STOCK EXCHANGE RELEASE
Pohjola Bank plc
2 July 2015 at 5 p.m. EEST
Demerger plan of Pohjola Bank plc registered in the Trade Register
Pohjola Bank plc has signed a demerger plan, which has been registered in the Trade Register. The final demerger decisions will be made in August 2015. The planned demerger is part of the building of a new OP Financial Group owned by its customers.
The reasons behind Pohjola Bank plc's demerger plans include increasing operational efficiency, clarifying the group structure and streamlining administration. In the partial demerger the central and corporate bank activities, equities and non-life insurance will remain with Pohjola Bank plc. All other operations of Pohjola Bank plc will be transferred to a new company to be established. The business transferred to the new company includes wealth management as well as card and property management functions.
A stock exchange release on the planning of the structural arrangement was published on 14 November 2014. OP Financial Group's banking operations in their entirety will continue to fall within the scope of joint liability as laid down in the applicable law.
Joint liability within OP Financial Group
Joint liability within OP Financial Group is based on the Finnish Act on Amalgamations of Deposit Banks (599/2010). According to this Act, OP Cooperative and its member credit institutions are liable for each other's debts and commitments. This joint liability applies to OP Cooperative, OP Financial Group member banks, Pohjola Bank plc, Helsinki OP Bank Plc, OP Mortgage Bank, OP Card Company plc and OP Process Services Ltd. Other OP Financial Group companies, such as insurance companies, do not fall within the scope of joint liability.
Pohjola Bank plc
Carina Geber-Teir
Executive Vice President of Corporate Communications
For more information, please contact:
OP Communications, media contacts, tel. +358 50 523 9904
DISTRIBUTION
NASDAQ OMX Helsinki
LSE London Stock Exchange
SIX Swiss Exchange
Major media
op.fi, pohjola.com
Pohjola is part of Finland's leading customer-owned financial services group OP Financial Group. Pohjola provides its customers with banking, non-life insurance and asset management services. Pohjola acts as OP's central bank and is responsible, together with OP Mortgage Bank, for OP's funding in the money and capital markets. As laid down in the applicable law, Pohjola, its parent company OP Cooperative and other OP Financial Group member credit institutions are ultimately jointly and severally liable for each other's debts and commitments. Joint liability within OP Financial Group is based on the Finnish Act on Amalgamations of Deposit Banks (Laki talletuspankkien yhteenliittymästä, 599/2010).
www.pohjola.fi