Pohjola Pankki Oyj - Company Announcement

Pohjola to Initiate an Information and Consultation Process

Pohjola Bank plc
Stock Exchange Release
19 September 2012 at 1.05 pm

Pohjola to Initiate an Information and Consultation Process to Achieve Cost
Savings as Part of OP-Pohjola Group Central Cooperative Consolidated's
Reorganisation Programme

Pohjola Bank plc's Board of Directors has decided to initiate Pohjola Group's
reorganisation programme with the aim of achieving annual cost savings of around
50 million euros by the end of 2015. A significant amount of the cost savings
will be realised during 2013. This programme is based on OP-Pohjola Group
Central Cooperative Consolidated's reorganisation programme aiming at an annual
cost savings of 150 million euros by the end of 2015.

Reasons for initiating the reorganisation include a more rigorous regulatory
framework in the financial sector, higher costs, preparation for new fiscal
charges, such as a bank tax, and tightening capital adequacy requirements set
for banks. In addition, the prolongation of the European sovereign debt crisis
and the low interest rate environment will be strongly reflected in banks' and
insurers' revenues.

Pohjola is planning to eliminate overlapping activities and simplify and
standardise its practices.

The reorganisation programme will involve the launch of an information and
consultation process throughout Pohjola Group, with the exception of the Baltic
operations, Pohjola Insurance Ltd's claims services and Omasairaala Oy.

Based on the current estimates, the planned measures to be taken may lead to a
maximum of 700 layoffs within OP-Pohjola Group Central Cooperative Consolidated,
of which Pohjola Group accounts for a maximum of 310. The process will also
involve discussing plans to outsource a maximum of 215 employees, with Pohjola
Group accounting for 90 employees.

In addition, the reorganisation programme includes a plan to perform internal
transfers of a maximum of 580 Pohjola Group employees to other companies within
OP-Pohjola Group Central Cooperative Consolidated.

OP-Pohjola Group Central Cooperative Consolidated had a staff of around 6,500 on
30 June 2012, of which Pohjola accounted for 3,450 employees.

Pohjola Group's non-recurring personnel-related expenses associated with the
reorganisation programme are estimated at around 6 million euros, which will be
recognised for the third quarter of 2012.

The following companies within OP-Pohjola Group Central Cooperative Consolidated
are subject to the reorganisation: parent institution OP-Pohjola Group Central
Cooperative and its subsidiaries: Pohjola Group, OP-Services, Helsinki OP Bank,
OP Life Assurance Company, OP Fund Management Company, OP-Kotipankki, as well as
OP Bank Group Pension Fund, OP Bank Group Pension Foundation and OP Bank Group
Mutual Insurance Company among its closely related companies.

Pohjola's parent institution, OP-Pohjola Group Central Cooperative, published
today its own press release related to the reorganisation programme.

For more information, please contact:
Mikael Silvennoinen, President and CEO, tel. +358 (0)10 252 2549
Carina Geber-Teir, Chief Communications Officer, tel. +358 (0)10 252 8394


Please contact the Newsroom for media contacts directly with any requests for
interviews, tel. +358 (0)50 523 9904

Pohjola Bank plc

Carina Geber-Teir
Chief Communications Officer



DISTRIBUTION
NASDAQ OMX Helsinki
London Stock Exchange
SIX Swiss Exchange
Major media
pohjola.com, op.fi

Pohjola Bank plc is a Finnish financial services group which provides its
customers with banking, non-life insurance and asset management services. Our
mission is to promote the prosperity, security and wellbeing of our customers.
Profitable growth and an increase in company value form our key objectives.
Pohjola Group serves corporate customers in Finland and abroad by providing an
extensive range of financial, investment, cash-management and non-life insurance
services. We offer non-life insurance and private banking services to private
customers. Pohjola Series A shares have been listed on the Large Cap List of the
NASDAQ OMX Helsinki since 1989. The number of shareholders totals around
34,000. Pohjola is part of OP-Pohjola Group, the leading financial services
group in Finland, which has over four million customers.

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