Aktia Pankki Oyj will replace its board of supervisors with a representative assembly, following a review from Chairman Håkan Mattlin that looked into whether the board is still appropriate from a shareholder perspective.

The representative assembly will have no formal legal status and no decision-making rights, with the responsibility to appoint the Finnish lender's board of directors to be transferred from the board of supervisors to the annual general meeting and the appointments to be prepared by a nomination committee.

The restructuring is slated to begin in September, when the bank intends to hold an extraordinary annual general meeting to decide on changes in the articles of association.

Aktia Bank said the transition to the representative assembly will simplify and increase transparency in its administration structure, as well as generate cost savings. The bank also cited stricter regulatory requirements as a reason for the restructuring.