Fellow Bank Plc starts change negotiations

FELLOW BANK PLC STOCK EXCHANGE RELEASE, INSIDE INFORMATION 22.8.2022 AT 1:35 PM EEST

On August 22, 2022, Fellow Bank Plc issued a negotiation proposal in accordance with the Act on Co-operation within Undertakings to start change negotiations. As a result of the change negotiations, the company may take measures that lead to a notice of termination or lay-off of maximum 15 employees.

The scope of the negotiations includes the entire personnel of the group's parent company in Finland. The final amount or form of personnel reductions cannot be estimated at this stage, but they will be specified during the negotiations.

"With the launch of banking operations and the Evli Bank merger, the company's fixed costs rose significantly. We have started a determined program to increase cost efficiency in all areas of operation and thereby improve our profitability. Cost savings do not jeopardize our growth goals, nor the implementation of strategic development projects. We will continue to provide our customers with first-class customer service, and the measures will have no effect on the bank's risk management," says Fellow Bank CEO Teemu Nyholm.

Further information

Teemu Nyholm, CEO, Fellow Bank Plc, teemu.nyholm@fellowpankki.fi, tel. +358 50 577 1028

Fellow Bank in brief

Fellow Bank Plc is a new Finnish digital bank that helps both personal and business customers to manage their day-to-day finances in a flexible and straightforward manner. For savers, we offer an attractive interest rate on deposits. Fellow Bank Plc is regulated by the Financial Supervisory Authority of Finland and listed on Nasdaq Helsinki’s main list (FELLOW). www.fellowbank.com

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