OP Financial Group

OP Financial Group

Type	Private
Industry	Financial Services
Headquarters	Helsinki, Finland
Area served	Finland
Key people	Reijo Karhinen (managing director)
Products	Banking, Insurance
Revenue	US$ 3.23 billion (2013)
Net income	US$ 893.8 million (2013)
Number of employees	12,587 (2013 average)
Subsidiaries	OP Bank Group Central Co-operative, Pohjola Bank, Helsingin OP Pankki, OP-Kotipankki
Website	www.op.fi

New OP-Pohjola Group headquarters

Former OP-Pohjola Group headquarters

OP Financial Group is one of the largest financial companies in Finland. It consists of 180 cooperative banks and their central organization. The financial group has over 1.4 million customer-owners. The group offers retail and commercial banking services all over Finland as well as insurance services.^[1]

In 2014 the group acquired the rest of Pohjola Bank shares and consolidated its services under OP-brand. Therefore, OP-Pohjola shortened its name OP.^[2]

OP’s new headquarters is located in Vallila, Helsinki and opened in 2015.

History

The company’s predecessor was founded in 1891 when the fire insurance company Palovakuutus-Osakeyhtiö Pohjola commenced its operations. Pohjola Bank was listed in Helsinki Stock Exchange in 1922 being the one of the first companies to be listed in Helsinki.

The first local cooperative credit societies was founded in 1902 after it received a large loan from the Finnish state. The central organization for cooperatives was founded in 1928 as ideological organization between local branches. Since the business environment has changed and banking regulation has tightened, the central organization has increased its influence on local banks significantly.

In 2005 the central organization of OP Financial Group becomes a major shareholder of Pohjola Bank which make the group the largest financial service group in Finland. Rest of the shares were acquired in 2014.^[3] .

Healthcare

In 2014 OP announced plan to expand to the health and wellbeing market. It already operates one hospital in Helsinki-region but is poised to open new ones in near future under the Pohjola brand which is no longer in use in banking.^[4]

References

↑ OP Financial Group in brief Retrieved on 10 January 2015
↑ https://www.op.fi/op/op-pohjola-group/media?cid=-66107&kielikoodi=en&srcpl=3 Retrieved on 10 January 2015
↑ OP's History Retrieved on 11 January 2015
↑ OP to build a new hospital network in Finland under the Pohjola brand Retrieved on 10 January 2015

Members of Euro Banking Association

Austria	Allgemeine Sparkasse Oberosterreich Bank für Tirol und Vorarlberg AG BKS Bank AG Erste Group Bank AG Oberbank AG Oesterreichische Nationalbank Raiffeisen Zentralbank Österreich AG Raiffeisenlandesbank Oberösterreich AG Raiffeisen-Landesbank Tirol AG Steiermärkische Bank und Sparkassen AG

Belgium	Dexia Bank NV KBC Bank NV Bank van De Post

Cyprus	Bank of Cyprus Hellenic Bank

Denmark	Amagerbanken A/S Arbejdernes Landsbank A/S Danske Andelskassers Bank A/S Danske Bank A/S DiBa Bank A/S Djurslands Bank A/S Jyske Bank A/S Nordjyske Bank A/S Nørresundby Bank Østjydsk Bank A/S Ringkøbing Landbobank Roskilde Bank A/S Skjern Bank Spar Nord Bank Sparekassen Sjælland Sydbank A/S Vestfyns Bank A/S Vestjysk Bank

Finland	Aktia Bank PLC Bank of Åland PLC Pohjola Bank PLC S-Bank LTD. Tapiola Bank LTD

France	Banque Michel Inchauspé - BAMI Banque Palatine BNP Paribas SA BPCE BRED Banque Populaire Crédit Agricole SA Crédit Coopératif Crédit du Nord Crédit Mutuel Arkéa Credit Mutuel CIC Banque HSBC France La Banque postale Natixis Société Générale

