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The average price of holiday homes bought via OP Koti increased by 10 per cent from last year – how you should prepare a holiday home for the winter

The number of holiday homes purchased through OP Koti this year was the same as last year, but the average price was 10 per cent higher than last year. Pohjola Insurance’s professional lists the most common accidents occurring in holiday homes and explains how to protect the holiday home in case of storms or frost.Holiday home sales were strong during the coronavirus pandemic of 2020–2021 but have since returned to pre-pandemic levels. This year, holiday home sales started more calmly than last year, but sales figures have increased during the summer. For the whole year, trade volumes will

OP Mortgage Bank to issue the first-ever green covered bond in Finland

OP Mortgage Bank will issue a green covered bond worth 750 million euros in accordance with the Green Covered Bond Framework published in November.The green covered bond is the first of its kind issued in Finland. It amounts to 750 million euros and has a maturity of 10 years. The bond is targeted at responsible institutional investors, and proceeds raised with the bond are allocated to OP Financial Group’s home loans that are recognised as green ones according to the Framework. The sector to be financed is energy-efficient residential buildings (green buildings). The bond was priced on 18

OP Cooperative Board of Directors held its organising meeting, appointed Board Committee members for 2021

At its meeting on 15 December 2020, OP Cooperative’s Board of Directors has elected from among its members the chairs, vice chairs and other members to the statutory Board Committees for a term of 1 January–31 December 2021. The current composition of the Board Committees remained unchanged. Jaakko Pehkonen, Professor of Economics, will continue to serve as the Board Chair and Jarna Heinonen, Professor in Entrepreneurship, as the Board Vice Chair as of 1 January 2021. OP Cooperative’s Board Committees consist of the following chairs and members from 1 January 2021: Nomination and

Composition of OP Cooperative’s Board of Directors in 2021

On 18 November 2020, the Supervisory Council of OP Cooperative (the central cooperative of OP Financial Group) elected the members of the Board of Directors of OP Cooperative for the term of office from 1 January to 31 December 2021. The composition of the Board of Directors remained unchanged.All current members will continue on the Board in 2021: Leif Enberg (Chair of the Board of Directors, Oy Mapromec Ab), Jarna Heinonen (Professor in Entrepreneurship, Turku School of Economics), Jari Himanen (Managing Director, OP Suur-Savo), Kati Levoranta (CEO, Rovio Entertainment Corporation), Pekka

OP Financial Group to pay interest on Profit Shares in January 2021

OP Financial Group complies with the recommendation issued by the European Central Bank (ECB) and further postpones payment of interest on Profit Shares for 2019. Interest on Profit Shares will be paid to their beneficiaries in January 2021.On 2 April 2020, OP Financial Group announced that it would postpone the payment of interest on Profit Shares for the financial year 2019 from June until October 2020 in line with the recommendations issued by the ECB and the FIN-FSA. On 28 July 2020, the ECB extended the validity of its profit distribution recommendation and asked banks to refrain from

The first emerging markets impact fund in Finland attracted more interest than anticipated – raised EUR 76 million in capital

OP Finnfund Global Impact Fund I raised EUR 76 million in the first round of funding. As the first Finnish impact fund to invest in emerging markets, the fund targets significant sustainability impacts in addition to profits.The fund made its first close on 17 June 2020. For example, Finland’s Church Pension Fund, Security Trading Oy, Oy Julius Tallberg AB, the Finnish Industrial Union, the Finnish Municipal Foundation, the Finnish Red Cross, OP Life Assurance Company Ltd and Finnfund have signed investment agreements. The target size of OP Finnfund Global Impact Fund I is EUR 100 million.

OP Financial Group postpones payment of interest on Profit Shares in line with ECB recommendation

OP Financial Group postpones OP cooperative banks’ profit distribution, i.e. the payment of interest on Profit Shares for the financial year 2019, from June until October 2020 in line with the recommendations issued by the European Central Bank (ECB) and the Financial Supervisory Authority (FIN-FSA).On 27 March 2020, the ECB issued a recommendation asking banks to postpone profit distribution until at least 1 October 2020. The FIN-FSA issued a similar recommendation to banks under its supervision on 28 March 2020 and refined it on 30 March 2020. The purpose of this recommendation is to

OP opens a dedicated telephone line for those in need of special support and their family members

OP helps and supports those in need of special support, and their immediate family members support them, by providing them with a separate telephone line. The new line – 010 252 9627 – is open Monday–Friday from 9am to 4pm. The aim is to ensure that those in need of special support can take care of their banking services easily in the prevailing unusual situation.Those in need of special support include people aged over 70, people with intellectual disabilities, as well as people under legal guardianship, who don’t use OP eServices or have a payment card.  The immediate family members

