Top Banks in Finland
The top banks in Finland provide various financial services, cater to diverse customer needs, and contribute significantly to Finland's economic growth.
The top banks in Finland provide various financial services, cater to diverse customer needs, and contribute significantly to Finland's economic growth.
In 2015, the Finnish economy began its recovery after three years of contraction. The expansion of Finland’s financial sector was one of the most important components of the country’s swift comeback from the crisis.
The defective assets of Finnish banks have been a severe concern for Finland’s financial sector. It is high in percentage terms when compared with Sweden (1.1%) and Norway (1.3%). However, Finland expects asset quality to improve as interest rates remain low and the housing market remains steady.
According to Moody, the Finnish bank's financing and liquidity will be stable over the following 12-18 months. Large banks offer various services and goods, including checking and savings accounts, loans, credit cards, investment options, and more, as in numerous other nations.
The biggest distinction from the United States is that most financial activities use debit cards rather than credit cards.
Banks in Finland are usually open on weekdays from 9:15 to 6:15. However, some have extended service hours. Usually, branches and exchange offices offer currency exchange services.
Key Takeaways
- Finland has 17 banks
- The asset quality of Finnish banks has been a concern, with higher percentages of defective assets compared to neighboring countries like Sweden and Norway.
- Finnish banking activities primarily use debit cards rather than credit cards, distinguishing them from the United States.
- Finnish banks are regulated by the Finnish Financial Supervisory Authority and are considered safe and reliable.
Top 10 banks in Finland
Finland's financial system is structured very differently. Finland has 17 banks as of the right moment. These banks can be categorized into four groups:
- Government banks
- Commercial banks
- Savings banks
- Foreign banks (actually the branches of foreign banks)
The Bank of Finland handles everything, including formulating monetary policy, creating statistics, issuing bank notes, and maintaining the effectiveness of the banking system.
Despite its relatively small size, Finland has a well-developed financial system with robust regulations in place to serve its intended purposes effectively. It is responsible for maintaining the stability of the nation's financial and economic system and issuing banknotes.
The banking sector is dominated by four major institutions:
- OP Financial Group: The most extensive banking group by market share. It operates as a cooperative bank with a network of member cooperative banks spread across the country, offering various financial products and services.
- Nordea: Nordea Bank Abp is the largest bank in Finland in terms of assets. It is part of the Nordea Group, the largest financial services group in the Nordic region.
- Municipality Finance (MuniFin): It specializes in financing services for the public sector and is an important player in the Finnish banking system.
- Danske Bank: Danske Bank is also present in Finland and provides banking services to individuals and corporate customers. It is a subsidiary of Danske Bank Group, a Danish banking institution.
The top 10 banks in Finland represent a diverse mix of financial institutions catering to a wide range of customers. Let us see the ten banks in detail.
Aktia Savings Bank
Created in 1991, the owners of Aktia Savings Bank include high-net-worth individuals, other savings banks, and Finnish savings bank organizations. It is among Finland's biggest savings institutions. The bank is based in Helsinki, Finland, and is a publicly-traded company.
In 2008, the bank was restructured to become Aktia Bank Plc. The bank provides banking and financial services such as insurance services, management of assets as well as real estate finance to individuals, small firms, and entrepreneurs.
Aktia had a total of 924 employees by March 2016 and 47 branches in 45 locations, serving over 380,000 clients. The branches are in the Metropolitan area, Western Uusimaa, Keski-Uusimaa, Eastern Uusimaa, Tampere, Ostrobothnia, Turku Region, and Oulu.
According to the report from 2021, this bank has acquired assets worth € 10.67 billion. In the same year, there was a € 42.62 million net profit. The total of employees reached 948 individuals by this year.
BNP Paribas Fortis
The BNP Paribas Group and Belgian Fortis Bank combined to become BNP Paribas Fortis. Headquartered in Helsinki, it is one of the international banks that cater to Finnish consumers.
It was established in 2000. According to the most recent report, this bank has acquired assets of € 335.1 billion as of the year 2020, and that same year, it turned a net profit of € 2.29 billion.
