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Finnish Banking in 2010

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Finnish Banking in 2010 5 April 2011 Finnish banking in 2010 Federation of Finnish Financial Services Finnish banking in 2010 Federation of Finnish Financial Services 5 April 2011 Finnish banking in 2010 Tarja Kallonen CONTENTS Banks operating on solid foundation........................................................... 1 Bank structures and distribution networks ................................................ 2 Banks operating in Finland ......................................................................2 Personnel numbers unchanged ............................................................... 5 Banking operations ....................................................................................... 6 Demand for loans recovered ....................................................................6 Households confi dent in housing loan market .........................................7 Car trade vitalised fi nance houses ........................................................... 8 Growth in fi xed-term deposit accounts ....................................................9 Equity funds more attractive ..................................................................10 Long-term saving faltering .................................................................... 11 Single European Payments Area comes true ......................................... 11 Performance of banks ................................................................................. 12 Low interest rate levels hampered net interest income ..........................12 Credit losses halved ...............................................................................13 Capital adequacy of the banking sector remained strong ......................14 Finnish banking in 2010 Federation of Finnish Financial Services 5 April 2011 Banks operating on solid foundation Finnish banks have strong capital adequacy, and their results for 2010 were quite good despite the low interest rate levels that affected net interest income. Signifi cant decrease in credit losses was a very positive sign, and the number of problem loans remained stable, which is further evidence of the fi nancial crisis subsiding and the situation returning to normal. Bank customers seem confi dent, which was evidenced by growing demand for housing loans. Companies were also slightly more willing to borrow money. Low interest rate levels and competition between banks kept the margins between loan interest and deposit interest rates extremely narrow throughout 2010. The year 2011 has begun in a relatively confi dent atmosphere, but there is nevertheless some uncertainty ahead, especially in international investment and fi nancial markets. Banks’ operating conditions are also determined by interest rate developments, loan demand, banks’ own funding, the effects of regulation and the overall economic situation. ECB key interest rate and market interest rates % 6 5 4 3 2 1 0 1-month Euribor 3-month Euribor 12-month Euribor ECB key interest rate 1 Finnish banking in 2010 Federation of Finnish Financial Services 5 April 2011 Bank structures and distribution networks The structure of Finnish banks in 2010 remained almost identical to 2009. In international comparison the number of banks in Finland is relatively high, which can be explained by the high number of independent cooperative and savings banks that belong to one of the large banking groups, namely OP-Pohjola, Savings Banks or POP. Banks operating in Finland At the end of 2010, there were 313 banks operating in Finland, 299 of them domestic. Of the foreign banks, 14 were branches of foreign credit institutions. The decrease of 14 banks is mainly due to mergers within the OP-Pohjola Group. Banks operating in Finland, by type, 31 December 2010 - 14 commercial banks - 213 member cooperative banks of the OP-Pohjola Group - 38 local cooperative banks - 34 savings banks (28 banks + 6 limited companies) - 14 deposit-taking branches of foreign credit institutions At the end of the year, there were 1,605 bank offi ces in Finland. OP-Pohjola closed down some offi ces while Nordea and Tapiola opened some, and so the total number of offi ces remained nearly unchanged. The three largest banking groups in Finland are OP-Pohjola Group, Nordea Bank Finland and Sampo Bank. Most of the Finnish banking market is in foreign ownership. Nordea Bank Finland operates as a subsidiary and a commercial bank of the Nordea Group, and Sampo Bank is a subsidiary of the Denmark-based Danske Bank. In addition to the authorised deposit-taking bank, banking groups often include other companies operating in the same sector, such as a fi nance house or a fund management company. Typical to the fi nance industry are also fi nancial conglomerates that can also include a life insurance, non- life insurance or a pension insurance company. Moreover, cooperation agreements between banks and insurance companies enable cross sales and the more effi cient use of distribution networks. The market shares of monetary institutions are presented on the next page. Municipality Finance Plc is also considered a monetary institution. Loans granted by Municipality Finance Plc are included in the section “Other monetary institutions”. 