OP supports customers in high-risk groups with their banking services

During the coronavirus pandemic it is of primary importance to have safe access to banking and insurance services. Therefore, OP now centralises most of its services on digital channels. Some OP cooperative bank branches will offer separate service hours for customers who need special support. Certain branches have been closed temporarily for the duration of the pandemic.A lot of customer contacts take place in OP cooperative bank branches. OP wants to enable safe banking without the risk of infection for customers in need of special support, including persons who are over 70 years old,

The Payment Services Directive to bring changes to daily banking – OP’s key code lists can still be used on OP eServices and public authorities’ services

The EU’s Payment Services Directive (PSD2) will come into force in mid-September. It will bring new changes to online payment and increase security in online bank authentication. OP encourages its customers to make sure they are prepared for the coming changes. On OP-mobile, customers will in future authenticate themselves using the Mobile key. On OP eServices, however, customers will still log in and confirm payments using the key code list. A new authentication method will be SMS-based confirmation.The new European-wide Payment Services Directive (PSD2) will come into force on 14

Economic forecast by OP's economists: The economy will grow only slightly but conditions for recession are not yet in place

OP’s economists have revised down their growth forecast and anticipate only a 1.2 per cent economic growth for the current year. Next year, growth is expected to slow down further and employment growth in Finland is predicted to almost come to a standstill.Based on the most recent information, Finnish economic growth slowed down clearly already last winter. GDP will this year grow more slowly than expected earlier and the pace is expected to abate further in 2020. OP’s economists forecast that Finland’s GDP will grow this year by 1.2 per cent and by only 0.5 per cent next year. Last spring,

Opotti, based on artificial intelligence, is now answering banking customers’ questions online – OP is recruiting dozens of artificial intelligence and data experts

The chatbot Opotti has been serving OP’s banking customers since June. Artificial intelligence (AI) trainers are continuously training Opotti to be a better customer servant. OP is investing in AI by recruiting over 50 new financial sector experts.Opotti is answering banking customers’ questions at op.fi on weekdays, 8–22. At the end of the year, the aim is that Opotti will handle half of the questions asked from it without any human assistance. – Last autumn, we trained some 20 AI trainers that are further developing Opotti. In insurance transactions, our chatbot Viljo is already

OP Insurance to become Pohjola Insurance as of 1 June

OP Financial Group’s non-life insurance business will officially change its name from OP Insurance Ltd to Pohjola Insurance Ltd on 1 June 2019.”The Pohjola brand, familiar to Finns, will be taken into use again as of the beginning of June when OP Insurance will be renamed Pohjola Insurance. Pohjola Insurance is Finland’s leading non-life insurer with a total of 2.5 million private and corporate customers”, says Olli Lehtilä, Executive Vice President, Insurance Customers, OP Financial Group. The company name in Finnish will be Pohjola Vakuutus and in Swedish Pohjola Försäkring. Pohjola

April to October is the season of bicycle thefts – the summer period stands out in OP’s non-life insurance claims

Up to 40% of the crime-related non-life insurance claims received by OP are linked to bicycles. The odds of a bicycle being stolen on the street or from inside a bicycle storage are much greater than a bicycle being subjected to vandalism. Most often, it is a case of an unlocked bicycle stolen, for example, in a public place.The warmer spring weather marks the start of the cycling season. Typically, this also signifies an increase in theft and vandalism. Bicycles are stolen round the year but the summer months are the busiest time for this type of crime. “The number of bicycle-related

OP supports summer jobs for 1,700 youth in associations around Finland

This year, the annual Summer jobs paid for by OP campaign has a record number of open positions in the third sector for applicants aged 15 to 17. Open positions are published on OP cooperative bank websites, and this summer, as many as 1,700 youth can find summer jobs through the campaign.In the campaign, OP cooperative banks across Finland donate a total of 700,000 euros to support youth summer employment by non-profit associations. Associations can use the donations by OP cooperative banks to hire youth aged 15 to 17 for two-week long summer jobs. Candidates apply for the summer jobs

OP is the first financial sector company in Finland to publish a data balance sheet

OP has today published its first data balance sheet. The publication reflects OP Financial Group’s desire to be a responsible leader in data processing and its willingness to discuss its data management and usage policies openly and transparently. OP’s data balance sheet is the first in the sector and probably the first published by a private company in Finland.Data is an increasingly integral part of different businesses and the economy. OP’s data balance sheet describes the significance of data, and its responsible processing, utilisation and strategic management at Finland’s largest

OP: A record number of large insurance claims in 2018

2018 was a record year in terms of large insurance claims according to OP Financial Group’s statistics. This was particularly due to the economic upturn that boosted business activity, as well as exceptional weather and natural conditions.In January–December, OP’s Non-life Insurance recorded 98 large claims under property and general liability insurance, compared to 85 in 2017. Claims expenditure on large claims totalled EUR 107 million, while this was EUR 78 million a year earlier. A large claim refers to a claim that equals or exceeds EUR 0.3 million. These typically include major fires

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