Sp Mortgage Bank Plc: Savings Bank Centre’s change negotiations have concluded

Sp Mortgage Bank Plc
Stock Exchange Release
29th June 2022 at 9.00

The change negotiations launched in May by the Savings Bank Centre, which is part of the Savings Banks Group, have concluded. The changes concern approximately 470 employees in the Savings Banks’ Union Coop, Savings Bank Services, Central Bank of Savings Banks Finland Plc, Sp-Fund Management Company Ltd and Sb Life Insurance. The aim of the change negotiations was to simplify the organisational structure, clarify the division of labour and responsibilities, and improve operational efficiency.

As a result of the negotiations, the employment relationships of 21 employees were terminated. In addition, some personnel will see changes to their duties. The reorganisation of operations is also being carried out through the dismantling of overlapping operations and changes in working arrangements.

The reorganisation of operations will not affect the operating profit of the Savings Banks Group in 2022.

SAVINGS BANKS GROUP

Further information:

Karri Alameri, Acting CEO, Savings Banks' Union Coop
karri.alameri@saastopankki.fi

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.