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OP Financial GroupFinland

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OP Financial Group head office at Vallila, Helsinki. Photo: Arto Alanenpää via Wikimedia Commons (CC BY-SA 4.0)

Active

This profile is actively maintained
Last update: 2024-08-26 16:49:40
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About
Website https://www.op.fi/op-financial-group
Headquarters
Teollisuuskatu 1b 00510
00510 Helsinki
Finland
CEO/chair Timo Ritakallio
President and Group CEO
Supervisor
Finnish Financial Supervisory Authority
Ownership

The Group consists of independent member cooperative banks which are owned by their customers.

OP Financial Group, founded in 1891, is one of the largest financial institutions in Finland. It consists of 108 cooperative banks and their central organisation. It has over 2.1 million customer-owners. The group offers retail and commercial banking services as well as insurance services. In 2014 the group acquired the remainder of the shares of Pohjola Bank, which it consolidated under the OP brand. OP Financial Group became an Equator Principles signatory in December 2016.

Sustainability
Commitments
Policies
Voluntary standards

OP Financial Group's most important sustainability commitments can be found at the website sections listed below.

Links

Corporate social responsibility

Commitments and policies

Responsible investing

OP Asset Management

Exclusion list, as of 1 July 2024

Bank policy
2024-07-01 00:00:00 | OP Asset Management

Statement on principal adverse impacts of investment decisions on sustainability factors

Bank policy
2024-06-30 00:00:00 | OP Asset Management

Principles related to sustainability risks

Bank policy
2024-03-28 00:00:00 | OP Financial Group

Human rights policy

Bank policy
2023-12-20 00:00:00 | OP Financial Group

Biodiversity roadmap

Bank policy
2023-09-26 00:00:00 | OP Financial Group

OP Corporate Bank´s corporate loan portfolios to be carbon neutral by 2050

Bank policy
2021-10-21 00:00:00 | OP Corporate Bank

Considerations of sustainability risks in employee remuneration

Bank policy
2021-03-10 00:00:00 | OP Financial Group

Principles related to sustainability risks

Bank policy
2021-03-09 00:00:00 | OP Financial Group

Principles for responsible investing

Bank policy
2020-05-31 00:00:00 | OP Asset Management

Code of business ethics

Bank policy
2018-11-01 00:00:00 | OP Financial Group
OP Financial Group has committed itself to the following voluntary standards:
Collective Commitment to Climate Action (CCCA)Tags: climate change | corporate social responsibility | United Nations
Equator PrinciplesTags: Equator Principles | project finance | corporate social responsibility | sustainable development
OECD Guidelines for Multinational EnterprisesTags: consumer safety | corporate social responsibility | corruption | cultural preservation | dams | human rights | mining and processing | OECD | supply chain | taxation | worker rights
Partnership for Carbon Accounting Financials (PCAF)Tags: carbon | corporate social responsibility
Principles for Responsible Banking (PRB)Tags: climate change | corporate social responsibility | finance | sustainable development | United Nations | Voluntary Standards
Principles for Responsible Investment (PRI)Tags: corporate social responsibility | sustainable development | United Nations
Task Force on Climate-related Financial Disclosures (TCFD)Tags: corporate social responsibility | finance
United Nations Global CompactTags: United Nations | human rights
Dodgy Deals

OP Financial Group is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of OP Financial Group's link to these deals.

Projects / Companies
Finance type
Year
News
Resources
Documents

Exclusion list, as of 1 July 2024

Bank policy
2024-07-01 00:00:00 | OP Asset Management

Statement on principal adverse impacts of investment decisions on sustainability factors

Bank policy
2024-06-30 00:00:00 | OP Asset Management

Annual report 2023

Annual report
2024-06-18 00:00:00 | OP Financial Group

CSR report 2023

Annual report
2024-05-14 00:00:00 | OP Financial Group

Principles related to sustainability risks

Bank policy
2024-03-28 00:00:00 | OP Financial Group

Human rights policy

Bank policy
2023-12-20 00:00:00 | OP Financial Group

Biodiversity roadmap

Bank policy
2023-09-26 00:00:00 | OP Financial Group

Responsible Investment Annual Review 2022

Other bank document
2023-06-26 00:00:00 | OP Asset Management

Annual report 2022

Annual report
2023-03-08 00:00:00 | OP Financial Group

Climate Review 2022

Other bank document
2023-02-21 00:00:00 | OP Financial Group

Annual report 2021

Annual report
2022-10-04 00:00:00 | OP Financial Group

OP Corporate Bank´s corporate loan portfolios to be carbon neutral by 2050

Bank policy
2021-10-21 00:00:00 | OP Corporate Bank

Annual report 2020

Annual report
2021-06-01 00:00:00 | OP Financial Group

Considerations of sustainability risks in employee remuneration

Bank policy
2021-03-10 00:00:00 | OP Financial Group

Principles related to sustainability risks

Bank policy
2021-03-09 00:00:00 | OP Financial Group

Collective Commitment to Climate Action - Year One in Review

Other document
2020-12-08 00:00:00 | UNEP FI Principles for Responsible Banking

Annual report 2019

Annual report
2020-10-20 00:00:00 | OP Financial Group

CSR report 2019

Annual report
2020-10-20 00:00:00 | OP Financial Group

Principles for responsible investing

Bank policy
2020-05-31 00:00:00 | OP Asset Management

Collective Commitment to Climate Action

Other document
2019-09-19 00:00:00 | UNEP FI Principles for Responsible Banking

Annual integrated report 2018

Annual report
2019-07-31 00:00:00 | OP Financial Group

Code of business ethics

Bank policy
2018-11-01 00:00:00 | OP Financial Group

Excluded companies list

Other bank document
2018-08-01 00:00:00 | OP Financial Group

Annual integrated report 2017

Annual report
2018-03-31 00:00:00 | OP Financial Group

Annual integrated report 2016

Annual report
2017-03-31 00:00:00 | OP Financial Group

Annual report 2015

Annual report
2016-03-31 00:00:00 | OP Financial Group

CSR Report 2015

Annual report
2016-03-31 00:00:00 | OP Financial Group
Accountability
Grievances

OP Financial Group does not operate a compaints or grievances channel for individuals or communities that might have been affected by the bank's finance.

OP Financial Group is an Equator Principles signatory. While the Equator Principles have no official grievance mechanism, complaints relating to this bank's financing of Equator Principles projects can be filed through our own website www.equator-complaints.org.

This page evaluates OP Financial Group's responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations. It is not intended to be exhaustive, but covers selected impacts raised by BankTrack and other civil society partners since 2016. For the full scoring methodology, see here. For more information about BankTrack's evaluation of bank responses to human rights impacts, see the 2021 report "Actions speak louder: assessing bank responses to human rights violations".

Impacts reviewed
Responded?
Total score
Response
Action
Monitoring

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Banks and Climate

Banks and Climate

Partner organisation Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in their Coal Policy Tool (CPT) and the Oil and Gas Policy Tracker (OGPT). BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of OP Financial Group's fossil fuel policy below.

Assessment of OP Financial Group's coal policy in the Coal Policy Tool
Good Moves

Good moves

Year:

2025

Swedbank stops fossil loans after protests

After protests from thousands of Swedish bank clients, Swedbank has almost completely stopped new loans to fossil fuel companies. Meanwhile, SEB, Danske Bank, and Nordea have continued to pour over 60 billion SEK into fossil fuel companies, including to upstream companies that explore for more fossil fuel reserves. This…