Bigbank Announces Stab at Big Markets
Bigbank, a small Estonian-owned bank with equity capital of 45 million euros, announced it will begin issuing corporate loans.
Until recently, the bank was mainly active on the short-term consumer credit market. Its new corporate services offer short-term loans with an annual interest rate of 8 percent, as well as bank guarantees to low-risk corporate clients.
CEO Targo Raus said the bank is well capitalized and it is time for the business to look to new markets. "Initial experience tells us that the present economic situation is convenient for entering the corporate loan market."
Currently, Bigbank offers loans and term deposits to retail customers in the Baltic states and Finland, and term deposits in Austria and Germany.