Merita Group was formed in 1995, when UBF and Kansallis-Osake-Pankki (KOP) merged. UBF was established, in 1862, at a time when there were no Limited Liability Companies Act or banking laws in Finland. Therefore, it was modelled after banking standards in other countries. UBF eventually merged with rivals Nordiska Aktiebanken in 1919 and Helsingin Osakepankki (HOP) in 1986. KOP was originally founded in 1890 with its first branch at Aleksanterinkatu 17, in Helsinki. By 1913, KOP had become the second largest commercial bank in Finland. The two banks, KOP and UBF, competed for the title of the largest bank in Finland for decades. KOP suffered large credit losses as a result of the Finnish banking crisis in the early 1990s. On 1 April 1995 it became a subsidiary (51%) of Merita Group in a direct share issue.