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S Bank announces foray into asset management

S Bank, the only in-store bank in Finland, has announced the acquisition of investment services provider FIM. According to the signed letter of intent, the bank will first purchase 51 per cent of the shares of FIM and fork out for the remaining shares later. The acquisition represents S Bank's expansion into investment funds and financial management, where the bank aims to establish itself as one of the largest service providers in Finland by the end of the decade, CEO Pekka Ylihurula reveals. According to Ylihurula, the bank planned its foray into the new sector for over a year's time.

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