Finland's largest financial group OP Ryhmä has changed its name to OP Pohjola. The rebranding took effect immediately after being announced earlier this week.
The company explained that the new name combines two strong Finnish brands. Pohjola Insurance has been part of the financial group and represents over 130 years of Finnish economic history.
OP Pohjola is not an entirely new name. The group previously used OP-Pohjola-ryhmä from 2007 after acquiring the Pohjola insurance company founded in 1891. In 2014, the company simplified its name to OP Ryhmä by dropping the Pohjola reference.
CEO Timo Ritakallio said the timing feels natural as the company revamps benefits for its 2.1 million owner-customers. He stated this in the company's official announcement.
Owner-customers will now gain more advantages from consolidating their banking, wealth management, and insurance services. OP bonuses will accumulate more broadly across services, and the company is increasing bonus amounts.
A significant change gives customers more choice. They can now decide how to use their accumulated OP bonuses rather than having limited options.
Bonuses can still pay for service fees and insurance premiums. The new option allows investing bonuses in funds.
The reform responds to upcoming tax changes affecting OP bonuses. Starting in 2026, these bonuses will be subject to capital income tax.
The company is increasing bonus rates to offset the tax impact. Instead of paying 0.25 percent, customers will receive 0.4 percent next year. After capital income tax withholding, the net bonus becomes 0.28 percent compared to the previous 0.25 percent.
Ritakallio noted this adjustment slightly exceeds the tax withholding effect.
Since 1999, OP has paid nearly 4 billion euros in bonuses to owner-customers. In the most recent full year, bonuses totaled 314 million euros.
The name change reflects the company's effort to strengthen its brand identity while adapting to regulatory changes. This move acknowledges Pohjola's historical significance while positioning for future customer benefits.