Svenska Handelsbanken has completed the sale of SPP Liv to Storebrand, a financial services company, for a purchase price of SEK18.2 billion.
The proceeds of the sale were SEK16.2 billion after Handelsbanken received an extra distribution from SPP amounting to SEK1.4 billion and payment for subsidiaries of SEK 0.6 billion. The capital gain is expected to be around SEK4.2 billion before restructuring costs, which are expected to be less than SEK400 million.
Ulf Riese, CFO of Handelsbanken, said: The transaction boosts our already very stable finances and also gives us even greater room for maneuver.
Par Boman, CEO of Handelsbanken, added: This is an excellent way to end a very good year, when Handelsbanken did more business and gained more satisfied customers than ever before. We are now entering 2008 – better equipped than for a very long time.