Ilmarinen and OP Pohjola: EUR 300 million to boost growth and investments in Finnish SMEs
Ilmarinen and OP Pohjola are launching a EUR 300 million growth financing programme to help growth companies succeed. Financing channelled to SMEs through this cooperation will create opportunities for growth and boost positive economic development across Finland.
Ilmarinen and OP Pohjola are launching cooperation to provide Finnish SMEs with better access to financing and support growth projects across the country. Financing is primarily intended for growth-oriented Finnish companies with established business operations.
The size of the growth programme is EUR 300 million. OP Pohjola is contributing EUR 200 million, while Ilmarinen is providing EUR 100 million. This cooperation combines OP Pohjola's solid expertise in corporate finance and its regional network with Ilmarinen's long-term, comprehensive investments in Finnish companies.
Growth is created in businesses
Joint financing from two leading Finnish players, Ilmarinen and OP Pohjola, will strengthen companies' financial base and support their growth.
Ilmarinen's investment portfolio totals EUR 67 billion, of which one fifth has been invested in Finland. Active investing in Finland supports the aim of the partnership, which is to identify companies aspiring to engage in agile and sustainable growth.
– Let's revive growth in Finland. Cooperation is a key promoter of business growth in a tough economy. I believe that we can become even better at finding companies that are ready to grow and thrive, says Mikko Mursula, CEO of Ilmarinen.
As Finland's largest provider of corporate loans, OP Pohjola will bring expertise in identifying companies' financing needs and implementing financing solutions rapidly throughout Finland.
– Finland's economy needs growth, and growth is created in companies. Simply listing problems won’t move Finland forward, so we're helping to build growth financing solutions that provide growth-oriented Finnish companies with smoother, timelier financing. Companies will now have financial room for growth, says Timo Ritakallio, President and Group Chief Executive Officer, OP Pohjola.
Support for bold decisions to grow
The growth financing programme is intended for Finnish growth-oriented companies that need both equity financing and bank financing. The minimum financing package for an individual company is EUR 3 million.
OP Pohjola and Ilmarinen will make their financing and investment decisions independently, based on market criteria. Ilmarinen is investing a total of EUR 100 million as equity financing for projects, while OP cooperative banks and OP Corporate Bank are providing a total of EUR 200 million as debt financing.
Loans granted by OP cooperative banks and OP Corporate Bank enable companies to make larger investments in growth, thanks to competitive loan terms and conditions. An investment by Ilmarinen strengthens a company's finances; it is a long-term investment in growth by an investor with a strong capital base.
– A properly financed company can invest, grow faster and more boldly, and transform its operations. We want to do our share in helping Finnish businesses to grow. This will also boost the Finnish economy, says Ritakallio.
– By investing our common pension assets, we can safeguard the financing of current and future pensions. Investing in domestic companies is part of our efforts to build sustainable growth in Finland. We have strong understanding of the Finnish economy and its players, and OP Pohjola's extensive regional network gives us extensive insight into SMEs, continues Mursula.
Read more about growth financing for businesses at op.fi/kasvurahoitus
Additional information
- OP Pohjola Corporate Communications, tel. +358 10 252 8719, viestinta@op.fi
- Ilmarinen's Communications, Annukka Lalu, tel. +358 50 5634 211, annukka.lalu@ilmarinen.fi
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