Sampo Pank                    NEWS RELEASE                      07/30/2002



MOODY'S UPGRADES THE RATING OF SAMPO PANK



Moody's upgrades to D from D- the financial strength rating 

of Sampo Pank and changes the outlook to positive.

The deposit ratings of Baa1 / Prime 2 are confirmed.

The upgrade reflects Moody's belief that intrinsic 

strength has strengthened as is being demonstrated

by higher profitability and a better balanced funding

profile.  Sampo Pank continues to consolidate its 

corporate position while developing the bank's standing

in the retail market with a bancassurance proposition.  



Moody's noted that Sampo Pank, which offers banking

services alongside asset management, life assurance

and non-life insurance distribution 

(of " If " products), will be in good position

to benefit from the on-going implementation of

pension reform in Estonia. 



Moody's went on to comment that the upgrade also

reflected its belief that the overall credit 

quality of the Estonian banking sector, Sampo's home

market is improving as the country moves further

towards integration with the EU. 



Sampo is currently the third largest bank in Estonia.

However, its asset size, capital base and franchise are

significantly smaller than those of its two largest 

competitors - Hansapank and Eesti Ühispank.  

 

The bank's deposit ratings, which are confirmed,

take into account the high likelihood of external

support from the majority shareholder Sampo plc

of Finland (A2 insurance FSR).  

Sampo's ownership significantly

enhances the bank's ability to compete with its two 

largest peers, Hansapank and Eesti Uhispank allowing 

it to leverage the strong brand awareness of its parent. 



Sampo Bank, headquartered in Tallinn, Estonia,

had assets of EEK5,429 million 

(Euro 345 million) at end 2001.





Lea Endrikson

Advertising Manager

630 2103