Partial demerger of Pohjola Bank plc registered in the Trade Register
(Thomson Reuters ONE) -
Pohjola Bank plc
Stock Exchange Release
30 December 2015, 8.30 am
Partial demerger of Pohjola Bank plc registered in the Trade Register
Today on 30 December 2015, the execution of the partial demerger of Pohjola Bank
plc was registered in the Trade Register. Pohjola Bank plc's extraordinary
general meeting adopted the demerger plan on 22 October 2015.
In its business, Pohjola Bank plc will concentrate on Treasury and Corporate
Banking, Equities and Non-life Insurance. All other Pohjola Bank plc businesses
transferred to a new OP Financial Group company that was established in the
partial demerger. The transferred business includes wealth management and card
and property management operations.
Pohjola Group is still making plans for restructuring under which the Non-life
Insurance segment would be transferred from Pohjola Group to direct ownership of
OP Cooperative. In addition, Pohjola is assessing the option of separating
Treasury to become a subsidiary wholly owned by OP Cooperative.
The underlying reasons behind the partial demerger include increasing
operational efficiency, simplifying the group structure and streamlining
administration. 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 50 523 9904
DISTRIBUTION
NASDAQ 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#1976134]
Unternehmensinformation / Kurzprofil:
Datum: 30.12.2015 - 07:31 Uhr
Sprache: Deutsch
News-ID 441846
Anzahl Zeichen: 3416
contact information:
Town:
POHJOLA
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 890 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Partial demerger of Pohjola Bank plc registered in the Trade Register"
steht unter der journalistisch-redaktionellen Verantwortung von
Pohjola Pankki Oyj (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
