Swedish bank Handelsbanken is selling its life insurance and pension unit SPP to Norwegian pension company Storebrand for SEK18 billion.
Handelsbanken’s CEO, Par Boman, said: This is an excellent deal for all parties. Our customers’ financial security when they retire is something which must be handled with the greatest care. The right purchaser was therefore more important than any other factor. The best interests of our customers always have priority for Handelsbanken.
CEO of Storebrand Idar Kreutzer said: SPP has a unique position in the Swedish occupational pensions market. It is the only company with operations in all market segments. There is in-depth and broad competence at SPP, and the company’s employees are therefore a vital factor in the deal.