LONDON: Eurajoen Säästöpankki and Mietoisten Säästöpankki announced that they will initiate merger negotiations with Oma Säästöpankki. Decisions on the merger will be made in early 2021.
“The exit of Eurajoki and Mietoinen from the Savings Bank Group will not affect our solvency. The Banks represent less than five percent of the Savings Bank Group’s customer base. The Savings Banks Group will continue to be strong in these business areas”, says Tomi Närhinen, Chairman of the Board of Directors, Sp Mortgage Bank Plc.
Sp Mortgage Bank Plc 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.