Hansapank-Hoiupank merger a reality

The Baltic Times, TALLINN
By Kairi Kurm
Jul 16, 1998

Shareholders of Hoiupank and Hansabank approved the proposal to merge the two banks July 12. Almost all Hansabank shareholders � 99 percent � and 57.6 percent of Hoiupank shareholders voted for the merger. Only 46 percent of Hansapank�s shareholders were present instead of the necessary 50 percent and the rest had to be called.
The long-awaited merger will create the largest bank and financial group in the Baltic states with assets totalling 25 million kroons ($1.7 million). The central bank approved the merger July 13.
The operations of Hoiupank will be wound up as of July 20 and trading with its stock on the Tallinn Stock Exchange will be suspended as of July 15.
The merger agreement retains Hansapank as the official bank name. The leaders of Hoiupank, who were connected with the unpopular Daiwa deal will not get a seat in the new bank. Hansabank has declared that it is not going to take over Hoiupank�s extraordinary loss of 225.1 million kroons related to Hoiupank�s claim concerning six million shares in the bank.
Under the merger agreement, the present Hansapank shareholders will own 65 percent of the new bank group. The remaining 35 percent will be owned by the shareholders of Hoiupank.

Source: http://www.baltictimes.com/news/articles/2270/

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