Stock Exchange Release
OP-Pohjola Group Central Cooperative
14 November 2014, at 12:00 p.m.
OP-Pohjola Group continues the planning of structural arrangements
OP-Pohjola Group Central Cooperative continues the planning of the structural reforms of OP-Pohjola Group Central Cooperative Consolidated. The changes are part of the rebuilding of the new OP-Pohjola, owned by its customers.
The new operational management system of OP-Pohjola Group took effect on 1 October 2014. The process of planning and examination of different options regarding the restructuring of OP-Pohjola Group Central Cooperative Consolidated and the implementation of legal structures of the organisation is still ongoing. In the context of further planning of the restructuring, the separation of OP-Pohjola Group's central banking operations, being presently part of Pohjola Bank plc, as a detached subsidiary fully owned by OP-Pohjola Group Central Cooperative, is also under consideration. OP-Pohjola Group's banking operations in their entirety will continue to fall within the scope of joint liability as laid down in the applicable law. No decisions have been made with respect to the specific manner of implementation or schedule of any restructuring measures.
Joint Liability within OP-Pohjola Group
Joint liability within OP-Pohjola Group is based on the Finnish Act on Amalgamations of Deposit Banks (Laki talletuspankkien yhteenliittymästä, 599/2010). According to this Act, OP-Pohjola Group Central Cooperative, the Group's central institution, and its member credit institutions are liable for each other's debts and commitments. This joint liability applies to OP-Pohjola Group Central Cooperative, OP-Pohjola Group member cooperative banks, Pohjola Bank plc, Helsinki OP Bank Plc, OP Mortgage Bank, OP Card Company plc and OP Process Services Ltd. Other OP-Pohjola Group companies, such as insurance companies, do not fall within the scope of joint liability.
OP-Pohjola Group Central Cooperative
Carina Geber-Teir
Chief Communications Officer
For more information:
OP-Pohjola Communications, media contacts, tel. +358 (0)50 523 9904
DISTRIBUTION
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op.fi, pohjola.fi
OP-Pohjola is Finland's leading financial services group providing a unique range of banking, wealth management and insurance services. OP-Pohjola's mission is to promote the sustainable prosperity, security and wellbeing of its customer-owners, customers and operating regions. Its objective is to offer the best and most versatile package of loyal customer benefits on the market. OP-Pohjola Group consists of about 180 member cooperative banks, its central institution OP-Pohjola Group Central Cooperative, and the latter's subsidiaries and affiliates. The Group has a staff of 12,000.
As laid down in the applicable law, OP-Pohjola Group Central Cooperative and its member credit institutions are ultimately jointly and severally liable for each other's debts and commitments. The joint liability in the OP-Pohjola Group is prescribed by the Act on the Amalgamation of Deposit Banks Act. Pohjola Bank plc and OP Mortgage Bank are responsible for OP-Pohjola's funding operations on money and capital markets.
Financial services provider OP-Pohjola is continuing its revamp - this time the focus is on its brand. The changes under way form part of the creation of a new financial services group fully owned by its customers. OP-Pohjola's name is OP Financial Group as of 1 January 2015.
www.op.fi