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Pohjola Pankki Oyj: Management appointments mark the beginning of a transforming OP-Pohjola Group

Press release 24 March 2014

Management appointments mark the beginning of a transforming OP-Pohjola Group

At its meeting on 24 April 2014, the Supervisory Board of OP-Pohjola Group
Central Cooperative decided to make major changes to the management and
organisational structures of OP-Pohjola Group Central Cooperative
Consolidated, with the aim of transforming the management of the entire Group
and OP-Pohjola Group Central Cooperative Consolidated, in particular, with a
more business-driven approach and creating a more integrated structure of the
Group. In future, three business lines - Banking, Wealth Management and
Non-life Insurance - will form the management basis throughout the Group.

These changes represent a continuation of the decision made last winter to buy
back Pohjola Bank shares from shareholders with the result of delisting.

The management reorganisation is the first major step forward in building a
new OP-Pohjola. The reorganisation will start with the Executive Board. For
example, the Executive Board will be represented by all of the three business
lines and management responsibilities will be rotated.

Based on Supervisory Board appointments, new Executive Board members will take
up their duties on 1 October 2014.

Jouko Pölönen
, Pohjola Bank plc's current President and CEO, was appointed Senior Executive
Vice President, Banking.Harri Nummela,
who currently acts as CEO of OP-Services Ltd responsible for service
production for the Group, will head Wealth Management.Olli Lehtilä
, Managing Director of Helsinki OP Bank Plc, will act as Senior Executive Vice
President, Non-life Insurance.Tony Vepsäläinen,
Chief Business Development Officer and deputy to Executive Chairman and
CEOReijo Karhinen
, will act as CEO of the Group's shared service production and OP-Services

According to the plan, Jouko Pölönen will also act as Managing Director of the
major bank in the Helsinki Metropolitan Area consisting of OP-Pohjola Banking
and Helsinki OP Bank Plc, and Olli Lehtilä will act as Pohjola Insurance
Ltd's President. As long as Pohjola Bank plc shares are listed on NASDAQ OMX
Helsinki, the existing responsibilities will remain unchanged.

As part of the management reorganisation, the role of Group control will
become more simplified and its quality be improved.Jari Himanen
has been appointed a new member of the Executive Board in charge of Group
control. He will join the Executive Board from his position as Managing
Director of Etelä-Karjalan Osuuspankki.

Executive Board members are as follows as of 1 October 2014

Karhinen Reijo
, Executive Chairman and CEO, Chairman

Vepsäläinen Tony
, Group Services, Vice Chairman

Geber-Teir Carina
, Identity and Communications

Himanen Jari
, Group Control

Lehtilä Olli
, Non-life Insurance

Luhtala Harri
, Finance and ALM

Nummela Harri
, Wealth Management

Palmén Erik
, Risk Management

Pölönen Jouko
, Banking

Sarajärvi Teija
, HR

Markku Koponen
will continue to act as the Executive Board secretary and deputy member in
charge of legal affairs. All of the abovementioned persons will report to
Reijo Karhinen.

The Supervisory Board also decided to raise the retirement age of Reijo
Karhinen from 62 to 63 years. Karhinen will reach the age of 63 years in

Understanding customers
' daily needs will be decisive for success

- Our aim announced earlier to streamline the Group and OP-Pohjola Group
Central Cooperative and their decision-making and to simplify our ownership
structure is already visible in our new organisation, explains Reijo
Karhinen, Executive Chairman and CEO.

- The decisions that we just made will strengthen business and Group focus in
senior management. Building a new OP-Pohjola Group will be a long-standing
process. The new Executive Board is a combination of diverse experience,
in-depth expertise and the courage to reform established practices, thinks

- The management appointments will deliver on our promise of a more powerful
voice of our customers across the board. I am convinced that this team will
be able to implement exacting change processes. We are not only seeking
efficiency. Understanding customers' daily needs will be decisive for our
success, points out Karhinen.

- In this decision, we have also taken account of the Group's unequalled
structure and the resulting diverse role of the Executive Board both as the
Board and the Executive Committee.

These appointments will be followed by organisational planning in greater

On 6 February 2014, OP-Pohjola announced that it would make a tender offer for
all Pohjola Bank plc shares. It also announced its plans to delist Pohjola
shares and to become again a financial services group wholly owned by
customers in terms of ownership structure. The purpose is to transfer the
ownership of non-life insurance and asset management companies to OP-Pohjola
as wholly-owned direct subsidiaries through various structural arrangements
and to merge Pohjola Bank plc and Helsinki OP Bank Plc to become a new major
bank in the Helsinki Metropolitan Area.

The tender offer has proceeded as planned. OP-Pohjola currently holds
approximately 97.26% of Pohjola shares and approximately 98.51% of the votes
conferred by the shares, and has initiated a squeeze-out procedure for the
remaining shares.

For any requests for interviews, please call OP-Pohjola Communications, tel.
+358 (0)50 523 9904

OP-Pohjola Group

OP-Pohjola Group is Finland's leading financial services group providing a
unique range of banking, investment and insurance services. The Group has the
mission of promoting the sustainable prosperity, well-being and security of
its owner-members, customers and operating regions through its local
presence. Its objective is to offer the best and most versatile package of
loyal customer benefits on the market.
OP-Pohjola Group consists of some 180 member cooperative banks and the Group's
central institution, OP-Pohjola Group Central Cooperative, with its
subsidiaries and closely-related companies, the largest of which is the
listed company Pohjola Bank plc.
With a staff of 12,000 OP-Pohjola Group posted consolidated earnings of 705
million euros before tax in 2013 and had total assets of 101 billion euros on
31 December 2013. The group has 4.3 million customers.


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Pohjola Pankki Oyj via Globenewswire


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