OP Financial Group

OP Financial Group is one of the largest financial companies in Finland. It consists of 180 cooperative banks and their central organization. “OP” stands for “osuuspankki” in Finnish, literally “cooperative bank”. 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.[2]

OP Financial Group
TypePrivate (cooperative bank)
IndustryFinancial Services
HeadquartersHelsinki, Finland
Area served
Finland
Key people
Timo Ritakallio (President and Group Executive Chairman)
ProductsBanking, Insurance
Revenue €3.115 billion (2017)[1]
€1.077 billion (2017)[1]
€764 million (2017)[1]
Total assets €137.242 billion (31 December 2017)[1]
Total equity €11.121 billion (31 December 2017)[1]
Number of employees
12,269 (31 December 2017)[1]
SubsidiariesOP Bank Group Central Co-operative, Pohjola Bank, Helsingin OP Pankki, OP-Kotipankki
Websitewww.op.fi
Former OP-Pohjola Group headquarters in Niemenmäki, Helsinki

In 2014 the group acquired the remainder of the shares of Pohjola Bank and consolidated its services under the OP brand. Therefore, OP-Pohjola shortened its name OP.[3]

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 on the Helsinki Stock Exchange in 1922, 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 an 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 became a major shareholder of Pohjola Bank, which made the group the largest financial service group in Finland. The remainder of the shares were acquired in 2014.[4]

Healthcare

In 2014 OP announced plans to expand into the health and wellbeing market. It already operates one hospital in the Helsinki region but plans to open new ones in the near future under the Pohjola brand, which is no longer in use in banking.[5]

References
  1. (PDF). OP Financial Group https://op-year2017.fi/filebank/484-OP_Ryhma_Toimintakertomus_ja_tilinpaatos_2017.pdf. Retrieved 2 March 2019. Missing or empty |title= (help)
  2. OP Financial Group in brief Retrieved on 10 January 2015
  3. https://www.op.fi/op/op-pohjola-group/media?cid=-66107&kielikoodi=en&srcpl=3
  4. OP's History Retrieved on 11 January 2015
  5. OP to build a new hospital network in Finland under the Pohjola brand Retrieved on 10 January 2015
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