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EBRD intends to accept offer for Hansabank shares
The EBRD intends to accept Swedbank’s offer and sell its shares in Estonia’s
Hansabank on the terms indicated in a statement issued by Swedbank earlier
today. The EBRD became an investor in Hansabank in 1998 following its merger
with Eesti Hoiupank, where the EBRD was already a shareholder. The EBRD’s
shareholding was further increased later in the same year to strengthen
Hansabank’s capital base after the Russia crisis.
The sale of the EBRD’s remaining 15,297,568 shares would complete the Bank’s
divestment from Hansabank after it had already sold about half of its shares
in 2002. This is consistent with the EBRD’s policy of exiting from investments
where the EBRD role has been successfully accomplished.
EBRD First Vice President Noreen Doyle said: “We supported Hansabank before,
during and after the Russia crisis of 1998. It demonstrates how the EBRD is
taking risks when required and needed.”
Hansabank has performed strongly in recent years and has become one of the
leading banks in the Baltic States, providing high quality and innovative
services to its corporate and retail clients.
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