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Okobank Osuuspank. (09IA)

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Friday 22 September, 2000

Okobank Osuuspank.

Merger Plan Approved

Okobank Osuuspankkien Keskuspankki
21 September 2000


MERGER PLAN OF OKOBANK AND OKO MORTGAGE BANK PLC APPROVED

On September 20, 2000, the Executive Board of OKOBANK Osuuspankkien Keskuspankki
Oyj approved the merger plan of the Bank and its subsidiary OKO Mortgage Bank
plc. OKO Mortgage Bank's Board of Directors approved the merger plan on
September 21, 2000.

OKOBANK, as the acquiring parent company, and OKO Mortgage Bank, as the merging
subsidiary, signed a merger plan on June 21, 2000, according to which OKO
Mortgage Bank will merge with OKOBANK without undergoing liquidation. The merger
is being carried out with the aim of simplifying the Group structure, increasing
business efficiency and saving costs. The planned date of registration of
implementation of the merger is December 31, 2000.

The merger will be effected without giving merger consideration because the
parent company owns all the shares in the merging company. The merging company
does not own shares in the acquiring parent company. The acquiring company's
Articles of Association will not be amended as a consequence of the merger.

The merger-related documents required by the Companies Act will be
available for shareholders' inspection as from September 25 at
OKOBANK's administrative secretariat at the address Teollisuuskatu 1
b, FIN-00510 Helsinki (Postal address P.O. Box 308, FIN-00101
Helsinki). Copies of these documents will be sent to any shareholder
who so requests.

If shareholders holding at least five per cent of the shares in
OKOBANK Osuuspankkien Keskuspankki Oyj demand no later than on October
25, 2000 that the merger is to be decided on at a general meeting of
OKOBANK's shareholders, an extraordinary general meeting shall be
called in accordance with the relevant provisions of the Companies Act
and OKOBANK's Articles of Association. A demand for the convening of
an extraordinary general meeting must be delivered within said period
in writing to the Executive Board of OKOBANK at the address OK0BANK
Osuuspankkien Keskuspankki Oyj, Executive Board, P.O. Box 308, FIN-
00101 Helsinki.

OK0BANK Osuuspankkien Keskuspankki Oyj

Markku Koponen
Assistant Director


FURTHER INFORMATION:

Mr Timo Ritakallio, Executive Director, Tel. +358-9-404 4322
Mr Olli-Pekka Saario, Assistant Director, Tel. +358-9-404 2874



                                                                                
                                                                                
         

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