VersobankNewsNews archive2019Versobank’s loan portfolio sold to LHV Pank AS

Versobank’s loan portfolio sold to LHV Pank AS

14.01.2019

At the end of December 2018, Versobank AS (in liquidation) signed an agreement on the sale of the bank’s loan portfolio to AS LHV Pank. According to the agreement, the acquisition of the portfolio by LHV should take place presumably on January 28, 2019.

For our loan clients, no significant changes shall arise in connection with this transaction. All rights and obligations agreed in the loan agreements shall remain in force also in the future, only the other party of the agreement will change to AS LHV Pank instead of Versobank AS (in liquidation). This also means that after the completion of the transaction, all loan customers shall make their loan payments to the account of LHV Bank – the more detailed instruction will be sent to each customer separately.

Until receiving the above-mentioned additional notice, all loan clients shall follow the terms of their credit agreements concluded with Versobank AS (in liquidation) in accordance with previously established procedure. All payments must be made according to the terms and amounts agreed in the loan agreements to the bank account of Versobank AS (in liquidation) EE971010000000269019.

The customers, who after receiving the additional notice, make their loan payment by mistake to the Versobank’s (in liquidation) account, must not worry, as Versobank AS (in liquidation) will transfer all erroneously received funds to AS LHV Pank.

The successful sale of the loan portfolio is an important milestone in the liquidation process of the bank. The European Central Bank cancelled the operating license of Versobank AS on March 26, 2018. The bank is in the process of liquidation and cannot provide any financial services. By today, almost all Versobank’s clients who have submitted an application for the compensation have their deposited funds fully paid out. The sale of the loan portfolio allows the bank to fulfill its obligations towards loan customers and move on with the liquidation process.