Clients will not have to do anything themselves in connection with the merger: all small loan, hire purchase and Säästukaart Pluss agreements entered into with Coop Finants will remain valid, as will the rights and obligations arising from them.
Karel Parve, the head of private banking at Coop Pank, says the merger is designed to streamline the group’s structure so as to make dealing with the bank clearer and easier for clients.
“We’ll continue to provide both the Säästukaart Pluss and small loan services after the merger, and we want to remain a safe and trusted partner to current Coop Finants clients when it comes to their day-to-day money matters,” he said. “We’ll certainly be encouraging them to make the most of the other convenient everyday banking services and financial solutions Coop Pank offers as well.”
The merger will be finalised once it has been entered in the Commercial Register, for which Finantsinspektsioon has granted approval. Coop Finants will cease operating as a result of the merger, with Coop Pank as its legal successor. Coop Finants clients will also be informed of these changes separately.
Coop Finants and Coop Pank to merge
Finantsinspektsioon has granted Coop Pank approval for it to merge with Coop Finants, a subsidiary the bank wholly owns. This will see Coop Finants clients become clients of Coop Pank.