Edition:
United Kingdom

Vestjysk Bank Raises Outlook On Divestment Of Sparinvest Shareholding


Friday, 1 Mar 2019 

March 1 (Reuters) - Vestjysk Bank A/S ::REG-CONDITIONAL AGREEMENT CONCERNING THE SALE OF 75 PER CENT OF SPARINVEST.BEFORE COMPLETION OF TRANSACTION, DIVIDEND WILL BE PAID TO EXISTING SHAREHOLDERS IN AN AMOUNT OF DKK 155 MILLION.TRANSACTION WILL FOR BANK GENERATE AN EXTRAORDINARY TAX-EXEMPT INCOME OF APPROX. DKK 135.0 MILLION.IF CONDITIONS FOR TRANSACTION ARE SATISFIED, TRANSACTION IS EXPECTED TO BE COMPLETED IN Q3 OF 2019.IT IS TO BE EXPECTED THAT THIS WILL RESULT ADJUSTMENT OF EXPECTED PROFIT AFTER TAX TO AROUND DKK 360-410 MILLION.IF SALE IS COMPLETED, VESTJYSK BANK'S COMMON EQUITY TIER 1 CAPITAL RATIO AND TOTAL CAPITAL RATIO WILL BE INCREASED BY APPROX. 1.3 PERCENTAGE POINTS DUE TO EXTRAORDINARY INCOME OF DKK 135 MILLION. 

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