Finland’s largest financial group, OP Pohjola, has introduced a rebrand and a major overhaul of its customer bonus programme. The change, effective from 2026, follows new tax legislation that classifies customer bonuses as taxable income for the first time.
The former OP Group officially adopted the name OP Pohjola on 28 October. The updated name unifies the company’s banking and insurance operations under one brand.
The group stated that the rebrand aims to strengthen its national identity and simplify communication with customers. At the same time, the company is implementing a new approach to its bonus system that will affect more than two million owner-customers.
Beginning on 1 January 2026, customer bonuses will be treated as taxable capital income. The change means that customers who earn bonuses through services such as mortgages, investments, and savings will see a 30 percent withholding tax applied automatically before the funds are credited to their accounts.
Until now, bonuses could be used to cover insurance premiums and similar costs without taxation.
In its latest quarterly report, Chief Executive Timo Ritakallio explained that the company adjusted its system to comply with new tax laws. The Finnish government, led by Prime Minister Petteri Orpo, approved the reform in autumn 2024 following recommendations from the Finnish Competition and Consumer Authority (KKV).
The KKV had argued that the earlier bonus structure gave OP an unfair advantage in the insurance market. The new system, combined with taxation, is intended to balance conditions across financial providers.
Implementation was initially set for 2025 but later postponed to 2026 to allow for a smooth transition.
To offset the impact of taxation, OP Pohjola plans to raise its bonus payout rate from 0.25 percent to 0.4 percent in 2026. The group also intends to expand the range of ways customers can use their rewards.
Under the revised plan, bonuses will be available for:
- Insurance and banking service payments
- Loan repayments
- Fund investments
- Legal service fees
- Direct cash withdrawals
A one-time 30 percent tax deduction will be applied on 1 January 2026 to all bonuses already accumulated, regardless of when they were earned.
Not all rewards will fall under the new tax model. Bonuses earned through OP Life Insurance, Pohjola Insurance premiums, and OP Auto Leasing will remain tax-exempt. These are considered direct service discounts rather than income and will continue to be treated separately from taxable bonuses.
According to the group’s financial report, OP Pohjola distributed €314 million in bonuses last year. Since the bonus programme began, total payouts have exceeded €4 billion.
Despite the new tax obligations, the company expects the updated system and higher payout rate to maintain customer engagement. Ritakallio added that OP Pohjola will continue to develop its ownership model to reflect future changes in Finnish regulation and market conditions.
The rebrand and updated OP Pohjola bonus system mark a significant step for Finland’s largest financial institution. While taxation will alter how customers use their rewards, the group’s decision to raise rates and introduce new redemption options demonstrates an effort to retain trust and adapt to a changing financial environment.
