On April 1, 2024, Coop Finants merged with its parent company Coop Pank. As a result of the merger, Coop Pank became the successor to Coop Finants, taking over providing services to all existing Coop Finants clients.
Karel Parve, head of private banking in Coop Pank, said that the merger would not bring any major changes for clients. All small loan, instalment plan and Säästukaart Pluss agreements concluded with Coop Finants, as well as the rights and obligations associated with them, will remain in force, but from now on services to the clients will be provided by Coop Pank.
Parve added that the goal of the merger of Coop Pank and Coop Finants is to simplify the structure of the Coop Pank group and make communication with the bank simpler and clearer for clients: “For example, from now on all our clients with small loans will be able to manage their loan agreements in the Coop Pank mobile application, and to do this they do not have to have current accounts with Coop Pank.”
All Coop Finants clients have been informed about the change personally, and they do not need to do anything themselves in this regard. All existing Coop Finants e-invoice agreements are automatically transferred to the name of Coop Pank, and clients do not need to change their e-invoice payment agreements. In the case of standard payments, during the six-month transition period it is recommended, and thereafter it is mandatory, to indicate Coop Pank AS and not Coop Finants AS as the beneficiary. When paying off small loans, instalments and making Säästukaart Pluss payments, all account numbers and reference numbers remain the same.
Parve assured that Coop Pank will continue to offer Säästukaart Plus and the small loan service to both existing and new customers and wants to be their reliable partner in all day-to-day financial matters. “We encourage former Coop Finants customers to enjoy all of Coop Pank’s other convenient everyday banking services and financial solutions,” Parve added.
Coop Finants AS was a 100% subsidiary of Coop Pank. The merger of Coop Pank and Coop Finants AS came into force on April 1, 2024, when the respective record was made in the business register and the merger was approved by the Financial Supervision Authority. As a result of the merger, Coop Finants AS ceased operations and Coop Pank became its legal successor.
Estonian-owned Coop Pank is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking is 187,100. 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 owner of the bank is the domestic retail chain Coop Eesti comprising 320 stores.