The Savings Banks of the Savings Banks Group
The Savings Banks Group comprises local and independent Savings Banks. The Savings Banks focus on low-risk retail banking, particularly services related to daily business, saving and investments, and lending services. The product and service range covers all the main banking services for both private and business customers. They are complemented by other financial sector services and products provided together with partners.
In the Greater Helsinki area, a corresponding retail bank operation is carried out by Nooa Säästöpankki Oy owned by the Savings Banks.
The corporate structure of the Savings Banks is either that of a traditional savings bank or a savings bank limited company. The supreme decision-making power in the Savings Banks rests with the trustees, who are representatives of the depositors and possible equity capital shareholders. In savings bank limited companies, the supreme decision-making power is wielded at the General Meeting by the savings bank trusts, the Boards of which are similarly comprised of representatives of the depositors. The trustees or the General Meeting elect the Board for the bank.
Due to the Amalgamation, the financial liability of the Savings Banks is a joint liability. If necessary, the obligations of individual Savings Banks are backed by all of the Amalgamation’s Savings Banks and service companies via the Savings Banks’ Union Coop, which means the liability ultimately lies with the Savings Banks’ Group as a whole. The Amalgamation’s operations are supervised by the Finnish Financial Supervisory Authority.
The customer’s voice is heard in the administration of Savings Banks
Decision-making in Savings Banks is different from many other banks. The administration of a Savings Bank consists of customer representatives.
Each Savings Bank has trustees who choose the bank’s depositors. A Savings Bank may also have a Supervisory Board elected by the trustees. The Board of Directors of a Savings Bank is elected by the trustees or the Supervisory Board if the bank has one.
All Savings Banks are members of their central organisation, the Savings Banks’ Union Coop. The Savings Banks’ Union Coop promotes the development and cooperation of the Savings Banks and advocates their interests. The joint banking policy decisions of the Savings Banks are made by the Savings Banks’ Union Coop.