VersobankNewsNews archive2018Versobank’s conditions to the Loan Contracts and Principles of Processing Customer Data are changing

Versobank’s conditions to the Loan Contracts and Principles of Processing Customer Data are changing

23.10.2018

Pursuant to the liquidation proceedings of Versobank AS (in liquidation) (the Bank) and with the purpose of enabling a smooth transfer of the customer relationships between the Bank and its current loan customers to a new creditor, the Bank has adopted a decision of amending the conditions of the respective Product Agreement as well as Principles of Processing Customer Data. The changes in Principles of Processing Customer Data will also apply to all other Bank’s customers.


In accordance with the article 3.6 of General Terms and Conditions, as well as article 8.1 of the Principles of Processing Customer Data, the Bank has a right to unilaterally amend any Terms and Conditions including Principles of Processing Customer Data.


In accordance with the article 3.7 of General Terms and Conditions, the Bank shall give to its customers one month advance notice about the respective amendments. In accordance with the article 8.2 of the Principles of Processing Customer Data, the Bank shall give to its corporate customers one month advance notice and to private customers two months advance notice regarding the respective amendments.


Therefore the Bank hereby informs its customers about its decision to amend the terms of the Product Contracts and the Principles of Processing Customer Data accordingly:


1. Amendment to the terms of Product (Loan) Contract:



The Bank has adopted a decision to amend the article of Product Contract, with regards of its right to transfer its claims arising from the agreement, to third party. From the date of commencement, the respective article shall be effective in the following wording "The Bank has right to transfer its position arising from the Contract, including all rights and obligations, arising from the Contract, to a third party".


2. Amendment to the Principles of Processing Customer Data:


The Bank has adopted a decision to amend the article 4.1.8 of the Principles of Processing Customer Data. From the date of commencement, the respective article shall be effective in the following wording "to a third party, including a potential new creditor, upon the transfer of Bank’s position arising from the Contract, or the preparation of such transfer "


The amendment to the terms of Product (Loan) Contract shall take effect from 26 November 2018.


The amendment to the Principles of Processing Customer Data shall take effect for all corporate customers from 26 November 2018 and for private customers from 26 December 2018.


The customers who do not agree to the abovementioned amendments, have right to terminate their respective Contract with the Bank within the notice period set forth above, by notifying the Bank in writing or in alternative format reproducible in writing, and by performing all the obligations before the Bank stemming from any Product Contracts, and the General Terms and Conditions.


The customers who do not exercise their right to terminate their respective Contract with the Bank within the notice period set forth above shall be deemed accepting the amendments as per article 3.11 of the Terms and Conditions, and have recognised thereby that he/she has no further claims against the Bank stemming from such amendments to the Terms and Conditions.


All questions and comments in relation to the amendments in General Terms and Conditions and Principles of Processing Customer Data can be sent to the Bank’s e-mail