Okobank Osuuspank.

Re Joint Venture

Okobank Osuuspankkien Keskuspankki
13 September 2000


OP-Kotipankki Oyj, an associated company of OKOBANK Osuuspankkien Keskuspankki
Oyj, and Sonera Plaza are establishing a joint venture that will produce and act
as an intermediary for Internet-based financial services for consumer customers.
The agreement has been announced today in separate stock exchange and press

As a consequence of the new arrangement, OP-Kotipankki will have an increased
significance in Finland as a provider of banking services for private
individuals. The plan is for OP-Kotipankki to finance its investment in the
joint venture by raising its share capital and directing a share issue at the
member banks of the OKOE Group. The aim is for the bank's ownership to reflect,
more clearly than at present, the full retail customer potential of the OKOBANK

On September 13, 2000, OK0BANK's Executive Board took a decision that OKOBANK
will not participate in OP-Kotipankki's directed share issue. Accordingly,
OK0BANK's shareholding will fall from the present 48% to 20%. Kotipankki will,
however, remain an associated company of OKOBANK. Prior to carrying out the
share issue, an appraisal of the value of Kotipankki will be made by an external
investment bank. OP-Kotipankki Oyj reported operating profit of EUR 1.9 million
for the half-year report period ended June 30, 2000.

OKOBANK Osuuspankkien Keskuspankki Oyj

Markku Koponen
Assistant Director

Mr Mikael Silvennoinen, Managing Director, Tel. +358-9-404 2549