FINLAND’S SAMPO TO PUSH AHEAD WITH PLANNED RESTRUCTURING

Finnish insurance and banking group Sampo, which last week announced a share-and-cash offer for Norwegian insurer Storebrand, is to embark on a second phase of restructuring during June. The shake-up will see middle management numbers cut and the organisation of its banking and insurance arms more clearly defined. The restructuring will include management of the group’s p/c business being transferred to the executive vice-president for non-life business and life assurance operations being integrated into existing banking activities. Sampo’s recent bid for Storebrand also revealed that the insurer was either looking to sell its p/c business or to transfer it to Nordic insurer If..., which was created last year through the merger of the p/c business of Storebrand and Sweden's Skandia. The structural changes planned by Sampo follow its complex merger last year with state-owned Finnish banking group Leonia.