We advised POP Pankki in the acquisition of a new core banking system and the sale of Samlink’s shares

We acted as the POP Pankki group’s legal advisor in its acquisition of a new core banking system and the related sale of the Samlink shareholding. The T24 software by Temenos was selected as the new system. The US-based company Cognizant, which is one of the world’s leading digital service providers, will purchase Samlink’s shares and is responsible for the system delivery.

The system delivery contract was signed on 23 January 2019. As a part of the arrangement, Cognizant will purchase 100 per cent of Samlink's shares. The share transaction still requires the approval of the Ministry of Economic Affairs and Employment of Finland and a review by the Financial Supervisory Authorities of Finland and Sweden.

The parties involved in the overall arrangement, POP Pankki, Oma Säästöpankki and the Savings Banks Group, are implementing this modernisation of their core banking systems in cooperation, with the aim of efficiently improving their digital services.

The system project supports POP Pankki’s strategic aim of responding to the major changes in the financial sector as well as to customer expectations by developing its services and customer experiences through digitalisation.

The POP Pankki banks are cooperative banks established for their customers. According the studies, these banks have the most satisfied customers and the best customer service in Finland. The POP Pankki group includes 26 POP Pankki banks, an on-line non-life insurance company POP Vakuutus, the POP Pankki’s central credit institution Bonum Pankki Oyj and the POP Pankkiliitto banking union cooperative. www.poppankki.fi

Cognizant (Nasdaq-100: CTSH) is one of the world’s leading service companies converting its clients' business operations and operational and technological models to meet the requirements of the digital era. Cognizant, with its head office in the United States, is number 195 on the Fortune 500 listing and is frequently highly rated in listings of the world’s most well-reputed companies.