OP Financial Group's consolidated financial statements include the accounts of 181 member cooperative banks (183) including Group companies, OP Cooperative Consolidated and OP Bank Group Mutual Insurance Company.
OP-Pohjola renewed its brand and became simply OP. In the future, the banking, non-life insurance and asset management businesses will all come under the OP brand. The new name of the OP-Pohjola Group, OP Financial Group, was adopted on 1 January 2015. On the same date, the name of the central cooperative, OP-Pohjola Group Central Cooperative, was changed to OP Cooperative.
Koillis-Savon Seudun Osuuspankki merged into Pohjois- Savon Osuuspankki on 28 February 2014.
Juuan Osuuspankki merged into Joensuun Seudun Osuuspankki on 31 March 2014, changing its name to Pohjois-Karjalan Osuuspankki.
Itä-Uudenmaan Osuuspankki and Porvoon Osuuspankki accepted a merger plan on 9 December 2014, according to which Itä-Uudenmaan Osuuspankki will be merged into Porvoon Osuuspankki, taking the name Itä-Uudenmaan Osuuspankki. The planned date for the merger is 31 July 2015.
The structural organisation of OP Financial Group's central cooperative and the planning and background work for the organisation's legal structure implementation is ongoing. During further planning of structural changes, it will be assessed whether OP Financial Group's central bank functions, which are currently part of Pohjola Bank plc, can be moved into a subsidiary fully owned by OP Cooperative. OP Financial Group's banking operations will continue to be governed in full by joint responsibility as prescribed by law. As to the detailed implementation or timetable, no decisions have been made yet.
Pohjola Group is planning to carry out structural changes in accordance with the tender offer made by OP Financial Group's central cooperative, in practice, for example, by transferring the Non-life Insurance and Wealth Management segments from Pohjola Group to direct ownership of the Central Cooperative. As to asset management, the transfer has been scheduled to take place during 2015. In addition, some business operations of Helsinki OP Bank Plc and Pohjola Bank plc will be combined under joint management. These structural changes will have no immediate effect on OP Financial Group's business segment reporting.
OP Financial Group has acquired Checkout Finland Oy, a company providing payment transaction services for Finnish online shops.
OP Financial Group is prepared to support POP banks in finding solutions concerning their future and in implementing them. Any move by a bank in POP Group to OP Financial Group must be initiated by the former, and before any decision is made, it must be ascertained that it is in the interest of both OP Financial Group and its member cooperative banks.
Osuuspankki Poppia, Laihian Osuuspankki and Multian Osuuspankki, which are part of POP Group, have decided to join OP Financial Group as independent cooperative banks. Osuuspankki Poppia's Cooperative Meeting decided on the matter on 18 November 2014, Laihian Osuuspankki's Cooperative Meeting on 15 January 2015 and Multian Osuuspankki's Extraordinary Cooperative Meeting on 29 January 2015.
Keiteleen Osuuspankki, which is part of POP Group, and Pielaveden Osuuspankki of OP Financial Group accepted on 15 October 2014 a merger plan, according to which Keiteleen Osuuspankki will merge into Pielaveden Osuuspankki, changing its name to Nilakan Seudun Osuuspankki. The planned date for the merger is 31 May 2015.