Former managers of Mandatum setting up new bank
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A number of bankers who have resigned from the asset management unit of the Mandatum brokerage house are setting up a new bank in Finland. The name of the new bank will be Taaleritehdas Oy.
The main financiers of the project are investors Pertti Laine, Esa Karppinen, and Peter Fagernäs. Through their investment companies they will own 55 per cent of the new company. The remaining 45 per cent of the Taaleritehdas shares are owned by the operative management and employees of the company.
Most of the employees are former employees of the Mandatum Private Bank.
Once the new company gets the necessary authorisation from the Financial Supervision Authority, the new bank is to name Juhani Elomaa as its CEO, and Kari Haaparinne as its deputy CEO. Both of them had previously worked at similar tasks at the Mandatum Private Bank.
Mandatum, which is owned by Sampo Bank, faced considerable changes after the Danish Danske Bank bought Sampo, and announced that it would partly combine the asset management activities of Mandatum with thsoe of Sampo Bank. The announcement was followed by a wave of resignations from Mandatum Private Bank.
The new bank plans to set up regional branches in Helsinki, as well as Turku, Tampere, and Pori.
Fagernäs believes that there may be demand for Finnish asset management, which is "independent of banks", now that many larger brokerage houses have been bought out by foreign companies.
Most recently, eQ was acquired by an Icelandic buyer in May.
Fagernäs calculates that Taaleritehdas is the fifth bank that he has helped set up. The previous ones were the New York and London offices of Kansallis Bank, as well as Prospectus, and the Conventum brokerage house.
"Now my role is that of an investor", he says.
"I was asked to join in, and it was such an interesting project, that I had to do it."
When the new company starts at the end of the year it will have about 50 people working for it, Fagernäs calculates. "The aim is to get full banking rights. Not right away: let's say in 2010."
Helsingin Sanomat
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| 23.8.2007 - TODAY |
 Former managers of Mandatum setting up new bank |
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