OP Corporate Bank is updating its organizational structure in the Baltic States. The bank plans to merge the business leasing subsidiary OP Finance SIA into OP Corporate Bank plc in October.
OP Finance SIA, which provides leasing, operating lease and equipment acquisition financing services in Lithuania, will merge into its parent company OP Corporate Bank plc, which will take over all the leasing company's liabilities and assets. Respectively, OP Finance SIA in Latvia and OP Finance AS in Estonia will merge into the parent company OP Corporate Bank plc. The planned date for registration of the merger is 31 October 2021. At the implementation of the merger, OP Corporate Bank plc shall allocate the assets and liabilities of the merging subsidiaries to the existing Lithuanian, Estonian and Latvian branches of the bank.
“By moving to a new organizational structure, we will be more efficient and flexible, and we will adapt more quickly to the future banking challenges of Latvia and the entire Baltic and Nordic region. It is a part of our home market, we have a good understanding of the needs of companies operating here and the business environment, therefore we will continue to be a reliable and long-term Latvian business finance partner,” says Matias Huhtala, Head of OP Corporate Bank for Baltic States.
After the merger, the terms of the contracts of the leasing company’s existing customers will remain unchange, they will be automatically transferred to OP Corporate Bank. All OP Finance employees will transfer to work in the Latvia branch of OP Corporate Bank.
"We work with business, so we have to react quickly. And so far, we have made funding decisions quicker than the market average. By centralizing all services in the bank, we will further reduce administrative requirements and simplify the provision of services to companies, farmers and organizations, After the merger, we will expand our services, promote green financing as the demand for such services is growing” says Elmārs Prikšāns, Head of the Latvia branch of OP Corporate Bank and OP Finance.