Company:S-Bank

Short description: Finnish cooperative retail banking organization

S-Bank Plc

Type	Private
Industry	Financial services
Founded	2006
Headquarters	Helsinki, Finland
Products	Deposit banking
Number of employees	4872
Website	www.s-pankki.fi

S-Bank Plc (Finnish: S-Pankki Oyj, Swedish: S-Banken Abp) is the bank of the S-Group (Finnish: S-ryhmä), a Finnish retailing cooperative organisation.

S-Bank is the first so-called supermarket bank in Finland with 4872 employees. Changes in legislation about personal accounts at cooperatives made them uncompetitive, such that founding an entirely new bank was actually easier than keeping the personal accounts as cooperative funds. The cooperative did, and the bank continued to, offer a relatively high interest to deposited funds. It was 2.5% in February 2008, although this was cut to 0.2% due to the global recession since 2008. The existing network of supermarket service desks is used to service customers.

Fines

In 2019, S-Bank was fined ca. €1m over lax monitoring of money laundering. No actual money laundering was found, but the problem was poor conformance to legal "know your customer" requirements.

External links

• S-Bank (in Finnish)
• S-Bank (in Swedish)