Fennia – Sale of Fennia Asset Management and Fennia Properties to S-Pankki

We advised Fennia Mutual Insurance Company in the sale of Fennia Asset Management Ltd and Fennia Properties Ltd, comprising the asset management and real estate investment management services, to S-Pankki. With the acquisition, S-Pankki will after the closing gain €2.1 billion of new client assets under management.

Fennia Group consists of Fennia, specialising in non-life insurance; Fennia Life, offering voluntary life, pension and deposit insurance products; Fennia Asset Management Ltd, offering asset management services and management services regarding alternative investment funds; Fennia Asset Management Ltd’s subsidiary Fennia Property Development Ltd; and Fennia-service Ltd. The Fennia Group’s parent company, Fennia Mutual Insurance Company, is a Finnish non-life insurance company owned by its customers. Its line of business includes statutory and voluntary non-life insurances, which Fennia offers to companies, entrepreneurs and households. In 2019, the Group’s turnover amounted to €996.5 million.

S-Bank Ltd is the bank of the S-Group, a Finnish retailing cooperative organisation. At the end of 2019, S-Bank Wealth Management had €9.1 billion under management. As part of S-Group, S-Bank has three million customers. S-Bank offers convenience and benefits by combining bank and retail services. S-Bank is the first so-called supermarket bank in Finland. S-Bank is owned by SOK (37.5%), local cooperative shops under S-Group (37.5%), LähiTapiola Vahinkovakuutus (10%), LähiTapiola Henkiyhtiö (3.5%), LähiTapiolan alueyhtiöt (10%) and Elo (1.5%).