Supervisory board names executive board of future Coop bank

Margus Rink.
Margus Rink. Source: (Postimees/Scanpix)

The new supervisory board of the current Krediidipank, which will begin operating under the name Coop Pank in the fall, revealed the members of the new executive board on Monday.

Margus Rink was named chairman of the board and CFO Kerli Lõhmus and CRO Janek Uiboupin members of the board of the future Coop Pank at Monday’s supervisory board meeting.

Coop Estonia Central Association board chairman Jaanus Vihand was named the new chairman of the bank’s supervisory board. The remainder of the board consists of Coop Harju board chairman Jaan Marjundi, Coop Antsla board chairman Roman Provotorov, AS Inbank supervisory board chairman Priit Põldoja and small shareholder representative Marko Kairjak.

Coop Estonia, the country’s largest retail group, bought the majority share of Eesti Krediidipank which had belonged to the Bank of Moscow. Together with Coop Estonia, Inbank, who will become a financial investor, also acquired a stake in the bank.

The transaction occurred in two stages. In the first stage, Coop Estonia acquired nearly 60 percent and Inbank nearly 10 percent of Krediidipank shares. The new bank will then acquire Coop Finants, a joint venture of Coop Estonia and Inbank, as well as Krediidipank Finants, a subsidiary of Eesti Krediidipank and Inbank, as a result of which Coop Estonia will own 55 percent and Inbank 25 percent of the new bank.

Editor: Aili Vahtla

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