Central Bank of Savings Banks Finland Plc: Savings Banks Group and Cognizant terminate their contract

Central Bank of Savings Banks Plc
Stock Exchange Release
1^st February 2022 at 1:40 pm

Savings Banks Group and Cognizant have jointly decided to terminate the contract relating to the renewal of core banking platform signed in 2019. Cognizant will pay Savings Banks Group compensation for the termination of the contract. The termination of the contract will have a positive impact on Savings Banks Group’s operating profit for 2022. Savings Banks Group will continue the core banking system development with determination. The termination of the contract has no effect on the banking services of Savings Banks Groups’s customers.

Central Bank of Savings Banks Finland Plc

Further information:
Tomi Närhinen, Chairman, Board of Directors
tomi.narhinen@saastopankki.fi
+358 724 3896

Central Bank of Savings Banks Finland Plc belongs to the Savings Banks Amalgamation and Savings Banks Group and acts as Group's central credit institution. Central Bank of Savings Banks Finland Plc's role is to ensure liquidity and wholesale funding of the Savings Banks Group via operating in the money and capital markets, to operate payment transfers and issuance of payment cards.