Sampo Bank to be renamed Danske Bank
Sampo Bank traces its roots to the state-owned Postal Savings Bank
Sampo Bank, the Finnish subsidiary of the Danish Danske Bank Group, will formally change its name to Danske Bank at the end of the current year.
According to its press release, the Group will use the Danske Bank brand name for all its banking operations by the end of 2012.
The Danske Bank Group posted a profit before tax of EUR 213 million for the first quarter of 2012.
The net profit was EUR 105 million, showing an 11% rise from the previous year.
In Finland, Sampo Bank has more than 1.1 million private customers and more than 100,000 corporate clients.
Ilkka Hallavo, Managing Director of Sampo Bank, says that the new name will strengthen the bank’s identity. ”Danske Bank is a good and recognised brand”, he says.
According to Hallavo, the change of name will clear the current situation in which the bank has been operating under two different names in Finland.
Sampo Bank dates back to 1887 and before independece when the state-owned Postisäästöpankki (Postal Savings Bank) was established.
The bank operated in close cooperation with the postal service, providing services to the public at post offices. Today, Finland’s Post is called Itella.
In 1970, Postisäästöpankki (the Postal Savings Bank) was renamed Postipankki.
In 1997 the pace of change picked up considerably, and the state-owned companies Postipankki and the Finnish Export Credit merged into a new company and became the Leonia Group in 1998.
Leonia and the Sampo Insurance Company merged at the end of 2000, whereupon the state’s stake in the company slipped below 50 per cent.
The present name Sampo Bank was introduced in 2001.
Mandatum Bank joined Sampo in 2001.
It had started its operations in 1998 as the result of a merger between Interbank Osakepankki and Mandatum & Co.
After the 2001 merger, Sampo Bank specialised in investments and savings. In the last decade Sampo Bank also expanded into the Baltic States.
In 2006, Sampo plc announced that it was selling all of its banking operations to the Danish Danske Bank A/S.
The sale price for the Sampo Bank Group was EUR 4.05 billion.
In the future, Sampo was to concentrate on insurance.
Sampo invested the assets received through the acquisition in Nordea Bank, becoming the largest owner of Nordea today, with a holding of more than 21% at the beginning of 2012.
Previously in HS International Edition:
Finnish Sampo Bank Group to be sold to Danish Danske Bank for EUR 4.05 billion (9.11.2006)
Danske Bank: Announcement of financial results for the first quarter of 2012
Sampo Bank: From Postal Savings Bank to today