Pohjola Bank plc
Stock exchange release
7 August 2014 at 1.50 pm
Pohjola to renew its organisation as part delisting
OP-Pohjola will continue to renew OP-Pohjola Group Central Cooperative Consolidated's management and organisational structures. These changes represent a continuation of the decision announced in February 2014 to delist Pohjola Bank plc shares. Pohjola Bank plc's Board of Directors has decided to contribute to planning related to OP-Pohjola Group Central Cooperative Consolidated.
The purpose of OP-Pohjola is that three business lines will form the basis for management within the group. At the same time, OP-Pohjola Group Central Cooperative Consolidated will streamline its structure and enhance its efficiency. The organisational renewal will also have an effect on Pohjola's structures.
As part of these changes, the number of directors may decrease and the job descriptions of directors may change.
In order to implement related plans, Pohjola will initiate procedures for information and consultation of employees, as referred to in Sections 6 and 8 of the Act on Co-operation within Undertaking, together with the other companies and entities belonging to OP-Pohjola Group Central Cooperative Consolidated and its related parties.
The planned changes will pertain to the entire OP-Pohjola Group Central Cooperative Consolidated, but any possible effects on personnel during these procedures will apply to directors outside the scope of collective agreements. OP-Pohjola Group's operations abroad are outside the scope of these procedures.
The procedures will begin on 12 August and are expected to last six weeks. OP-Pohjola Group Central Cooperative has 98.41% of Pohjola shares and 99.14% of the votes conferred by shares.
Pohjola Bank plc
Carina Geber-Teir
Chief Communications Officer
DISTRIBUTION
NASDAQ OMX Helsinki
LSE London Stock Exchange
SIX Swiss Exchange
Major media
pohjola.com, op.fi
FOR MORE INFORMATION, PLEASE CONTACT
Teija Sarajärvi, Senior Vice President, HR Services, OP-Pohjola Group
Any requests for contacts, please call OP-Pohjola Group Communications, tel. +358 (0)50 523 9904
Pohjola is a Finnish financial services group that offers its customers banking, non-life insurance and asset management services. Pohjola's mission is to promote the prosperity, security and wellbeing of its customers. Key targets include profitable growth and increasing the company's value. Pohjola Group serves corporate customers in Finland and abroad by providing an extensive range of financial, investment, cash management and non-life insurance services. For private customers, the Group provides non-life insurance and private banking services. Pohjola's consolidated earnings before tax amounted to 473 million euros in 2013 and the balance sheet total amounted to 44 billion euros on 31 December 2013. Pohjola is part of OP-Pohjola Group, the leading financial services group in Finland with 4.3 million customers.
www.pohjola.com