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Coop Pank launches operations

Coop Pank bank cards.
Coop Pank bank cards. Source: (Coop)

The former Krediidipank is officially launching operations under the new Coop Pank brand on Monday. All Krediidipank subsidiaries will likewise be switching to the new name.

Coop Pank's major stakeholder is Coop Eesti, a retail group consisting of 19 regional consumer cooperatives.

According to Coop Pank board chairman Margus Rink, 14 bank branches across Estonia have been updated with the new brand, the first of which have moved into Coop stores, and the bank's new online banking system has likewise been launched.

Over the course of October, the first banking points will begin operations in Coop stores, offering customers access to everyday services such as opening accounts, ordering bank cards and applying for small loans.

At the end of the month, the bank will launch its new mobile banking system, and beginning next spring, customers will be able to withdraw cash using their Coop bank cards at the checkouts of all Coop retail stores across Estonia.

The new brand and business name will not affect current Krediidipank customers and partners, however — all current contracts will remain in force, and Krediidipank-branded bank cards will likewise retain their validity, though Coop Pank is offering to update customers' cards for free.

Coop Eesti, Estonia's only cooperative retail group, which boasts a sales network of over 350 stores, including those under the Maksimarket, Konsum and A ja O brands, purchased a majority stake in AS Eesti Krediidipank previously owned by Bank of Moscow.

Editor: Aili Vahtla

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