thebruenigs
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Special Guest Ryan Cooper on the Walmart of Finland
🕑 Added 2023-10-27 17:14:04 +0000 UTCCooper talks about his recent visit to Finland where he reported on the largest private sector employer in Finland, which is a massive consumer cooperative called S-Group.
Comments
Whitey
Thoroughly enjoyed this! It's heartening to know this kind of thing is happening somewhere. (Logs onto 'Finnish wives' website LOL) I'm not good with charts, but it would be interesting to compare minimum and median wages against productivity for Finland and major Western countries.
Otto Laakso
S Group membership includes an S Bank membership. That's how the S Group pays out bonuses. That explains the number of customers. But when it comes to deposits and loans, OP is a behemoth compared to S Bank, with slightly more than a third of the market, whereas S Bank holds less than 5 percent of all deposits and loans.
The Bruenigs
I believe the OP Group bank is the biggest by assets under management while the S-Group Bank is the biggest by number of customers.
Otto Laakso
A fun fact about the K group is that they used to brand their stores according to size. K-Market was the smallest kind, followed by a slightly bigger KK-market, and so on. Anyways, the point is that if you lived in Finland in the 90s you could buy your groceries from an establishment called KKK Supermarket. https://youtu.be/uZee96IbI2U?si=LZX_ctdxVf9Vt9Lf
Otto Laakso
The S group doesn't own the biggest bank in Finland, that's the OP group, which is another consumer co-operative. Understandable mistake, of course
