OP Corporate Bank plc
OP Cooperative
Stock exchange release
2 July 2021 at 10.00 am EEST
OP Corporate Bank plc’s non-life insurance business will be transferred to the direct ownership of OP Cooperative
On 2 July 2021, OP Corporate Bank plc’s Board of Directors approved a demerger plan whereby 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. Based on the plan, the demerger would be executed by the end of 2021. The planned restructuring was last announced in the interim reports of OP Financial Group and OP Corporate Bank published on 28 April 2021.
The aim of the restructuring is to simplify the structure and governance of OP Financial Group’s central cooperative consolidated and to clarify its management structure. The arrangement will improve OP Corporate Bank plc’s CET1 ratio by approximately 2 percentage points. Following the arrangement, the non-life insurance business will no longer be included in OP Corporate Bank plc’s financial reports. 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 would it affect the joint and several liability regime under the Finnish Amalgamation Act.
OP Corporate Bank plc
OP Cooperative
Tuuli Kousa
Chief Communications and Corporate Responsibility Officer
Further information:
OP Financial Group’s Investor Relations, IR@op.fi
Media enquiries:
OP Financial Group’s Corporate Communications, tel. 010 252 8719, viestinta@op.fi
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op.fi
OP Financial Group is Finland’s largest financial services group that has over two million owner-customers and 12,000 employees. We provide a comprehensive range of banking and insurance services for personal 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. www.op.fi