insurance are recorded as transactions of Eesti 

Elukindlustuse AS.

 

The insurance portfolio transferral agreement will be presented 

for approval to the Estonian Insurance Inspection by April 5, 

1999 the latest.

 

 

 

AS HANSAPANK

 

 

 

Mart Toevere

Analyst

Tel. +372 6131 569