OP Corporate Bank plc
Stock exchange release
23 September 2021 at 9.00 EEST
OP Corporate Bank plc’s partial demerger approved
OP Cooperative, the only shareholder of OP Corporate Bank plc, has approved the partial demerger of OP Corporate Bank as specified in the demerger plan signed on 2 July 2021. According to the plan, the shares of Pohjola Insurance Ltd, OP Corporate Bank plc’s subsidiary engaged in non-life insurance business, will be transferred to the direct ownership of OP Cooperative. The planned date for registration of the implementation of the demerger is 29 November 2021.
The aim of the demerger plan is to streamline the structure and governance of OP Financial Group’s central cooperative consolidated and to simplify its management structure. After the partial demerger, OP Corporate Bank plc will be engaged in corporate banking and central bank business. The arrangement will have no effect on OP Financial Group’s capital adequacy, earnings or business segments, nor will it affect the joint liability of member credit institutions under the Finnish Act on the Amalgamation of Deposit Banks.
OP Corporate Bank plc
Chief Communications and Corporate Responsibility Officer
OP Financial Group’s Investor Relations, IR@op.fi
OP Financial Group’s Corporate Communications, tel. +358 10 252 8719, email@example.com
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OP Financial Group, which has two million owner-customers and over 12,000 employees, is Finland’s largest financial services group. We provide a comprehensive range of banking and insurance services for private and corporate customers. OP Financial Group consists of OP cooperative banks, its central cooperative OP Cooperative, and the latter’s subsidiaries and affiliates. Our mission is to promote the sustainable prosperity, security and wellbeing of our owner-customers and operating region.
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, 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 Financial Group's central bank.