Banking in Finland Overview

Finland has a well-developed banking system with a high level of security and stability.

The country's banking system is regulated by the Financial Supervisory Authority, which ensures that banks operate in a safe and sound manner.

Finland has a high per-capita income and a strong economy, which contributes to the stability of its banking system.

Banks in Finland are required to maintain a minimum capital requirement of 5% of their risk-weighted assets.

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Finland's banking system is straightforward and efficient. Most banking is done online through home or company computers, as well as payment terminals located at branch offices.

You'll find ATMs marked with the sign OTTO, which are the most common way to withdraw cash. Finnish banks are open from Monday to Friday, 09.15 - 16.15, but hours may vary regionally.

Major credit cards like Visa, MasterCard, and EuroCard are widely accepted in Finland's shops and restaurants. You can also use these cards for debit or credit card payments, which incur the same transaction fee as in your own country.

The currency in Finland is the Euro, which comes in notes valued at 5, 10, 20, 50, 100, 200, and 500 Euros, and coins valued at 5, 10, 20, 50 cents, and 1 and 2 Euros.

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The Finnish banking system is dominated by three major groups of deposit banks: OP Group, Nordea Bank Finland, and Danske Bank Plc Group.

Banks in Finland are adapting to changes by cutting on personnel, closing offices, and renewing business models in response to the arrival of financial technology, or fintech.

The number of institutions has decreased, and in 2023, there were 247 credit institutions operating in Finland. These included domestic deposit banks, investment banks, and branches and subsidiaries of foreign deposit banks and credit institutions.

Banks in Finland have a total of 772 offices, with 38 fewer than the year before. Mergers have shaped the modern Finnish banking sector.

The most important piece of legislation governing banking in Finland is the Act on Credit Institutions, which is overseen by the Financial Supervisory Authority.

The overall capital adequacy ratio of the Finnish banking sector is one of the strongest in Europe, thanks to the Financial Supervisory Authority's strict monitoring.

Many expats and non-Finnish businesses have reported difficulties accessing and interacting with Finland's banking system due to complex regulatory requirements and poor customer service.

Finnish banks are open from Monday to Friday 09.15 - 16.15, with office hours varying regionally.

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Aktia Savings is a notable player in Finland's banking system. It's owned by Finnish savings bank foundations.

The bank has a significant customer base, with around 380,000 customers. This is a substantial number, reflecting the bank's popularity and trust among Finns.

Aktia Savings operates as a publicly listed venture, which means its shares are available for public purchase. This structure allows the bank to raise capital from a wide range of investors.

The bank's headquarters is located in Helsinki, Finland's capital city. This central location likely facilitates the bank's operations and connections with other financial institutions.

Aktia Savings has a large workforce, with almost 1,000 employees working for the bank. This is a significant number, indicating the bank's size and scope of operations.

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Foreign exchange controls in Finland are relatively relaxed, allowing for direct foreign investment in securities with minimal obstacles. There are no restrictions on currency transfers or repatriation of profits.

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Residents and non-residents can hold foreign exchange accounts, and there's no limit on dividend distributions if they match a company's official earnings records. Payments to or from Finland must be made through authorized banks.

The Cash Control Regulation requires persons carrying EUR 10,000 or more in cash to declare it upon entering or leaving EU territory, and this regulation has been revised to include commodities like gold as well as cash sent by post or courier.

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The capital adequacy of Finland's banking sector has remained strong, thanks in part to the 1% systemic risk buffer (SyRB) requirement that entered into force in April.

This requirement ensures that the risk-bearing capacity of the banking sector continues to be robust.

The overall capital adequacy ratio of the Finnish banking sector is one of the strongest in Europe.

Although loan losses are expected to increase, their moderate growth will not challenge the capital adequacy of the banking sector.

The financial standing of Finland's banks is expected to remain good in the immediate years ahead, despite the weak economic outlook.

The banking sector will play a fundamental role in financial intermediation in Finland as the economy recovers from recession.

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In Finland, foreign exchange controls have been largely abolished, making it easy for both residents and non-residents to invest in Finnish securities.

There are no restrictions on currency transfers or repatriation of profits, allowing businesses to easily move money in and out of the country.

However, payments to or from Finland must be made through authorized banks in Finland.

The Cash Control Regulation, implemented in 2007, requires individuals carrying EUR 10,000 or more in cash to declare it upon entering or leaving EU territory.

This regulation was revised in 2018 and now includes commodities like gold as part of the definition of cash.

Cash sent by post, freight, or courier shipment is also subject to the regulation, but it only requires a declaration, not restriction or prohibition of import or export.

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Finland has a well-organized banking system, with ATMs being the most used form of withdrawal transaction with money. You'll find ATMs marked with the sign OTTO.

Banks in Finland are open from Monday to Friday, 09.15 - 16.15, with varying office hours in different regions. They're closed on Saturdays and Sundays.

You can use major credit cards like Visa, MasterCard, and EuroCard for payment in most shops and restaurants.

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Finland's banking sector is surprisingly resilient in recession.

The sector is profitable and financially sound, with an improved capital position over the years.

Despite the Finnish economy sinking into recession, the banking sector's financial standing is expected to remain good in the immediate years ahead.

Loan losses are expected to increase, but their moderate growth won't challenge the capital adequacy of the banking sector.

The rise in interest rates will support banks' earning capacity in the years ahead, and credit risks will decrease as economic growth recovers.

The Finnish banking sector has built up its capital buffers, thanks to the rising interest rates of recent years.

A 1% systemic risk buffer requirement will ensure the risk-bearing capacity of the banking sector remains robust.

The banking sector will play a fundamental role in financial intermediation in Finland as the economy recovers from recession.

Finland's banking system is dominated by three major groups of deposit banks: OP Group, Nordea Bank Finland, and Danske Bank Plc Group.

The country has a total of 247 credit institutions operating in Finland, including domestic deposit banks, investment banks, and branches and subsidiaries of foreign deposit banks and credit institutions.

Banks in Finland have a total of 772 offices in the country, with 38 fewer offices than the year before.

The most important piece of legislation governing banking in Finland is the Act on Credit Institutions, which is overseen by the Financial Supervisory Authority.

The overall capital adequacy ratio of the Finnish banking sector is one of the strongest in Europe.

Many expats and non-Finnish businesses have reported difficulties accessing and interacting with Finland's banking system due to complex regulatory requirements and poor customer service.

Finland's currency is the Euro, which is the most used currency in many countries in Europe.

You can find ATMs for cash withdrawal by the sign OTTO, and most banking in Finland is now done online through home or company computers as well as payment terminals located at branch offices.

Finnish banks are open from Monday to Friday 09.15 - 16.15, closed on Saturdays and Sundays.

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You can use major credit cards, including Visa, MasterCard, and EuroCard, for payment in most shops and restaurants.

The Bank of Finland is the country's central bank and manages and regulates the country's economic and money supply.

Around 17 banks are operating in Finland at present, with the Bank of Finland responsible for implementing monetary policy and overseeing the country's financial stability.

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Alexander CFOyw is a notable player in the Finnish banking scene. Founded in 1988, the bank offers a range of services including transaction advisory and capital market services.

Alexander Corporate Finance Oy operates as a privately held institution, allowing for greater flexibility and autonomy in its operations.

The bank's expertise spans debt syndication, merger and acquisition advisory, valuation services, and other financial products.

As a merchant banker, Alexander Corporate Finance Oy participates in Initial Public Offering Services, helping companies raise capital and go public.

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