Capital expenditure and service development

OP Cooperative with its subsidiaries is responsible for OP Financial Group's service development. ICT capital expenditure and related specifications make up a significant portion of the costs of developing these services.

OP Cooperative Consolidated's development expenditure for January‒December totalled EUR 162 million (111). These include licence fees, purchased services and capitalised expenses for development work within OP Cooperative Consolidated.

ICT capital expenditure for the financial year capitalised in the balance sheet totalled EUR 131 million (53). Banking accounted for the most of the capital expenditure.

The first stage of the reconstruction of the Vallila premises started by OP Financial Group in 2012 has been completed and the premises are now fully operational. The total costs of the first stage of the project amounted to around EUR 240 million. The second stage of the project has begun and is to be completed in autumn 2017.