Okobank Osuuspank.

Result of AGM, etc

Okobank Osuuspankkien Keskuspankki
29 March 2000


RESOLUTIONS OF OKOBANK'S AGM AND ESTIMATE OF THE EARNINGS OUTLOOK

The annual accounts of OKOBANK Osuuspankkien Keskuspankki Oyj were approved at
its Annual General Meeting held on March 29, 2000.  The responsible officers
were granted release from liability.  OKOBANK Consolidated is set this year to
achieve at least the same level of operating profit as last year.

It was decided to pay a dividend of EUR 0.70 on Series A shares and EUR 0.65 on
Series K shares, or a total of EUR 24.2 million on Series A and EUR 7.9 million
on Series K.  The dividend will be paid on April 10, 2000

Earnings estimate

In assessing the outlook for 2000 in OKOBANK Consolidated's 1999 Annual Report,
Managing Director Mikael Silvennoinen observes that the operating environment
will remain favourable for the Bank's stable development this year as well.  It
was stated in the Annual Report that the Bank's operating profit for 2000 might
fall short of the 1999 figure, when operating profit was improved by a
non-recurring capital gain of EUR 17 million.

On the basis of the earnings trend in the first part of the year, Mikael
Silvennoinen now updates the earnings estimate in the Annual Report, observing
that OKOBANK Consolidated is set to achieve operating profit that is at least on
a par with last year's figure.

Authorisation for OKOBANK's Supervisory Board

The Annual General Meeting decided in accordance with the proposal by the Bank's
Executive Board to authorise the Bank's Supervisory Board for a period of one
year from the Annual General Meeting to decide on a rights issue, the issuance
of convertible bonds and/or the granting of share options.  The aggregate amount
of the new Series A shares that can be issued in the rights issue, exchanged for
convertible bonds and subscribed on the basis of share options can be a maximum
of 12 000 000 shares and the aggregate amount of new Series K shares a maximum
of 4 000 000 shares.

The authorisation pursuant to the above furthermore confers the right to waive
shareholders' pre-emptive right to subscribe new shares, convertible bonds and
share options.  A divergence from shareholders' subscription rights can only be
made in the interest of ensuring the Bank's capital adequacy or in connection
with corporate or industry-wide structural arrangements if the Bank has a
weighty economic reason for doing so.  A decision pursuant to the above cannot
be taken on behalf of a party closely associated with the Bank.  The existing
unexercised authorisations can, to the aggregate amount of the increases and the
total votes conferred by the shares, correspond to a maximum of one fifth of the
registered equity capital and total votes conferred by the shares at the time of
the Annual General Meeting's decision to grant the authorisation and the
Supervisory Board's decision to carry out the increase in equity capital.

The Supervisory Board was authorised to decide on those eligible to make a
subscription, the subscription price and the other terms and conditions of
subscription.  The authorisation granted to the Supervisory Board by the Annual
General Meeting on March 24, 1999 was cancelled.

Markku Koponen
Assistant Director

DISTRIBUTION
Helsinki Exchanges 
Principal media

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