Overview of Banks in Finland
Currently, there are 17 banks in Finland. The Finnish banking industry consists of government banks, commercial banks, savings banks, and branches of foreign banks. The Bank of Finland is the country’s central bank and national monetary authority. It performs the following functions:
- Prepares and implements monetary policy
- Oversees the stability of the financial system
- Conducts research and economic policy analysis and produces statistics
- Attends to the settlement of interbank payments and investment of its own financial assets
- Issues banknotes and maintains the stability and efficiency of payment systems
According to Moody’s, the Finnish banking system is stable, as they expect the moderate upswing in the domestic economy will support the credit profiles of licensed banks in Finland.
For anyone considering a career in banking in Finland, this list of the top banks in Finland is a helpful guide on where to start. To learn more, see our lists of financial institutions.
The top banks in Finland are:
OP Corporate Bank PLC
Founded in 1902, OP Corporate Bank was formerly known as Pohjola Bank PLC. Headquartered in Helsinki, the bank employs around 12,200 staff. It provides insurance and banking services such as corporate and investment banking. Under insurance services, it offers household, motor liability, accident, medical, and travel insurance. It also handles asset management for institutions.
In 2016, the bank reported total assets of US$160 billion and posted a net income of US$1,370 million.
Based in Helsinki, Nordea Bank Finland PLC is a subsidiary of Nordea Bank AB. The bank provides banking services, asset management, insurance products, and financial solutions to personal and corporate customers. The bank employs around 6,500 individuals and operates through 650 branches.
As of 2016, total assets of the bank were US$287 billion and net profit US$1,158 million.
Danske Bank is part of the Danske Bank Group, which operates in 15 countries. Danske Bank Group offer banking services through its Helsinki branch (which is a branch of Danske Bank AS) and its subsidiary, Danske Bank PLC Group. It operates through various business segments: Personal Banking, Business Banking, Corporate and Institutions, Wealth Management, and Other Services. The group serves one million personal customers and about 90,000 business and institutional customers in Finland.
As of 2016, the Finland branch’s total assets amounted to US$39 billion and net profit reached US$236 million.
Evli Bank PLC
Founded in 1985, Evli Bank is a private bank specializing in investments. The bank operates through Asset Management, Markets, and Corporate Finance segments. In addition to Finland, it provides services in Sweden, the Russian Federation, and the United Arab Emirates. Headquartered in Helsinki, it employs around 254 staff.
In 2016, the bank reported total assets of US$909 million and a net profit of US$11.7 million.
Aktia Savings Bank
Aktia Savings Bank is owned by Finnish savings bank foundations, institutions, savings banks, and private individuals. Founded in 1991, the bank offers savings accounts, credit and debit cards, loans, insurance, deposits, financial planning, and investment services. Headquartered in Helsinki, the bank employs around 948 individuals.
As of 2016, the bank’s total assets were US$11,786 billion and net profit US$63 million.
Bank of Aland
Established in 1919, Bank of Aland operates as a commercial bank through 13 branches. Headquartered in Mariehamn, Aland Islands, the bank employs around 700 staff.
Bank of Aland provides deposit products, which include savings accounts, time deposits, cash accounts connected to securities accounts, certificates of deposit, index bonds, and debentures issued to the public. It also provides home mortgage loans, home equity loans, securities account loans, corporate loans, loans to public sector entities, guarantees, and credit and debit cards. It also offers investment services and supplies banking computer systems to small and medium-sized banks.
As of 2016, the bank’s total assets amounted to US$6,180 million and net profit reached US$24 million.
Alexander Corporate Finance Oy
Founded in 1988, Alexander Corporate Finance is part of the Alexander Group and is headquartered in Helsinki. It is a private and independent investment bank operating under the authority of the Financial Supervision. It offers advisory services in capital market transactions, M&A, and valuation services.
Carnegie Investment Bank AB
Based in Helsingfors, Carnegie Investment Bank AB (Finland) operates as a branch of Carnegie Investment Bank AB (Sweden).
Carnegie Investment Banking and Securities provides services within the areas of research, equity sales, and trading and equity capital market transactions to institutional clients, as well as professional advisory services in mergers and acquisitions (M&A), and equity capital market (ECM) transactions. Carnegie Private Banking and Investment Solutions provides financial advisory services to high net worth individuals, small businesses, and foundations.
BNP Paribas Fortis
Based in Helsinki, BNP Paribas Fortis was established in 2009. It is a foreign bank that came into existence after the merger between Belgian Fortis Bank and BNP Paribas Group. It provides a broad range of financial products and services to various customer groups such as individuals and families, high-net-worth individuals, entrepreneurs and companies, local authorities, and the social sector.
As of 2016, the BNP Paribas Fortis Group’s total assets amounted to US$357 billion and net profit reached US$2 billion.
POP Bank Group
POP Bank Group is a Finnish financial group that offers retail banking services to private customers, small companies, and agricultural and forestry clients, as well as insurance services (excluding life insurance) to private customers. The group consists of 26 cooperative POP Banks, POP Bank Alliance Coop, central credit institution Bonum Bank PLC, and online insurance company Finnish P&C Insurance Ltd (branded as POP Insurance).
In 2016, the bank reported total assets of US$5,090 million and a net profit of US$10 million.
Careers in investment banking
To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map….
For banking careers, you will have a significant edge over the competition with our financial modeling courses.
This has been CFI’s guide to the top banks in Finland. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: