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Hitt og þetta 19. apríl 2006

Statutory cooperation negotiations at the OP Bank Group Central Cooperative Consolidated h

The negotiations were related to the reorganisation of overlapping functions of the OP Bank Group Central Cooperative, OKO Bank and Pohjola, the details of which were published earlier.

Before the negotiations began, the need for personnel reductions was estimated at a total of 50 people, of which the share of the asset management company belonging to the OKO Bank Group was estimated at 30 people. As a result of the negotiations, a total of 20 permanent employment relationships will be terminated, of which the share of the asset management company belonging to the OKO Bank Group is 11. The reduction in the number of personnel through redundancy procedures will be specified later, depending on how the support package offered will be utilised or how the people will be placed in other duties. However, the number of people to be made redundant is at most four. In other respects the need to reduce personnel will mainly be realised so that the people will be placed in other duties within the group.

The negotiations also concerned 30 people working in Pohjola Non-life Insurance Company and Pohjola Asset Management specialising in sales of investment products and the personnel of asset management telephone sales. The majority of the sales personnel for investment products were placed in corresponding duties in member cooperative banks. The negotiations did not lead to any redundancies.

The number of personnel in OP Bank Group Central Cooperative Consolidated totalled 5,399 at year-end. A total of 360 people are employed by the life insurance, fund management and asset management companies.

Pohjola Group plc

Jarmo Heiniö Olavi Nieminen Chief Corporate Communications General Counsil

For additional information, please contact Tarja Joensuu-Sarkio, Human Resources Director, tel. +358 10 252 2240