The merger with Pensions-Alandia gets the green light from the General Meeting

At an Extraordinary General Meeting on 3 September 2018, the shareholders of Veritas approved the company’s merger with Pensions-Alandia.

“I am especially proud of the fact that this brings us one step closer to our goal of being the best pension company for small and medium-sized businesses. This merger is being done for the benefit of all our customers,” explains Carl Pettersson, CEO of Veritas.

The merger will result in an annual savings of approximately one million euro, primarily in terms of administrative costs, which will be reflected in the positive development of client bonuses for customers.

Pettersson feels that the merger will also benefit Finnish entrepreneurs and companies on a broader level.

“I believe that Finnish companies headed by entrepreneurs deserve to have their own option in the market.  Particularly since the majority of Finnish companies are not large corporations. Our strategy is to offer precisely the services that these types of companies are looking for.”

The decision of the Financial Supervisory Authority expected no later than November

All of the elected bodies of Veritas administration have given their approval to the merger. As regards Pensions-Alandia, their final decision will be made on 12 September in connection with the company’s second Extraordinary General Meeting.

The Finnish Competition and Consumer Authority has also issued a statement and states that there are no competitive restraints that would impede this merger. 

In June, the companies submitted a joint merger application to the Financial Supervisory Authority. Its decision is expected to be issued by November, at the latest.

In accordance with the plan of merger, Pensions-Alandia customers will become Veritas customers as of 1 January 2019. All insurance policies and pensions will continue as usual. The merger does not require that any action be taken by customers of either Pensions-Alandia or Veritas.

Further information

Carl Pettersson, CEO, tel. +358 (0)10 550 1600