It employs about 37,000 people in total. The bank now engages in four business segments, including corporate and financial advising, investment banking, investment solutions, retail banking, and private banking.
In 2022, BNP Paribas employed over 193,000 people. This number was below 90,000 in 2003 but rose and peaked at 205,000 in 2010. BNP Paribas is headquartered in Paris but has operations around the globe.
BNP Paribas is one of the leading banks in the European market in terms of tier 1 capital. This measure of capital describes the core strength of a bank, indicating that the bank should respond well to shocks to the financial system. It is also the leading bank in France in terms of market capitalization.
Nordea Bank Finland
Nordea Bank Finland PLC, the subsidiary of Nordea Bank AB, is one of the largest companies in terms of total assets acquired. It caters to both private and business clients. Its headquarters are also located in Helsinki.
It is found in over 65 locations around Finland, with more than 6500 people employed. Nordea Bank Finland PLC acquired assets of € 115.7 million in 2021; the same year, net income reached € 30.78 billion.
Nordea Bank is the largest operating in Europe and offers the largest financial services in the Nordic area. The bank has operations in over 17 different nations. The bank trades on the Copenhagen Stock Exchange and is publicly listed.
It has been operational for 200 years. The bank offers Private Banking, Investment Banking, Wealth Management, and Personal Banking services.
OP Corporate Bank PLC
It started in the year 1902. Pohjola Bank PLC was the bank's last name. Its main office is likewise located in Helsinki. Around 12,200 people are employed in this bank.
The total assets of OP Corporate Bank PLC in 2020 were € 84.0 billion; that same year, a net profit of about € 421 million was produced.
The bank is one of Finland's leading financial groups and has sizable activities. The bank has a workforce of over 12,000 people and an annual income of about € 4 billion.
When assessing OP Corporate Bank's credit rating, agencies consider the entire OP Financial Group's financial standing because they monitor the Group as a single entity. OP Cooperative and Group Member Credit Institutions (including OP Corporate Bank) are liable for each other's debts and commitments.
Danske Bank
This bank is one of the branches that Danske Bank has established in more than 15 nations. The Helsinki Branch and Danske Bank PLC (subsidiary) are its two Finnish locations.
Danske Bank acquired assets of DKK 4.11 trillion in 2020. In the same year, Danske Bank had a net profit of DKK 4.35 billion. Danske Bank was established in 1871 and now employs more than 19,000 people in 15 nations.
The bank is a publicly traded firm with its headquarters in Copenhagen. The bank offers various financial products besides business and personal banking, insurance, mortgages, asset management, and mobile payments.
It covers financial statistics, key statistics, and macroeconomics. Danske Bank's Investor Update took place on 7 June 2023. On the day, Danske Bank presented an update on Danske Bank's strategic priorities and financial targets.
Bank of Aland
The Bank of Aland's headquarters is in Mariehamn, in the Aland Islands. It is Finland's oldest bank, started in 1919. It has 13 locations around Finland, and 700 people have been hired by it. It is among Finland's biggest commercial banks. The bank purchased assets totaling € 6.09 billion in 2021.
The bank's net profit for the same year was € 31.49 million. The bank offers debentures, commercial and residential loans.
The bank also provides facilities for debit and credit cards. The Finnish Financial Supervisory Authority regulates the Bank of Aland, a publicly traded company on the Helsinki Stock Exchange.
One unique aspect of the Bank of Åland is its commitment to sustainability and environmental responsibility. It has implemented various initiatives to promote sustainable development, such as providing customers with carbon footprint calculations for their transactions and offering green investment options.
POP Bank Group
In Finland, POP Bank Group is the best consumer bank. This bank consortium comprises 26 cooperative POP banks and Alliance Coop, a central credit institution. Its diverse clientele includes individuals, small enterprises, and mostly forestry and agricultural clients.
According to reports, POP Bank Group had total assets of € 5.10 billion in 2020. The bank group also revealed that during that same year, it made a net profit of around € 5.10 billion.
