OP Corporate Bank plc
OP Cooperative
Stock exchange release
14 September 2016 at 4.30 pm EEST
OP Cooperative to investigate a possibility to buy a subordinated loan of 40 million euros on the market issued by OP Corporate Bank plc
OP Cooperative is investigating a possibility to buy a perpetual subordinated loan of 40 million euros (ISIN: XS0237073498) on the market issued by OP Corporate Bank plc on 30 November 2005, in part or in full.
As a result of possible purchases, the purchased amount will be removed from OP Financial Group's balance sheet and capital base under the prudential requirements. The possible purchases will have only a minor effect on OP Financial Group's capital adequacy and will not affect OP Corporate Bank's capital adequacy. The possible purchases form part of OP Financial Group's capital management and funding structure optimisation.
OP Cooperative (buyer) and OP Corporate Bank plc (issuer) belong to the amalgamation of deposit banks formed by OP Financial Group's member credit institutions and the central cooperative and fall within the scope of joint and several liability. This amalgamation is supervised on a consolidated basis.
OP Corporate Bank plc
OP Cooperative
Carina Geber-Teir
Executive Vice President, Corporate Communications
For more information, please contact:
Harri Luhtala, CFO, tel. +358 (0)10 25 22433
Distribution
Nasdaq Helsinki
LSE London Stock Exchange
SIX Swiss Exchange
Major media
op.fi and pohjola.com
OP Financial Group is Finland's largest financial services group whose mission is to create sustainable prosperity, security and wellbeing for its owner-customers and in its operating region by means of its strong capital base and efficiency. OP Financial Group consists of about 180 member cooperative banks, its central cooperative OP Cooperative, and the latter's subsidiaries and affiliates. The Group has a staff of 12,000 and 1.7 million owner-customers and 4.3 million customers. www.op.fi
OP Corporate Bank and OP Mortgage Bank are responsible for OP's funding in money and capital markets. As laid down in the applicable law, OP Corporate Bank, OP Mortgage Bank and their 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. OP Corporate Bank acts as OP's central bank.