OP Financial Group structure

OP Financial Group consists of the following two parts:
1. Amalgamation of OP Financial Group cooperative banks
2. Other entities and organisations of OP Financial Group.

Legal structure of OP Financial Group:

The amalgamation of OP Financial Group member cooperative banks is formed by the central cooperative, OP Cooperative (central cooperative), companies belonging to its consolidation group, the central cooperative’s member credit institutions and companies belonging to their consolidation groups, and credit institutions, financial institutions and service companies in which the abovementioned institutions jointly hold more than half of the voting rights form the amalgamation.

OP Financial Group is comprised of the amalgamation of member cooperative banks and those companies outside the amalgamation of which entities belonging to the amalgamation hold more than half of the total votes. The extent of OP Financial Group differs from that of the amalgamation of the member cooperative banks in that OP Financial Group subsumes companies other than credit and financial institutions or service companies. The most important of these are the insurance companies with which the amalgamation forms a financial and insurance conglomerate.

More detailed information on the legal structure of OP Financial Group and the amalgamation of the member cooperative banks can be found in the financial statements of OP Financial Group. The amalgamation of the member cooperative banks does not form a corporate group, as referred to in the Accounting Act, or a consolidation group, as referred to in the Act on Credit Institutions. The central cooperative of the amalgamation prepares consolidated financial statements as referred to in Section 9 of the Act on the Amalgamation of Deposit Banks.

The minimum consolidated capital requirement for and liquidity of the companies within the amalgamation of the member cooperative banks is controlled on a consolidated basis. The central cooperative is liable for its member credit institutions’ debts, and the member credit institutions are jointly and severally liable for each other’s debts.