2 Finnish banking in 2010 Federation of Finnish Financial Services 5 April 2011 Euro-denominated loans to public; market shares 31 Dec 10 €bn 0 102030405060 OP-Pohjola Group 56.3 33.0% Nordea Bank Finland Group 52.6 30.9% Sampo Bank Group 20.3 11.9% incl. Danske Helsinki Branch Handelsbanken Group 8.2 4.8% Aktia Group 6.7 3.9% Savings Banks 5.5 3.2% POP Bank Group 3.4 2.0% Bank of Åland 2.3 1.3% Tapiola Bank plc 1.4 0.8% Others 13.9 8.1% Euro-denominated deposits from the public; market shares 31 Dec 10 €bn 0 5 10 15 20 25 30 35 40 OP-Pohjola Group 37.9 32.5% Nordea Bank Finland Group 37.7 32.3% Sampo Bank Group 14.7 12.6% incl. Danske Helsinki Branch Savings Banks 6.0 5.1% Handelsbanken Group 3.7 3.2% POP Bank Group 3.6 3.1% Aktia Group 3.5 3.0% Bank of Åland 1.5 1.3% Tapiola Bank plc 1.4 1.2% Others 6.7 8.1% OP-Pohjola Group: Pohjola Bank plc, Helsinki OP Bank Plc, Op-Kotipankki Oyj, OP Mortgage Bank and independent member cooperative banks Nordea Bank Finland Group: Nordea Bank Finland Plc and Nordea Finance Finland Ltd Sampo Bank Group incl. Danske Helsinki Branch: Sampo Bank plc, Sampo Housing Loan Bank plc, Danske Bank A/S, Helsinki Branch Handelsbanken Group: Svenska Handelsbanken AB (publ), Branch Operation in Finland, Handelsbanken Finance Plc and Handelsbanken Finans Aktiebolag (publ), Branch Operation in Finland Aktia Group: Aktia Bank plc and Aktia Real Estate Mortgage Bank plc Others: Other than abovementioned monetary institutions operating in Finland *Households include non-profi t organisations that serve households. Source: The banks/banking groups have agreed that the Bank of Finland provides these fi gures for the Federation of Finnish Financial Services annually for publishing. 3 Finnish banking in 2010 Federation of Finnish Financial Services 5 April 2011 Number of bank employees and branches at year-end 31 Dec 2010 and 31 Dec 2009 EMPLOYEES BRANCHES (groups) 2010 2009 2010 2009 FINNISH BANKS OP-Pohjola Group 12,504 12,504 554 583 Nordea Pankki Finland Plc 10,005 10,048 327 308 1) Sampo Bank 2,661 2,702 121 121 2) Aktia Group 1,423 1,409 74 72 Savings banks excl. Aktia 1,293 1,223 214 215 3) Bank of Aland Plc 742 772 28 28 The Finnish Local Cooperative Bank Group 735 734 143 142 Evli Bank Plc 280 287 33 S-Bank Ltd 214 168 11 FIM Pankki Oy 206 190 77 Tapiola Bank Ltd 168 159 63 53 4) Suomen Asuntohypopankki Oy 26 24 11 5) eQ Bank Ltd 477 01 6) SEB Gyllenberg Private Bank Ltd 0111 7) Sofia Bank Plc -76 -2 Total Finnish banks 30,261 30,374 1,537 1,538 BRANCHES OF FOREIGN BANKS Svenska Handelsbanken AB (publ), Branch in Finland 662 649 45 45 Skandinaviska Enskilda Banken AB (publ) Helsinki Branch 284 268 1 1 1) Danske Bank A/S, Helsinki Branch 222 196 1 1 Forex Bank Aktiebolag filial i Finland 66 61 11 11 5) Nordnet Bank AB Finnish Branch 55 - 1 - 8) Carnegie Investment Bank AB, Finland Branch 49 45 1 1 Swedbank AB (publ), Branch in Finland 33 9 1 1 Royal Bank of Scotland public limited company, Finnish Branch 17 20 1 1 9) DnB NOR Bank ASA, Branch in Finland 17 18 1 1 Deutsche Bank Aktiengesellschaft, Helsinki branch 15 15 1 1 Citibank International plc, Branch in Finland 14 57 1 2 10) Crédit Agricole Corporate and Investment Bank Helsinki Branch 12 13 1 1 BIGBANK AS Finland Branch 10 2 1 1 EFG Bank AB, Finnish Branch 3411 Total foreign banks' branches 1,459 1,357 68 68 TOTAL 31,720 31,731 1,605 1,606 1) Sampo Bank is a subsidiary and Danske Bank A/S a branch of Danske Bank A/S. These two operate as two separate legal entities. 2) Aktia Group’s figures cover Aktia Bank plc and ten other subsidiaries, including Aktia Kiinteistönvälitys Oy, which had 59 agents on 31 December 2010. 3) As from 27 March 2009, Bank of Åland group includes the subsidiary Ålandsbanken Sverige. It has offices in Stockholm, Gothenburg and Malmö. 4) Employees of Suomen Asuntohypopankki Oy are included in the Mortgage Society of Finland. 5) eQ Bank merged with the Swedish Nordnet Bank AB 1 June 2010. 6) Employees of SEB Gyllenberg Private Bank Ltd are included in the numbers of SEB Helsinki Branch. 7) Sofia Bank's deposit bank authorization was withdrawn 28 March 2010. 8) Previously the numbers of Carnegie Investment Bank have included Carnegie Asset Management Finland, which is now sold to Evli Bank. 9) Bank DnB NORD A/S Helsinki Branch and DnB NOR Bank ASA filial Finland merged on 1 October 2009. The entire staff of NORDin was transferred into 10) Crédit Agricole Corporate and Investment Bank Helsinki Branch operated until 17 February 2010 as Calyon Bank Helsinki Branch. 4 Finnish banking in 2010 Federation of Finnish Financial Services 5 April 2011 Sampo Group is a fi nancial conglomerate operating in the Nordic countries. It increased its ownership in Nordea Bank up to 21.3% in February 2011. In addition to Sampo plc that operates as a holding company, the conglomerate includes non-life insurance group If and Mandatum Life.
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