Coop Pank AS entered into merger agreement with Coop Finants AS. Extension of the powers of the Board of Coop Finants ASToday, Coop Pank AS entered into a notarial merger agreement with its 100% subsidiary Coop Finants AS. As a result of the merger, Coop Finants AS will dissolve, and Coop Pank AS will become its successor. The main activity of Coop Finants AS is provision of various financial services to private individuals in Estonia and mediation of card payments in the Coop Eesti stores. The aim of the merger is to simplify the structure of the Coop banking group (including making communication with the bank easier and clearer for the clients), however group’s consolidated financial position and rights and obligations will not change.
The merger agreement will enter into force after receipt of an approval from the Estonian Financial Supervision and Resolution Authority and the merger is planned to be completed during the first quarter of the year 2024. The merger agreement is enclosed to this announcement. The merger report will be made available through the Exchange Information System immediately after its preparation by the management boards of Coop Pank AS and Coop Finants AS. Simultaneously with the merger decision, the Supervisory Board of Coop Finants AS decided to extend the powers of the current Board Members Laura Teder and Jörgen Jõulu. Laura Teder's powers as a Member of the Board of Coop Finants AS are extended until 30.06.2024, and Jörgen Jõulu's powers until 31.01.2024. 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 172,400. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 320 stores. Additional information:
Paavo Truu
CFO
Phone: +372 5160 231
E-mail: paavo.truu@cooppank.ee
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