Oma Savings Bank Plc is implementing a new banking platform with Temenos technology with Cognizant and at the same time sells its ownership of Oy Samlink Ab to them

Oma Savings Bank Plc (OmaSp) has today chosen Cognizant as its strategic IT partner. OmaSp sells to Cognizant Technology Solutions Finland Oy its 15.45% holding in the current IT services provider Oy Samlink Ab together with the Savings Bank Group, Aktia Bank Plc, Handelsbanken, Posti Group Plc, POP Bank Group and other minority shareholders. The completion of the transaction still requires the approval of the regulators. At the same time, OmaSp has signed an agreement with Oy Samlink Ab to develop a new banking platform based on the Temenos T24 and Temenos Payment Hub softwares, and a 10-year service agreement for production and maintenance of basic banking services. The delivery price for the banking platform is about EUR 20 million for OmaSp.

The transaction will result in a capital gain of approximately EUR 4.3 million, which will have an impact on OmaSp's result for the financial year 2019.

Pasi Sydänlammi, CEO of OmaSp, commented:
"I am pleased that the long-term planning and negotiation phase has been completed. We are confident to start developing a new banking platform that will enhance our operations and processes and improve our competitiveness and cost efficiency. The chosen banking platform based on Temenos technology is the best solution for us, because it’s already used as a banking system in Finland. Samlink has a profound knowledge of the Finnish banking sector and of us as a bank. Cognizant as a new owner adds the necessary top excellence to the development of the banking platform and technology. For customers, this will mean new products and services faster than before in the future, i.e. a better service experience in branches, mobile and online banking.”