Cognizant client Oma Savings Bank Plc terminates core banking project contract

Cognizant client Oma Savings Bank Plc (OmaSp) on Wednesday announced that the companies have mutually agreed to cancel the project and terminate the contract regarding the renewal of the core banking platform commenced in 2019.

OmaSp is the largest savings bank in Finland based on total assets.

As part of the agreement, Cognizant will pay OmaSp a significant financial compensation, which will have a positive impact of approximately EUR 22 million on OmaSp’s profit before taxes for the financial year 2021, the company said in a filing to the stock exchange.