The Fionia Bank Board is in trouble and to avoid further problems has entered into an agreement with the national Financial Stability company.
The agreement means that the banking activities in the current Fionia Bank are to be transferred to a new company which has been established and owned by Fionia Bank, but which is controlled by Financial Stability.
"The agreement requires approval of the Financial Supervisory Authority, the EU and competition authorities. At its annual general meeting on 10 March 2009 the Board will explain the contents of the agreement. There are proposals to change the name of the current bank to Fionia Bank Holding A/S and give the new company the name Fionia Bank A/S," the company says in a news release.