FINLAND - OKO Bank says it plans to cut around 50 jobs in its life insurance, mutual fund and asset management operations after its acquisition of insurer Pohjola.

“Altogether 360 persons are working within the organizations to be combined,” OKO Osuuspankkien Keskuspankki Oyj said in a statement.

“The reduction need of personnel in the organization of the companies to be combined is estimated to be approximately 50 persons, of which approximately 30 persons are employed by the asset management belonging to the OKO Bank Group.

The objective was to manage the cuts “without dismissals”.

It added: "The intention is to realise the personnel reductions primarily through voluntary support measures in which case the cost savings will be realised primarily as of 2007," it said.

Last month it emerged that Jari Puhakka, head of securities at Ilmarinen Mutual Pension Insurance Co., left to join the new OKO-Pohjola Asset Management Co. as CIO.

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