Finland's largest financial group OP Ryhmä will change its name back to OP Pohjola. The announcement comes Tuesday morning alongside January-September earnings results.
Group CEO Timo Ritakallio confirmed major news would be released Tuesday morning. He did not directly confirm the name change details. The name previously changed from OP Pohjola to OP Ryhmä in 2014.
OP Group reported an operating profit of €2,050 million in 2023. This year's profit reached €2,486 million. The group forecasts 2025 profits will match or exceed 2023 levels.
The cooperative distributed 16% of operating profit as OP bonuses in the first half of this year. That compares to just 12% during the same period last year.
Meanwhile, OP's branch network undergoes major restructuring. The number of cooperative banks will drop from 93 to 54 within one year.
OP Group serves over 2.1 million customer-owners and employs approximately 14,000 staff. The organization traces its roots back over 120 years to the first cooperative bank established in 1902.
Finland once had over 1,500 cooperative banks. The banking system began centralizing in the 1960s. The name Osuuspankkiryhmä served the organization for decades before the 2007 rebranding to OP-Pohjola Group.
This name reversal suggests the organization values its historical brand recognition. Customer familiarity with the Pohjola name likely drove this strategic decision.