Decision of the Financial Supervisory Authority issued to S-Bank on the formation of groups of connected clients
According to the Financial Supervisory Authority, S-Bank has not established interconnectedness based on economic dependency at a sufficient level between a few client groups. The decision requires no actions on the part of customers.
S-Bank Plc, Stock exchange release, 6 July 2022 at 14.15 pm
On 6 July 2022, the Financial Supervisory Authority made a decision regarding S-Bank concerning the formation of certain client groups. According to the Financial Supervisory Authority, S-Bank has not fully complied with the regulations on establishing interconnectedness based on economic dependency.
“The Financial Supervisory Authority’s decision has no impact on S-Bank’s financial position or future outlook. S-Bank is not suspected of misconduct, as this is an issue of an administrative procedure that specifies the formation of client groups,” says Jussi Sokka, Legal Counsel at S-Bank.
S-Bank has investigated the matter openly in cooperation with the Financial Supervisory Authority. The decision requires no actions on the part of customers.
Further information:
Jussi Sokka, SVP, Legal and Govenrnance, General Counsel, S-Bank
Hanna Porkka, Interim CEO, S-Bank
Contacts to S-Bank’s media telephone, tel. +358 50 573 5855
About S-Bank Plc
S-Bank is a Finnish bank that wants to help everyone achieve a slightly more affluent tomorrow, regardless of the size of their wallet. At S-Bank, expertise means that we understand the economy and people: as part of the S Group, we know the everyday lives of our 3.1 million customers. We are changing the banking sector by offering superior ease and benefits by offering both banking and retail services. www.s-pankki.fi
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