OP Bank Group (formerly OKO Bank Group)
OP Bank Group has won the award on the strength of its performance in 2002 and its continued rapid growth in a harsh economic climate in Europe.
Although the bank posted a decline in net profit, it was smaller than the decrease in 2001 and smaller than declines at its Finnish rivals. The group’s ROE remained in double-digits and it managed to grow assets by 5.3% and Tier 1 capital by 14%. The bank’s improved capitalisation was probably a major factor in UK rating agency Fitch’s decision to upgrade its long-term credit rating to AA-.
The bank has continued to acquire customers in the past three years despite the economic slowdown. As a result, with a market share of 38%, it surpassed Nordea as the largest bank in Finland.
“Sustained high profitability and a strong capital base have allowed us to pursue a rigorous development programme encompassing all key services, delivery channels and staff resources,” said Antti Tanskanen, chairman and CEO of OP Bank Group (formerly OKO Bank Group).
“The customer response has been remarkable: we have further strengthened our position as the leading bank for households in Finland, and made substantial gains in corporate and investment banking.”
