Banks in Finland are mainly focusedon the following areas:
Currently there are 202 credit institutions operating in Finland.
In 2023 consolidated banking assets in Finland were 877.01 bln EUR. The consolidated banking assets' evolution is shown at Chart 1 below.
Chart 1. Consolidated banking assets in Finland.
Recent structural changes (2013 - 2022) of the banking sector of Finland are summarised in Table 1.
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
| Opened Banks | 1 | 3 | 3 | 3 | 2 | 2 | 2 | 5 | 0 | 3 |
| Closed Banks | 6 | 15 | 14 | 5 | 13 | 4 | 12 | 18 | 20 | 11 |
| Change | -5 | -12 | -11 | -2 | -11 | -2 | -10 | -13 | -20 | -8 |
Table 1. Recent structural changes in the banking sector of Finland.
The list of the most recently opened banks in Finland is provided in Table 2.
| Name | Start Date |
|---|---|
 | June 2022 |
 | February 2022 |
 | February 2022 |
 | December 2020 |
 | June 2020 |
 | May 2020 |
 | March 2020 |
 | January 2020 |
 | November 2019 |
 | November 2019 |
Table 2. The most recently opened banks in Finland.
All the credit institutions operating in Finland can be classified into several categories. Table 3 summarises the number of banks in each category.
| Category | Number of Banks |
|---|---|
| Banks | 17 |
| Branches of foreign banks | 33 |
| Central banks | 1 |
| Cooperative banks | 134 |
| Savings banks | 17 |
Table 3. Number of banks by category in Finland.
There are 33 branches of foreign banks from 9 different countries in Finland. Table 4 shows the number of branches grouped by the country of origin.
| Country of Origin | Number of Branches |
|---|---|
 Sweden | 23 |
 France | 2 |
 Denmark | 2 |
 Norway | 1 |
 Ireland | 1 |
 Luxembourg | 1 |
 Germany | 1 |
 Lithuania | 1 |
 Estonia | 1 |
Table 4. Number of branches of foreign banks in Finland grouped by country of origin.
Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.
From a depositor's point of view it is important to know:
All these details about deposit guarantee scheme in Finland are summarised in Table 5.
Table 5. Deposit guarantee scheme in Finland.
In Finland there is one deposit guarantee fund, namely Deposit Guarantee Fund (RVV).
Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.
Local currency (Euro) deposit ceiling for Finland is set to Aaa (prime), foreign currency deposit ceiling is Aaa (prime).
Chart 2. Deposit Rates in Finland. Source: ECB.
