OREANDA-NEWS. November 08, 2007. President and CEO's comments, reported the press-centre of OKO Bank:

OKO Group's business performance developed favourably during the third quarter despite troubled financial markets. Both Banking and Investment Services and Non-life Insurance showed strong growth in their business operations and the customer business improved its financial performance over the same period a year ago. Corporate Banking, Markets and Non-life Insurance showed particularly favourable developments in their earnings.

Group Treasury's financial performance was eroded by widening credit spreads due to uncertainty in financial markets, resulting in a EUR 25 million decrease in value, recognised as loss, of the Group's liquidity reserves worth EUR 5,5 billion. Liquid investments are not expected to lead to realised credit losses, and the Group's risk exposure remained favourable.

Following the end of the third quarter, the Extraordinary General Meeting of 9 October 2007 made a historic decision to change OKO Bank plc's business name to Pohjola Bank plc. This change of the business name and brand marks the culmination of OKO's and Pohjola's integration, and I am confident that the change will make the Group stronger from the perspective of Group personnel and customers.

The Group's full-year profit prospects have remained unchanged, and I am confident that we will be able to achieve a profit improvement of at least 10% in line with our previous expectations.