Coop Finants, a 100-percent subsidiary of listed Estonian bank Coop Pank, merged with its parent on April 1, as a result of which Coop Finants has been dissolved with Coop Pank becoming its successor.
Coop Bank’s head of retail banking Karel Parve stated that the merger does not bring any significant changes for customers. All agreements related to small loans, hire purchase, and Saastukaart Pluss contracts signed with Coop Finants, along with their associated rights and obligations, remain valid, and from now on, customers will be serviced by Coop Bank.
Parve added that the purpose of merging Coop Pank and Coop Finants is to streamline the structure of Coop Pank’s group, making interaction with the bank easier and clearer for customers.
“For example, all of our small loan customers can now see and manage their loan agreements in Coop Pank’s mobile app without needing to have a current account at Coop Pank,” Parve said.
All former Coop Finants clients have been personally notified about the change, and clients are not required to take any action in relation to the change. All existing Coop Finants e-invoice agreements will automatically be transferred under Coop Pank’s name, and clients do not need to amend their e-invoice standing order agreements.
On April 1, 2024, the merger of Coop Pank and Coop Finants was entered into the Estonian Commercial Register after receipt of an approval from the Financial Supervision and Resolution Authority. With the entry, the merger has been completed.
Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking reached 187,100. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 320 stores.
Source: BNS
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