Nordic Business Report-November 20, 2006-Aktia Savings Bank to acquire Veritas Life Insurance Company (C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com Finnish savings bank Aktia Savings Bank Plc said on Monday (20 November) that it board of directors is proposing to the banks board of supervisors that Aktia acquires all the shares of Veritas Life Insurance Company and 80% of the shares of Oy Fondex Ab (Rahastotori Oy). Veritas Pension Insurance Company is the majority shareholder of Veritas Life Insurance Company, one of the oldest life insurance companies in Finland. In 2005 the insurance premium revenues of Veritas Life Insurance Company amounted to almost EUR100m. The company currently employs a staff of 168, some two-thirds of which are based in the companys headquarters in Turku. Fondex is the sole owner of its subsidiary, Rahastotori Oy, which sells units of the investment funds managed by Norwegian company Odin and Swedish East Capital among others. After the acquisitions Veritas Life Insurance Company and Fondex (Rahastotori) will continue operations as subsidiaries within the Aktia Group using their current names. Aktia Savings Bank is a bilingual Finnish savings bank that operates 74 branch offices. The Aktia Group includes Aktia Fund Management Ltd, Aktias Real Estate Agencies, Aktia Asset Management Oy Ab, and Aktia Real Estate Mortgage Bank Plc. One British pound (GBP) is worth approximately 1.49 euros (EUR). ((Comments on this story may be sent to [email protected]))