S-Bank

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.

For the Iranian investment bank, see S-Bank (Iran).
S-Bank Plc
TypePrivate
IndustryFinancial services
Founded2006
HeadquartersHelsinki, Finland
ProductsRetail banking, Wealth management
Number of employees
776 (2022)
Websitewww.s-pankki.fi

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]

Fines

In 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.[3]

References
  1. "Annual report 2022".
  2. "S-Bank to acquire Handelsbanken's private customer ops in Finland". News. 2023-05-31. Retrieved 2023-08-18.
  3. S-Bank fined nearly €1m over lax monitoring of money laundering YLE 18.12.2019


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