Aktia continues to enhance effectiveness – codetermination negotiations in the bank concluded

Aktia Bank plc               
Stock Exchange Release
5.11.2013 at 12 noon

Aktia continues to enhance effectiveness – codetermination negotiations in the bank concluded

The codetermination negotiations started in Aktia Group on 8 October 2013  in accordance with the Act on Co-operation within Undertakings have been completed for the part concerning Aktia Bank plc. The codetermination negotiations resulted in a staff reduction of approx. 50 persons. Initially, the estimated staff reduction was 65 persons at a maximum. 

The measures agreed upon during the negotiations are taken due to Aktia's need to enhance effectiveness to achieve cost savings and ensure profitability. The negotiations are a part of Aktia's Action Plan 2015, aiming at approx. 5% annual cost savings up until 2015.

The reorganising generates a one-off cost of approx. EUR 5 million to be recognised in the last quarter of 2013.  The estimated cost savings amounts to approx. EUR 5 to 6 million.

In addition to the staff reduction, cost savings are made by integrating branch offices, phasing out overlapping operations, unifying working methods, and when Aktia ceases to act as central financial institution.

During the spring the following branches of Aktia will be integrated with nearby branches: Helsinki Töölöntori, Espoo Leppävaara, Vantaanportti, Pohja, Laihia, Mustasaari Helsingby, Vaasa Sundom and  Vaasa Viikinga. Larger branch offices allow for better and more diverse customer service. The customers will be informed about the changes separately.

At the end of September 2013 Aktia Group had approx. 1,000 employees. 

AKTIA BANK PLC

Jussi Laitinen
CEO

All media contacts to Malin Pettersson, Head of Communications, tel. +358 10 247 6369

Distribution:
Nasdaq OMX Helsinki Oy
Central mass media
www.aktia.fi