S-Bank Plc (, ) is a Finnish retail bank and wealth manager. It is owned by SOK Corporation and the regional co-operatives in the S-Group (), a Finnish retailing

cooperative A cooperative (also known as co-operative, coöperative, co-op, or coop) is "an autonomy, autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned a ...

organisation. S-Bank is the first so-called "supermarket bank" in Finland with 776 employees (2022). At the end of 2022, the bank had around 3.2 million customers. On 31 May 2023,

Handelsbanken Svenska Handelsbanken AB is a leading Nordic countries, Nordic bank with international operations, providing a comprehensive range of financial services including corporate banking, investment banking, trading, and consumer banking such as loans, ...

signed an agreement with S-Bank, Oma Savings Bank Plc (OmaSp) and Fennia Life Insurance Company Ltd. to sell the bank's Finnish retail banking, asset management and investment services businesses to S-Bank, its SME business to OmaSp and its life insurance business, including investment, pension and loan insurance, to Fennia. The parties expect the transaction to be completed during second half of 2024. After the closing S-Bank will become the fourth largest bank in the retail housing loans and deposits in the Finnish market. S-Bank has been designated as a Significant Institution since the entry into force of

European Banking Supervision European Banking Supervision, also known as the Single Supervisory Mechanism (SSM), is the policy framework for the prudential supervision of banks in the euro area. It is centered on the European Central Bank (ECB), whose supervisory arm is re ...

in late 2014, and as a consequence is directly supervised by the

European Central Bank The European Central Bank (ECB) is the central component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#International ...

Fines

In 2019, S-Bank was fined ca. €1m over lax monitoring of money laundering. No actual money laundering was found, but the problem was poor conformance to legal "

know your customer Know your customer (KYC) guidelines and regulations in financial services require professionals to verify the identity, suitability, and risks involved with maintaining a business relationship with a customer. The procedures fit within the broad ...

" requirements.S-Bank fined nearly €1m over lax monitoring of money laundering
YLE 18.12.2019

References

External links

S-Bank

S-Bank
Banks of Finland Supermarket banks Banks established in 2006 Cooperative banking in Europe Cooperatives in Finland Finnish companies established in 2006 {{Europe-bank-stub