On 3 November 2014, OP-Pohjola Group Central Cooperative's Executive Board decided to reduce OP-Pohjola Group's OP-prime reference rate from 0.9% to 0.75%, effective as of 17 November 2014. The decision is based on falling market interest rates. The last time OP-prime was changed in September 2014.
FURTHER INFORMATION:
Reijo Heiskanen, Chief Economist, tel. +358 (0)10 252 8354
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