Sp Mortgage Bank Plc: The Savings Bank Centre, part of the Savings Banks Group, is planning to reorganise its operations
Sp Mortgage Bank Plc
Stock Exchange Release
11th May 2022 at 9:30
The Savings Bank Centre initiates change negotiations concerning the personnel of the Savings Banks’ Union Coop, Savings Bank Services Ltd, Central Bank of Savings Banks Finland Plc, Sp-Fund Management Company Ltd and Sb Life Insurance Ltd. Approximately 470 people are involved in the change negotiation.
If the planned measures are implemented, it is estimated that a cessation will take place in a maximum of 45 positions. In addition, some tasks may change substantially. Potential redundancies will be limited by reallocating employees to new tasks and roles. The final personnel effects will be confirmed after the negotiations.
SAVINGS BANKS GROUP
Tomi Närhinen, Managing Director, Savings Banks' Union Coop
Sp Mortgage Bank is part of the Savings Banks Group and the Savings Banks Amalgamation. The role of Sp Mortgage Bank is, together with Central Bank of Savings Banks Finland Plc, to be responsible for obtaining funding for the Savings Banks Group from money and capital markets. Sp Mortgage Bank is responsible for the Savings Banks Group's mortgage-secured funding by issuing covered bonds.