Inside information: Oma Savings Bank Plc's CEO Pasi Sydänlammi leaves his position immediately

OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE, 19 JUNE 2024 AT 15.00 P.M. EET, INSIDE INFORMATION

Inside information: Oma Savings Bank Plc's CEO Pasi Sydänlammi leaves his position immediately
      
The Board of Directors of Oma Savings Bank Plc (OmaSp or the Company) and the CEO Pasi Sydänlammi have agreed that Sydänlammi will leave his position as the CEO immediately. Sydänlammi has been the CEO of OmaSp since 2009. The Board of Directors will immediately commence the search process to select a new CEO.

The deputy CEO Sarianna Liiri has been appointed as an interim CEO of OmaSp. She has been a member of OmaSp's Management team since 2015 and the CFO since 2018 with responsibility for Finance, Treasury and HR. She has previously served as the Chief Administrative Officer between 2015 and 2018 and the Development Manager between 2014 and 2015 of OmaSp. In addition, Liiri has been a member of the Board of Directors of the South Karelia Chamber of Commerce since 2018 and a member of the Board of Directors of Figure Taloushallinto Oy since 2019. Liiri holds a Master of Economic Sciences and an eMBA. In accordance with the general corporate governance requirements of credit institutions, a deputy CEO must be appointed. Markus Souru has been appointed as the deputy CEO of OmaSp and the Fit & Proper assessment to be made to the Financial Supervisory Authority of him is ongoing.

Chairman of the Board of Directors Jaakko Ossa:
"The Board of Directors and OmaSp thank Pasi Sydänlammi for his long-term contribution and career in OmaSp.

OmaSp has continued its internal investigation, announced on 16 April 2024 and 29 April 2024, relating to non-compliance with guidelines in lending activities, which resulted in recording an additional allowance of EUR 19.5 million for the first quarter based on management’s judgement. As a result of an extensive investigation, OmaSp has found that a former director of the Company has violated guidelines concerning lending. OmaSp has filed a request for an investigation to the police on its observations. Non-compliance with the guidelines has concentrated on a limited part of the loan portfolio, and the quality of the loans granted has been resolved internally. The internal investigation will be verified by external quality assurance.

In the centre of the Board of Directors’ work is a comprehensive review of OmaSp's operations. With the Board of Directors, we have taken this task with the seriousness that is required from a company listed on the main list of the stock exchange and in the financial sector. We are utilising broad external and independent legal expertise to resolve the anomalies. We are co-operating with the authorities and will ascertain necessary investments in the operations where shortcomings have appeared."

OmaSp will hold a briefing on the situation via webcast today, 19 June 2024, starting at 15:30 p.m. The webcast link can be accessed here.

Oma Savings Bank Plc
Board of Directors

Additional information:
Jaakko Ossa, Chairman of the Board, tel. +358 40 044 0139
Minna Sillanpää, CCO, tel. +358 50 66592, [email protected]

Distribution:
Nasdaq Helsinki Ltd
Major media
www.omasp.fi

OmaSp is the fastest growing in the Nordic countries and Finland’s most profitable bank. About 500 professionals provide nationwide services through OmaSp’s 45 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.