Acquiring a bank

Acquiring a bank is complicated transaction. It involves all the processes of acquisition including receiving financial regulatory approvals.

    Inhabitants - 5,259,250 (July 2011)

    Language - Finnish (official) 91.2%, Swedish (official) 5.5%, other (small Sami- and Russian-speaking minorities) 3.3%

    Currency - EURO (EUR)

    Religion - Lutheran Church of Finland 82.5%, Orthodox Church 1.1%, other Christian 1.1%, other 0.1%, none 15.1%

    Politics - Politics in Finland take place under the framework of a parliamentary, representative and democratic republic with a multi-party system. The President of Finland is the head of state, leads foreign policy, and is the commander-in-chief of the Defence Forces. The Prime Minister of Finland is the head of government; executive power is exercised by the government. Legislative power is vested in the parliament of Finland, and the government has limited rights to amend or extend legislation. The president has the power of veto over parliamentary decisions although it can be overturned by the parliament.

  • Major industries - metals and metal products, electronics, machinery and scientific instruments, shipbuilding, pulp and paper, foodstuffs, chemicals, textiles, clothing

    Banks (2010) - 313 banks; 1,605 branches; 24,696 employees; assets – EUR 439,96 billion; loans – EUR 143,39 billion; deposits –EUR 116,78 billion  

    Banking regulations – Finanssivalvonta (Fiva), or the Financial Supervisory Authority (FIN-FSA), is the authority for supervision of Finland’s financial and insurance sectors. The entities supervised by the new authority include banks, insurance and pension companies as well as other companies operating in the insurance sector, investment firms, fund management companies and the Helsinki Stock Exchange. In administrative terms, the FIN-FSA operates in connection with the Bank of Finland, but it is purely independent in making decisions related to its supervisory work. The FIN-FSA has about 210 employees with its office situated in Helsinki. The minimum share capital requirement to set up a bank in Finland is EUR 5 million.