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Coop Pank gains 1,800 new customers in a quarter

The Q1 interim report of Coop Pank indicates that the bank increased the volumes of all of its most important business lines and gained 1,800 new customers in the first quarter of the year.

The loan portfolio of Coop Pank increased by 8% and deposit portfolio by 4% in Q1. The market share of Coop Pank was 1.9% in terms of deposits and 1.4% in terms of the loan portfolio. The bank earned 0.5 million euros of profit in Q1.

The number of Coop Pank’s customers increased by 1,800 in the quarter. The bank had 38,500 customers by the end of the quarter and its small financing subsidiary Coop Finants had ca 95,000 customers.

CEO of Coop Pank Margus Rink said that the bank will continue implementing its growth strategy.

"We will continue expanding our activities in cooperation with Coop’s retail business and keep our main promise – to bring banking services close to customers in every corner of Estonia," said Rink.

Coop Pank has 15 branches and 25 banking points by now, which are located at different Coop stores throughout Estonia.

He added that the efforts made to update the bank’s digital channels also had a positive impact on the increase in the number of customers in Q1. “Our customers welcomed the Internet bank and mobile bank, which were transferred to a new platform last year, and the option to open an account electronically, which can be used to become a Coop Pank customer online 24/7, has also been received well,” said the CEO. “This is clearly the fastest and most convenient way of opening an account among Estonian banks.”

The launch of Coop Bank last October and its creative solutions have won several awards at renowned competitions. The launch of the bank received the title of Marketing Deed of the Year 2017, and the bank’s advertisements won five prizes in the Golden Egg competition.