Factorial Bank and SEB Bank plan merger

At their EGM on November 10, SEB Bank shareholders will consider merging with Factorial Bank (FKTB: N/R), and, if OKed, will approve the date and the terms of the transaction, the bank announced yesterday. The deal would see Factorial Bank become a SEB Bank subdivision. In connection with the merger, SEB Bank plans to increase its charter fund by 89.9% to USD 44.5 mln. SEB Bank and Factorial Bank both belong to SEB Group (Sweden).