TietoEVRY Oyj (HLSE:TIETO) announced the demerger of Banking Business on July 22, 2022. Post completion, Banking Business will be listed on stock exchange as a separate entity, Tietoevry Banking. The Banking Business has annual revenue of ?500 million. Klaus Andersen has been appointed as Chief Executive Officer of Tietoevry Banking effective February 1, 2023. The separation remains fully subject to market conditions at the time of the demerger, including but not limited to the prevailing macroeconomic conditions and sentiment amongst equity investors at the time of the potential listing. As of February 15, 2024, Tietoevry directors approved the proposal to separate its banking operations as a standalone company, which will be listed on Nasdaq Helsinki. Tietoevry's shareholders will consider the plan during an extraordinary general meeting, expected to be held in June. Completion is expected in second half of 2023. As of February 15, 2024, The transaction is expected to close in June 30, 2024. As of March 5, 2024, Tietoevry said, it is soliciting consent from holders of its outstanding 300 million-euro senior unsecured notes due June 2025 for the proposed partial demerger of its banking business. The solicitations are to waive their statutory right of the noteholders to object to the demerger, waive all rights of claims against Tietoevry Banking, confirm that no creditor notice is required, and grant a waiver for any potential breaches related to the notes due to the demerger. Morgan Stanley & Co. International plc and Nordea Bank Abp acted as financial advisors to TietoEVRY Oyj.

TietoEVRY Oyj cancelled the Spin-Off of Banking Business on April 25, 2024. Tietoevry halted the process for its proposed partial demerger of Tietoevry Banking after deciding to integrate the business as a specialized division in the company.