27 August 2012

Finnish Financial Services Group Pohjola to Open Branch Office in Riga, Latvia

27 August 2012 - Pohjola will expand its operations in the Baltic countries by opening a corporate branch office in Riga, Latvia, where Pohjola will provide its customers with payment and liquidity management services and working capital finance and investment financing.

The Baltic countries play an important role in Pohjola's strategy and in the improvement in international service capabilities. The region's importance to our banking group's customers is also growing. By opening the branch office, we wish to serve our existing customers in the Baltic market too. We will also target our services at local large Latvian companies, says Reima Rytsölä, Senior Executive Vice President, Banking.

Customer focus, flexibility and speed number among our assets. We build our customer relationships on a long-term basis based on in-depth knowledge of customer needs and their business, and close interaction, he continues.

Enabled by the new branch office, Pohjola and OP-Pohjola Group member cooperative banks can provide their corporate customers in Latvia with payment and cash management services.

Pohjola has run finance-company business in the Baltic countries since 2008. Its service range has included extensive finance lease services. In addition, Pohjola has been operating in the region for some two decades through its non-life insurance subsidiary Seesam. In the summer of 2011, Pohjola opened a corporate branch office in Tallinn, Estonia. Pohjola is also planning to open a corporate branch office in Vilnius, Lithuania.

Pohjola Bank plc is a Finnish financial services group which provides its customers with banking, non-life insurance and asset management services. Pohjola Group serves corporate customers in Finland and abroad by providing an extensive range of financial, investment, cash-management and non-life insurance services. Pohjola's consolidated earnings before tax came to 258 million euros in 2011 and the balance sheet total amounted to 41 billion euros on 31 December 2011. Pohjola is part of OP-Pohjola Group, the leading financial services group in Finland, which has over four million customers. 

Source: Pohjola Bank plc