Today, Coop Pank AS entered into a notarial merger agreement with its 100% subsidiary CP Varad AS. As a result of the merger, CP Varad AS will dissolve, and Coop Pank AS will become its successor. The main operation of CP Varad AS has been managing and realising the properties which were collateral to bank’s problem credit. Through the merger, the group aims to streamline its legal structure, 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 year 2022. The merger agreement and merger report are enclosed to this announcement.
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 133,100. 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 330 stores.
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