Sp Mortgage Bank Plc: Savings Banks Group and Cognizant terminate their contract

Sp Mortgage Bank 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.

Sp Mortgage Bank Plc

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

Sp Mortgage Bank is part of the Savings Banks Group and the Savings Banks Amalgamation. The role of Sp Mortgage Bank is, together with Central Bank of Savings Banks Finland Plc, to be responsible for obtaining funding for the Savings Banks Group from money and capital markets. Sp Mortgage Bank is responsible for the Savings Banks Group's mortgage-secured funding by issuing covered bonds.