Savings bank

Sp Mortgage Bank Plc: change of savings bank center

Sp Mortgage Bank Plc
Stock Exchange press release
June 29, 2022 at 9:00 a.m.

The change negotiations launched in May by the Center des Caisses d’Epargne, which is part of the Caisses d’Epargne Group, have been completed. The changes affect approximately 470 employees of Union Coop of Savings Banks, Savings Bank Services, Central Bank of Finland Savings Banks Plc, Sp-Fund Management Company Ltd and Sb Life Insurance . The objective of the change negotiations was to simplify the organizational structure, clarify the division of labor and responsibilities and improve operational efficiency.

As a result of the negotiations, the labor relations of 21 employees were terminated. In addition, some staff members will see their functions modified. The reorganization of operations also takes place through the dismantling of overlapping operations and the modification of working methods.

The reorganization of operations will not affect the operating income of Groupe Caisses d’Epargne in 2022.

SAVINGS CAISSE GROUP

Further information :
Karri Alameri, Acting CEO, Union Coop of Savings Banks
karri.alameri@saastropankki.fi

Mortgage Bank Sp is part of the Savings Banks Group and the Savings Banks Merger. The role of Sp Mortgage Bank is, together with the Central Savings Bank of Finland Plc, to be responsible for obtaining funding for the savings bank group from the money and capital markets. Sp Mortgage Bank is responsible for the financing secured by mortgages of the savings bank group by issuing covered bonds.


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