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S-Bank Plc (Finnish: S-Pankki Oyj, Swedish: S-Banken Abp) is a Finnish retail bank and wealth manager. It is owned by SOK Corporation and the regional co-operatives in the S-Group (Finnish: S-ryhmä), a Finnish retailing cooperative organisation.
 | |
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 2006 |
| Headquarters | Helsinki, Finland |
| Products | Retail banking, Wealth management |
Number of employees | 776 (2022) |
| Website | www |
S-Bank is the first so-called "supermarket bank" in Finland with 776 employees (2022).[1]
At the end of 2022, the bank had around 3.2 million customers.
On 31 May 2023, Handelsbanken signed an agreement with S-Bank, Oma Savings Bank Plc (OmaSp) and Fennia Life Insurance Company Ltd. to sell the bank's Finnish retail banking, asset management and investment services businesses to S-Bank, its SME business to OmaSp and its life insurance business, including investment, pension and loan insurance, to Fennia.
The parties expect the transaction to be completed during second half of 2024. After the closing S-Bank will become the fourth largest bank in the retail housing loans and deposits in the Finnish market.[2]
S-Bank has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.[3][4]
Fines
editIn 2019, S-Bank was fined ca. €1m over lax monitoring of money laundering. No actual money laundering was found, but the problem was poor conformance to legal "know your customer" requirements.[5]
References
edit- ^ "Annual report 2022".
- ^ "S-Bank to acquire Handelsbanken's private customer ops in Finland". News. 2023-05-31. Retrieved 2023-08-18.
- ^ "The list of significant supervised entities and the list of less significant institutions" (PDF). European Central Bank. 4 September 2014.
- ^ "List of supervised entities" (PDF). European Central Bank. 1 January 2023.
- ^ S-Bank fined nearly €1m over lax monitoring of money laundering YLE 18.12.2019
External links
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