Aktia to initiate codetermination negotiations

Aktia Bank plc
Stock Exchange Release
8.10.2013 at 9.30 a.m. 

Changes in the operating environment and customer behaviour and increased cost for regulatory measures call for enhanced effectiveness in order to achieve cost-cuts and secure Aktia's profitability. The fact that Aktia ceases to act as central financial institution enables focusing on Aktia's own operations and thereby cost-cuts.

In certain regional and central functions of Aktia, codetermination negotiations are initiated regarding measures to enhance effectiveness and reorganising of business operations. At the same time, codetermination negotiations are also initiated at Aktia Life Insurance Company Ltd.

The estimated reduction of Aktia Group's staff is approx. 95 persons, of which approx. 65 persons risk to be made redundant.

The measures planned are based on the Action Plan 2015 as approved by Aktia's Board of Directors and previously communicated. Said measures are expected to lower annual costs by EUR 5 to 6 million when they have been implemented in 2014. The reorganising of business operations generates a one-off cost of approx. EUR 5 million to be booked in the last quarter of 2013.

AKTIA BANK PLC

Jussi Laitinen
Managing Director 

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

Distribution:
NASDAQ OMX Helsinki Ltd
Central media
www.aktia.fi