Okobank Osuuspank.

Conversion of Shares

Okobank Osuuspankkien Keskuspankki
24 January 2000

OKOBANK Osuuspankkien                
Keskuspankki Oyj                     


The Executive Board of OKOBANK Osuuspankkien Keskuspankki Oyj has on January 24,
2000 approved requests, which are in accordance with the Bank's Articles of
Association, to convert 15 614 502 of the Bank's Series K shares into a similar
amount of Series A shares.

According to OKOBANK's Articles of Association, the Bank's shares are divided
into Series A and Series K. There are 18 951 720 Series A shares and 27 753 280
Series K shares. Series K shares can be converted into Series A shares based on
the request of the shareholder within the limits of the mimimum and maximum
amounts of the series defined in the Articles of Association.

OKOBANK's Series K shares can be owned by Finnish cooperative banks and the
OKOBANK Group Central Cooperative. In late 1999, a survey was made within the
OROBANK Group to clarify the willingness of the shareholders to convert their
Series K shares into Series A shares. 159 cooperative banks and the OK0BANK
Group Central Cooperative have made the conversion requests mentioned above and
now been accepted.

The new Series A shares will be listed on the main list of the Helsinki
Exchanges as soon as they have been entered into the Trade Register and the
Helsinki Exchanges have approved the listing. The number of listed Series A
shares will rise to 34 566 222. The number of Series K shares will diminish to
12 138 778. After this the Series A will hold 36.3 per cent and Series K 63.7
per cent of votes at OK0BANK.

OKOBANK Osuuspankkien Keskuspankki Oyj

Markku Koponen
Assistant Director

Helsinki Exchanges
Principal media

Mr Mikael Silvennoinen, Managing Director, tel. +358-9-404 2549 
Mr Markku Koponen, Assistant Director, tel. +358-9-404 2648