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Coop Pank to provide cash services at 350 of retail group's locations

Coop Pank will bring everyday banking services back to Estonia's more remote areas as well, using the existing infrastructure of its shops and partners.
Coop Pank will bring everyday banking services back to Estonia's more remote areas as well, using the existing infrastructure of its shops and partners. Source: (ERR)

Eesti Krediidipank is set to take over the business name and brand of Coop Pank and is planning on opening bank offices and offering simpler banking services in 350 Coop stores across Estonia.

"The new brand is in accordance with our business strategy: while thus far banks and stores have operated separately in Estonia, the planned Coop Pank will make simple banking services available in Coop stores as well," said Margus Rink, head of the emerging Coop Pank, in a press release.

In late summer and fall of this year, 12 Krediidipank offices across Estonia will also be refurbished according to the Coop Pank brand. Bank offices will be relocated to the closest Coop store buildings in Narva, Pärnu, Viljandi, Kuressaare and in Tallinn's Lasnamäe district.

"Unlike other universal banks, which have focused on larger cities and closed their operations elsewhere, we are trying to remain close to all Estonian people — from Häädemeeste to Alutaguse, from Tallinn to Võru," Rink explained. "Coop Pank's strategy is built upon the integration of banking and trade and the resulting synergy, which will benefit customers, stores and the bank alike and allow us to offer our services in those corners of Estonia where other banks have closed their offices and even taken away their ATMs."

Coop Pank is investing approximately €1.5 million total in taking over the new brand, renovating bank offices and opening new ones. "The colors and design elements in use with the new brand express our more important fundamental values — Estonianness, cooperativeness, regional presence," said Coop Pank marketing chief Tiina Tali, who noted that the idea is to be clearly and identifiably be a member of the same group as Coop stores.

"With the business name and brand change, we will also update our website, online bank and mobile bank, while Krediidipank bank offices will receive a uniform appearance according to the new brand," Tali added.

Coop Eesti, the cooperative retail trade group which operates more than 350 stores across Estonia, acquired the shares of Eesti Krediidipank previously owned by Russian financial group VTB in January. Coop Eesti's plan is to establish Coop Pank, which will take advantage of the synergy created between retail trade and banking.

Coop, which consists of 19 cooperative, has approximately 80,000 private owners and approximately 600,000 regular customers. Coop currently operates Maksimarket, Konsum and A ja O supermarkets and grocery stores as well as the hardware and home improvement chain E-Ehituskeskus.

Editor: Aili Vahtla

Source: BNS

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