Evli Bank Plc (Evli Bank) announced in a stock exchange release on July 14, 2021, its plan to split into a new listed company focusing on asset management and a company continuing its banking operations, which will be merged with Fellow Finance Plc. The transaction will result in the creation of Evli Plc (Evli), an investment services company focused on asset management and advisory services, and Fellow Bank Plc (Fellow Bank), a digital bank.
The arrangement is expected to be implemented in the first half of 2022. The arrangement does not require any action from Evli Bank's clients, who will continue to be served in the usual manner.
- In connection with the arrangement, Evli Bank's clients will also become Evli clients. Evli's client terms and conditions enter into force on April 2, 2022, and are available at evli.com/clientinformation > Agreement terms and Conditions and from Evli Bank.
- Evli's client terms and conditions will be largely the same as Evli Bank's previous terms and conditions, along with the changes required by the arrangement and other necessary updates. The structure of the agreements has also been simplified. All the terms and conditions related to the relationship are now grouped under the Terms of Investment Services, whereas previously they were separate for custody, electronic services and brokerage. The terms and conditions for client funds have also been updated to reflect the fact that Evli no longer offers bank accounts.
- At the same time, Evli is moving to mostly electronic communication, and thus we ask clients to ensure that Evli has an up-to-date email address for the client. The easiest way to update your contact details is to use our My Evli service. (My Evli > My info > Contact information > Electronic communication).
- If the client objects to the changes to the terms and conditions, the client has the right to terminate the contract immediately or by April 1, 2022, by notifying Evli Bank in writing by April 1, 2022. If the client objects to the changes and does not terminate the contract, Evli Bank has the right to terminate the contract in accordance with its terms.
Evli’s contact persons and our Investor Service, tel. +358 9 4766 9701 (9.30 am. - 4.30 pm. EET on weekdays), or investorservice@evli.com, will be happy to assist you in any questions.
