Sp Mortgage Bank Plc: Savings Banks Group will renew its core banking system

Sp Mortgage Bank Plc
Stock Exchange Release
23 January 2019 at 9.45 am

Savings Banks Group is renewing its core banking system. The integrator for the new core banking system will be Cognizant Technology Solutions. As part of the agreement signed January 23rd, 2019 Savings Banks Group will sell its holdings in Oy Samlink Ab to Cognizant Technology Solutions Finland Oy. 

The new core banking system will support Savings Banks Group’s digital strategy and growth targets on the market. Based on Temenos T24 and Temenos Payment Hub (TPH) platforms the new system will enable the banks to streamline processes and have greater agility and scalability whilst helping reduce overall costs of systems and business operations. This is one of the most significant investments to date in the Savings Banks Group’s history.

The transaction will have a minor positive effect on Savings Banks Group’s operating profit for 2019. The transaction still requires permission by the Ministry of Economic Affairs and Employment of Finland and reviewing by the Financial Supervisory Authority. 

Sp Mortgage Bank Plc

Further information:
Tomi Närhinen, Chairman, Board of Directors
tomi.narhinen@saastopankki.fi
+358 40 724 3896

Sp Mortgage Bank is part of the Savings Banks Group and the Savings Banks Amalgamation. The role of Sp Mortgage Bank is, together with Central Bank of Savings Banks Finland Plc, to be responsible for obtaining funding for the Savings Banks Group from money and capital markets. Sp Mortgage Bank is responsible for the Savings Banks Group's mortgage-secured funding by issuing covered bonds.