Reorganisation of Finnvera to take effect on 1 january 2005

The final report of the international evaluation conducted on Finnvera plc in February 2004 recommended that the company’s organisation be revised. In consequence, at its meeting on 24 November 2004, the company’s Supervisory Board decided to implement a reorganisation that will consolidate Finnvera’s management and will streamline the company’s operations.
As concerns the various business units, the new organisation and the consequent appointments will come into effect on 1 January 2005. Reorganisation of the Support Units will come into effect so that the current Development Unit will continue its operations until 1 July 2005.

Organisational structure

The new organisation will have two Business Units: one for domestic financing and one for export financing. The Business Unit for Domestic Financing will be responsible for domestic financing and product development, for the steering of the regional offices, for the reorganisation of enterprises and for matters pertaining to the EU and internationalisation. Lawyers who have worked with tasks having a direct link with financing processes will be placed in the relevant business units in the new organisation.

Support operations will be concentrated in one support unit, which will comprise financial services and information systems, personnel and administrative services, and communications. Marketing, which has been included in the Development Unit, will be placed in the Business Unit for Domestic Financing.

The following operations will report directly to the Managing Director: corporate planning; internal audit; risk management; and fund-raising. The Director, Legal Affairs, will also report to the Managing Director.

Appointments in corporate management

At its meeting, Finnvera’s Board of Directors approved the following appointments:

Topi Vesteri has been appointed Deputy Managing Director and will head the Business Unit for Export Financing. Veijo Ojala has been appointed Deputy Managing Director and will head the Business Unit for Domestic Financing. Aarno Järvinen has been appointed Deputy Managing Director and will head the Support Unit.

Director Seppo Arponen’s areas of responsibility are corporate planning and operations pertaining to capital investment. He will report directly to the Managing Director. Marja Karimeri will continue as Director, Legal Affairs, and Hannu Lipponen will continue as Director, Finance. Esko Elo will hold the post of Director, Development, until 1 July 2005.

For further information:

Markku Mäkinen, Managing Director, tel. +358 20 460 7321 or +358 40 706 7321