Pohjola Bank plc demerger plan adopted
(Thomson Reuters ONE) -
Pohjola Bank plc
Stock exchange release
22 October at 9.00 am
Pohjola Bank plc demerger plan adopted
The Extraordinary General Meeting of Pohjola Bank plc on 22 October 2015 adopted
the demerger plan the registration of which in the Trade Register was announced
on 2 July 2015. The demerger is part of the creation of a new OP Financial Group
owned by its customers.
The underlying reasons behind the demerger plan include increasing operational
efficiency, simplifying the group structure and streamlining administration. In
the partial demerger, Group Treasury and Corporate Banking, Equities, and Non-
life Insurance will remain with Pohjola Bank plc. All other operations of
Pohjola Bank plc will be transferred to a new company to be established in the
partial demerger. The business transferred to the new company includes wealth
management and card and property management operations. The planned date for the
registration of the execution of the demerger is 30 December 2015.
OP Financial Group's banking operations in their entirety will continue to fall
within the scope of joint and several liability. The joint and several liability
in OP Financial Group is based on the Act on the Amalgamation of Deposit Banks
(599/2010) whereby OP Cooperative, the central cooperative, and its member
credit institutions are liable for each other's debts and commitments.
Pohjola Bank plc
Carina Geber-Teir
Executive Vice President, Corporate Communications
For more information, please contact:
OP Communications, media contacts, tel. +358 (0)50 523 9904
DISTRIBUTION
NASDAQ OMX Helsinki
LSE London Stock Exchange
SIX Swiss Exchange
Major media
op.fi, pohjola.com
Pohjola is part of Finland's leading customer-owned financial services group OP
Financial Group. It provides its customers with banking, non-life insurance and
asset management services. Pohjola acts as OP's central bank and is responsible,
together with OP Mortgage Bank, for OP's funding in money and capital markets.
As laid down in the applicable law, Pohjola, its 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. Joint liability
within OP Financial Group is based on the Finnish Act on Amalgamations of
Deposit Banks (Laki talletuspankkien yhteenliittymästä)
www.pohjola.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Pohjola Pankki Oyj via GlobeNewswire
[HUG#1960701]
Unternehmensinformation / Kurzprofil:
Datum: 22.10.2015 - 08:01 Uhr
Sprache: Deutsch
News-ID 428708
Anzahl Zeichen: 3242
contact information:
Town:
POHJOLA
Kategorie:
Business News
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