LoginEvli Bank Plc (Evli Bank) announced in a stock exchange release on July 14, 2021, its plan to split into a new listed company focusing on asset management and a company continuing its banking operations, which will be merged with Fellow Finance Plc. The transaction will result in the creation of Evli Plc (Evli), an investment services company focused on asset management and advisory services, and Fellow Bank Plc (Fellow Bank), a digital bank.
The arrangement is expected to be implemented in the first half of 2022. The arrangement does not require any action from Evli Bank's clients, who will continue to be served in the usual manner.
In connection with the arrangement, the investment portfolios of Evli Bank's clients will be transferred to Evli. The cash balances at Evli will be held in client accounts with Finnish credit institutions and will be covered by the Finnish Deposit Guarantee Fund. The effects of the arrangement on Evli Bank's existing bank accounts are as follows:
- Cash balances in bank accounts related to the discretionary asset management portfolios, investment insurance portfolios, pledged portfolios and incentive schemes, cash in non-euro denominated bank accounts and cash balances in bank accounts with credit limits related to structured products will be converted into client assets and will be held in client asset accounts in Finnish credit institutions.
- Bank accounts other than those mentioned above will remain with Fellow Bank. The account terms will change, and the Fellow Bank account terms come into force for these accounts on April 2, 2022, according to which the interest rate for these accounts will be +0.75% per annum from the date of the arrangement. The method of calculating interest on corporate accounts will change: interest will be calculated on the basis of actual calendar days, using 365 as the divisor, and the accrued interest will be paid to the account each calendar year. Both current account terms and changing (effective April 2, 2022) account terms and the associated price list are available on Evli's website: evli.com/clientinformation > Agreement terms and Conditions.
- If the account holder objects to the changes to the account terms, the account holder has the right to terminate the account agreement by notifying Evli Bank in writing by April 1, 2022 to end immediately or by April 1, 2022. If the account holder objects to the changes and does not terminate the account agreement, Evli Bank has the right to terminate the account agreement in accordance with its terms.
- Evli’s clients can take advantage of Fellow Bank's competitive deposit rate flexibly without deposit or withdrawal restrictions.
- Transferring funds between Fellow Bank’s bank accounts and Evli investment portfolios is quick and convenient, both through the My Evli online service and with the help of Evli’s contact persons.
- Fellow Bank will be a highly solvent bank once the arrangement is completed, and its bank accounts will be covered by the Finnish Deposit Guarantee Fund.
Evli’s contact persons and our Investor Service, tel. +358 9 4766 9701 (9.30 am. - 4.30 pm. EET on weekdays), or investorservice@evli.com, will be happy to assist you in any questions.
