A transaction will enter into force on Monday with which Inbank AS will acquire a partial share of Eesti Krediidipank AS. The goal of the acquisition is to create a bank with a distinct strategy from other banks operating in Estonia together with Coop Eesti. The new bank will be called Coop Bank.
The transaction will take place in two parts. In the first step, Inbank will acquire 9.9995 percent of shares in Eesti Pank on Jan. 30. After this, Coop Bank will acquire Inbank’s affiliated companies Coop Finants AS and Krediidipank Finants AS and increase its share capital, as a result of which Inbank’s stake in the new bank being created will total just over 25 percent.
Within the framework of the transaction, Coop Eesti acquired 59.7 percent of Krediidipank shares. Eesti Krediidipank will continue operations under its current brand through fall 2017, when it will begin operating under the new name Coop Bank. Inbank’s strategy remains expanding into new European markets with its existing products and technology, which is why in the medium-term future it plans to exit as an owner of Coop Bank.
In order to carry out the transaction and in order to support future growth, it was decided at Inbank’s shareholders’ meeting on Jan. 11, 2017 to increase its share capital by 2.8 million euros. Following this increase, Inbank’s volume of equity is 13.7 million euros.
Inbank began operations as a bank in April 2015, offering its services via internet banking and a large network of partners. Inbank and its affiliated companies have nearly 160,000 active customer agreements in Estonia.
Editor: Editor: Aili Vahtla