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S-Bank
S-Bank Plc (Finnish: S-Pankki Oyj, Swedish: S-Banken Abp) is a Finnish retail bank and wealth manager. It is owned by SOK Corporation and the regional co-operatives in the S-Group (Finnish: S-ryhmä), a Finnish retailing cooperative organisation.
S-Bank is the first so-called "supermarket bank" in Finland with 776 employees (2022).
At the end of 2022, the bank had around 3.2 million customers.
S-Bank has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.
Pekka Ylihurula served as CEO from 2006 to 2022. In April 2023, Riikka Laine‑Tolonen became CEO.
A change to the Cooperatives Act in 2003 forced the S-Group to seek a replacement for its century-old savings fund operations. The new law prevented continuation in the previous form and set a maximum deposit limit of 3,000 euros for customer accounts. The S-Group considered both shutting down the savings funds and starting cooperation with a bank. Establishing its own bank emerged as the best option, as it enabled the continued offering of similar financial services and would support the S-Group’s other operations going forward. In 2009, S‑Bank’s ownership structure changed when the S-Group’s regional cooperatives became 50% owners through a share issue. SOK, previously the sole owner of S‑Bank, retained 50% of the shares.
In May 2013, S‑Bank announced it would acquire the investment services company FIM. Initially, S‑Bank purchased 51% of the FIM Group’s shares and the remaining 49% under agreed terms in early 2016. The acquisition expanded S‑Bank’s product range to include mutual fund saving and asset management.
In June 2013, it was announced that S‑Bank and LähiTapiola Bank would establish a new S‑Bank in 2014, of which the S-Group would own 75% and the LähiTapiola Group 25%. Following the merger, the new S‑Bank also began offering mortgages and other secured loans. On 1 May 2014, S‑Bank and LähiTapiola Bank merged into the new S‑Bank. Due to overlaps and the merger, S‑Bank held statutory co‑operation negotiations, resulting in 38 redundancies.
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S-Bank
S-Bank Plc (Finnish: S-Pankki Oyj, Swedish: S-Banken Abp) is a Finnish retail bank and wealth manager. It is owned by SOK Corporation and the regional co-operatives in the S-Group (Finnish: S-ryhmä), a Finnish retailing cooperative organisation.
S-Bank is the first so-called "supermarket bank" in Finland with 776 employees (2022).
At the end of 2022, the bank had around 3.2 million customers.
S-Bank has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.
Pekka Ylihurula served as CEO from 2006 to 2022. In April 2023, Riikka Laine‑Tolonen became CEO.
A change to the Cooperatives Act in 2003 forced the S-Group to seek a replacement for its century-old savings fund operations. The new law prevented continuation in the previous form and set a maximum deposit limit of 3,000 euros for customer accounts. The S-Group considered both shutting down the savings funds and starting cooperation with a bank. Establishing its own bank emerged as the best option, as it enabled the continued offering of similar financial services and would support the S-Group’s other operations going forward. In 2009, S‑Bank’s ownership structure changed when the S-Group’s regional cooperatives became 50% owners through a share issue. SOK, previously the sole owner of S‑Bank, retained 50% of the shares.
In May 2013, S‑Bank announced it would acquire the investment services company FIM. Initially, S‑Bank purchased 51% of the FIM Group’s shares and the remaining 49% under agreed terms in early 2016. The acquisition expanded S‑Bank’s product range to include mutual fund saving and asset management.
In June 2013, it was announced that S‑Bank and LähiTapiola Bank would establish a new S‑Bank in 2014, of which the S-Group would own 75% and the LähiTapiola Group 25%. Following the merger, the new S‑Bank also began offering mortgages and other secured loans. On 1 May 2014, S‑Bank and LähiTapiola Bank merged into the new S‑Bank. Due to overlaps and the merger, S‑Bank held statutory co‑operation negotiations, resulting in 38 redundancies.