POP Bank Group was established in 1997 and currently employs about 700 people. In addition, the bank provides online insurance as well as retail banking services. The bank has its corporate headquarters in Stockholm and is publicly traded.
The cooperative banking model of the POP Bank Group emphasizes customer ownership and democratic governance. Customers can become cooperative members and participate in decision-making through regular meetings and voting rights.
The emphasis is on personalized and local customer service, aiming to foster strong relationships between the banks and their customers. Each member bank operates separately, maintaining its customer base and decision-making authority.
Evli Bank PLC
In 1985, Evli Bank PLC was founded. Investment banking is one of Evli Bank PLC's key services. This bank's headquarters are in Helsinki.
It offers business finance and asset financing services. Evli Bank PLC purchased assets of € 793.6 million in 2020. Evli BankPLC'sC net profit for the previous year was € 21.9 million.
Evil Bank PLC, which has more than 300 employees and is publicly traded, was established in 1985. The bank's primary business is investment management, and its clientele includes high-net-worth individuals.
It now offers services in Sweden, the Russian Federation, and the United Arab Emirates, in addition to Finland. In addition, the bank concentrates on the European and Nordic regions and provides brokerage services.
Its wealth management division offers personalized investment and advisory services to high-net-worth individuals, families, and foundations. The services include investment planning, portfolio management, and wealth preservation strategies.
They cater to institutional and private investors, aiming to generate long-term returns through active management and research-based investment strategies.
In addition to wealth and asset management, Evli operates an investment banking unit, providing advisory services in mergers and acquisitions, capital raising, and corporate finance transactions. They assist clients in strategic planning, valuations, and structuring transactions.
Carnegie Investment Bank AB
It is a division of the Swedish company Carnegie Investment Bank AB. Helsingfors is home to this bank's headquarters. This bank provides various mergers and acquisitions services and expert advice on equity capital markets (ECM), sales trading, and equity research.
High-net-worth individuals and small enterprises in Finland are the primary targets of this bank. Swedish financial services company Carnegie Investment Bank AB engages in asset management, private banking, securities brokerage, and investment banking.
The bank was established in 1803 and currently employs about 600 people. Carnegie operates primarily in the Nordic region, with its headquarters located in Stockholm.
The investment banking division of Carnegie provides advisory services in areas such as mergers and acquisitions, corporate finance, capital raising, and restructuring. They assist clients in various industries with strategic decision-making and financial transactions.
Alexander Corporate Finance Oy
The Alexander Group includes Alexander Corporate Finance Oy. Alexander Corporate Finance Oy's main office is located in Helsinki. It was established in 1988, which is approximately 30 years ago.
It is a well-known investment bank that runs privately and as a stand-alone investment arm. It is managed under Financial Supervision's supervision. These private banks' primary services include capital market operations, valuation, and mergers and acquisitions (M&A).
The bank Alexander Corporate Finance Oy is a member of the Alexander Group. The bank also provides valuation services, debt syndication, merger and acquisition consulting services, and other capital market and transaction advisory services.
Currently, the bank is owned privately. The bank participates in initial public offerings as well as merchant banking.
Top Banks In Finland FAQs
The top banks in Finland include Nordea Bank Abp, OP Financial Group, and Danske Bank.
These types of banks offer a wide range of services, including retail banking, such as
- Savings accounts
- Loans and credit cards
- Corporate banking
- Investment banking
- Asset management
- Insurance products
You can go to their locations or submit an online application through each bank's website to create an account. You will normally need to present identity documents, address proof, and the relevant application forms. The particular criteria may differ.
Yes, these banks are considered safe and reliable. The Finnish Financial Supervisory Authority oversees them and ensures they follow stringent financial rules and laws to safeguard the interests of their clients.
Yes, these banks offer online banking services. In addition, these banks have an international presence, particularly Nordea Bank Abp and Danske Bank. They operate in multiple countries and provide banking services to customers globally.
These banks offer customer support options, including phone helplines, email, and in-branch assistance. In addition, you can contact their customer support teams for any inquiries, issues, or assistance related to your banking needs.
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