Finnish insurance company Pohjola Group has merged with its parent company OKO Bank, the central bank of the OP Bank Group. The merger was entered in the Finnish Trade Register on December 31, 2006.
According to OKO Bank, the merger is aimed at streamlining its corporate structure, increasing the efficiency of its business and cutting administrative costs. The group has stated that, because the merger is an internal corporate restructuring, it will not have any major impact on shareholder equity, the bank’s distributable funds or the group’s capital adequacy or earnings.
The group has said that, after the merger, Pohjola Non-Life Insurance Company, A-Insurance, Eurooppalainen Insurance Company and the Seesam non-life insurance companies operating in the Baltic States will continue operations as subsidiaries of OKO Bank. Together they will form the non-life insurance business line of the OKO Bank Group.
Mr Tomi Yli-Kyyny, president of Pohjola Non-Life Insurance Company, is to continue as the head of the group’s non-life insurance business line.