Germany	Berenberg Bank BHF Bank Bremer Landesbank Commerzbank AG Deutsche Bank AG Deutsche Bundesbank Deutsche Postbank DZ Bank AG Europe Arab Bank Frankfurt Hamburger Sparkasse AG J.P. Morgan Chase Bank AG Landesbank Baden-Württemberg Landesbank Berlin Holding Landesbank Hessen-Thüringen Oldenburgische Landesbank SECB Swiss EURO CLEARING Bank GmbH The Bank of New York Mellon, Frankfurt Branch VTB Bank (Deutschland) AG

Greece	Alpha Bank SA Eurobank Ergasias SA National Bank of Greece SA Piraeus Bank SA

Hungary	Magyar Nemzeti Bank OTP Bank FHB Mortgage Bank Merkantil Bank Kereskedelmi és Hitelbank Magyar Takarékszövetkezeti Bank MKB Bank Porsche Bank Hungaria Kinizsi Bank MagNet Bank Hanwha Bank Budapest Hitel- és Fejlesztési Bank

Ireland	Allied Irish Banks Bank of Ireland

Italy	Banca Agricola Popolare di Ragusa Banca del Fucino Banca del Piemonte Banca delle Marche Banca di Imola Banca Monte dei Paschi di Siena Banca Nazionale del Lavoro Banca Popolare del Lazio Banca Popolare dell'Emilia Romagna Banca Popolare di Milano Banca Popolare di Sondrio Banca Popolare di Vicenza Banca Sella Banca Tercas Banco Popolare Cassa di Risparmio della Provincia di Chieti Cassa di Risparmio di Cesena Cassa di Risparmio di Fermo Cassa di Risparmio di Ferrara Cassa di Risparmio di Loreto Cassa di Risparmio di Ravenna Credito Emiliano Credito Valtellinese ICCREA Banca Intesa Sanpaolo Istituto Centrale delle Banche Popolari Italiane Raiffeisen Landesbank Südtirol – Cassa Centrale Raiffeisen dell'Alto Adige Südtiroler Volksbank – Banca Popolare dell'Alto Adige UBI Banca UniCredit Veneto Banca

Luxembourg	Banque et Caisse d'Épargne de l'État Banque Raiffeisen Banque Internationale à Luxembourg SA KBL European Private Bankers Société Générale Bank & Trust

Netherlands	ABN Amro Bank NV De Nederlandsche Bank ING Bank NV Rabobank Nederland

Poland	Bank BPH SA Narodowy Bank Polski

Portugal	Banco BPI SA Banco Comercial Português Crédito Agrícola Caixa Geral de Depósitos Novo Banco

Slovenia	Banka Slovenije

Spain	Banco Bilbao Vizcaya Argentaria, S.A. Banco Popular Español, S.A. Banco Sabadell, S.A. Bankinter, S.A. Banco Santander, S.A. CaixaBank, S.A. (La Caixa) Catalunya Banc, S.A. (CatalunyaCaixa) Kutxabank, S.A. ABANCA Corporación Bancaria, S.A. (Abanca) Caja Laboral Popular, Cooperativa de Crédito (Caja Laboral) Banco Cooperativo Español, S.A. (Caja Rural) CECABANK, S.A.

Sweden	Skandinaviska Enskilda Banken Svenska Handelsbanken Swedbank AB Nordea Bank AB

United Kingdom	Bank of Tokyo-Mitsubishi UFJ Ltd. Barclays Bank PLC Citibank NA DNB Bank (NOR) HSBC Bank PLC JPMorgan Chase Bank, N.A., London Branch Kookmin Bank International Ltd. Lloyds Bank PLC MashreqBank psc (UAE) Royal Bank of Scotland PLC UBS AG Wells Fargo Bank NA

Non-EU	Bank of China (CHN)

OMX Helsinki 25 companies of Finland

Cargotec Elisa Fortum Kemira Kesko KONE Konecranes Metso Neste Nokia Nokian Tyres Nordea Orion Corporation Outokumpu Outotec Pohjola Bank Rautaruukki Sampo Sanoma Stora Enso Talvivaara Mining Company TeliaSonera UPM Wärtsilä YIT

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