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Let’s stand united. Let’s grow together.

Coop Pank is here to stay. Our mission is to boost Estonian companies and help people make their dreams come true in every corner of Estonia – in the countryside as well as in the cities. Invest in your own future and in the future of Estonia!

Overview

Coop Pank was born in the beginning of 2017 when the domestic retail chain Coop purchased majority shareholding in former AS Eesti Krediidipank.

The Coop Pank AS Group comprises the following legal persons: Coop Pank AS, Coop Liising AS, Coop Finants AS, Coop Kindlustusmaakler AS, AS Martinoza (real estate activities), SIA Prana Property (real estate activities).

Coop Pank has approximately 300 employees.

Strategy

Objective: Growth in business volumes

  • Number of everyday banking clients > 100,000
  • Loan portfolio > 1 billion EUR
  • Financial costs < 0.7
  • Cost/income ratio (CIR) < 50%
     

    Positioning i.e. our trademark style

      • An Estonian bank | We are owned by local investors. Our clients are all people from Estonia. All of our decisions are made here in the country.
      • We focus on everyday banking and financing.
      • We target private clients and small and medium-sized businesses.
      • Putting a human face on banking | At a time when everything is being digitalised and services are moving online, we are of course following suit – but we are also standing out by offering face-to-face contact in our bank branches and stores.
      • A bank that tailors itself to your life or business, not the other way round | We want to grow, and we work hard to win every client. We are willing to take carefully considered risks that we expect to pay off.
      • Banking and retail in one | We are driving life forward in every corner of the country.
         

      Result: Growth in the bank’s value

      • 15% Return on Equity (ROE)
      • Growth in share value
      • Yield on dividends – Starting from our profit for 2021, we will be paying 25% out as dividends (including tax expenses).


        *All figures are presented as objectives for 2022

        People

        Alo Ivask


        Alo Ivask has obtained a master’s degree in engineering from the Estonian University of Life Sciences and has studied business management at the University of Tartu. He has a vast experience in management of different companies. From 2017-2019, he served as chairman of the board of Enterprise Estonia and since October 2019, he is the chairman of the board of Coop Eesti Keskühistu (Coop Estonia).

        As of 31 December 2020, Alo Ivask owns 15 000 shares of Coop Pank AS.

        Ardo Hillar Hansson


        Ardo Hillar Hansson has obtained a master’s and doctoral degree in economics from Harvard University. He has worked, inter alia, as an assistant professor and research fellow in different universities in Europe, USA and Canada, as an economic adviser and economist with the Government of Estonia and the World Bank. From 2012-2019, Ardo Hillar Hansson served as the Governor of the Bank of Estonia.

        As of 31 December 2020, Ardo Hillar Hansson owns no shares of Coop Pank AS.

        Jaan Marjundi


        Jaan Marjundi has obtained higher education in process engineering from Tallinn Polytechnical Institute (currently TalTech). For many years, he has worked in top management positions of retail establishments. Since 2007, Jaan Marjundi is a chairman of the board of Harju Tarbijate Ühistu (Harju Consumer Association) and, since 2017, member of the supervisory board of Coop Pank AS.

        As of 31 December 2020, Jaan Marjundi owns 23 000 shares of Coop Pank AS.

        Raul Parusk


        Raul Parusk has obtained a master’s degrees in political economy from Moscow National University and in business management from Vienna Business School. He has worked in top management positions in different companies, including credit institutions. Since 2017, Raul Parusk is a member of management boards of USS Grupp OÜ, USS Security Eesti AS and USS Haldus OÜ.

        As of 31 December 2020, Raul Parusk owns no shares of Coop Pank AS.

        Roman Provotorov


        Roman Provotorov has obtained higher education in economics and management from Estonian Agricultural University (currently Estonian University of Life Sciences). Since 1995, he is chairman of the board of Antsla Tarbijate Ühistu (Antsla Consumer Association) and, since 2017, member of the supervisory board of Coop Pank AS.

        As of 31 December 2020, Roman Provotorov owns 13 000 shares of Coop Pank AS.

        Silver Kuus


        Silver Kuus has obtained a master’s degree in international business management from Estonian Business School. Silver Kuus has worked in top management positions in different financial institutions, latest of them from 2017-2019 as manager of corporate banking at Luminor Bank AS. Currently, he is manager of a business consulting company OÜ LORIKORU CAPITAL.

        As of 31 December 2020, Silver Kuus owns 20 000 shares of Coop Pank AS.

        Margus Rink


        Margus is the Chairman of the Management Board of Coop Pank AS. He has been working in the banking sector for more than 15 years.

         

        In addition to chairing the management board of Coop Pank, Margus is a member of the supervisory boards of the bank’s subsidiaries Coop Finants AS, Coop Liising AS, Coop Kindlustusmaakler AS and Martinoza AS. Margus is a member of the management board of the Estonian Banking Association and is the Chairman of the Supervisory Board of the Good Deed Foundation.

         

        As at 31 December 2020, Margus held 596,337 shares in Coop Pank AS and had been issued with the option of a further 70,000 shares with a realisation date of 2023.

         

        Previous positions:

        2015-2016 | Magnum AS | Chairman of the Management Board
        2008-2015 | Eesti Energia AS | Member of the Management Board
        1996-2008 | Hansapank AS | Various positions, incl. Head of Personal Banking and Retail Banking Manager
        1994-1996 | Eesti Ühispank | Various positions

        Margus graduated with a Bachelor’s degree from the Faculty of Economics at the University of Tartu in 1994 and obtained a Master’s degree in Business Management from the same university in 2000.

         

        Kerli Lõhmus


        Kerli is a member of the management board of and the Head of Finance at Coop Pank AS. She has almost 20 years of experience in banking.

         

        In addition to sitting on the management board of Coop Pank, Kerli is a member of the supervisory boards of the bank’s subsidiaries Coop Finants AS, Coop Liising AS, Coop Kindlustusmaakler AS and Martinoza AS.

         

        As at 31 December 2020, Kerli held 27,000 shares in Coop Pank AS (via the company OÜ Lucrativo) and had been issued with the option of a further 223,540 shares with a realisation date of 2021 and 50,000 shares with a realisation date of 2023.

         

        Previous positions:

        2008-2015 | LHV Varahaldus AS | Member of the Management Board
        2007-2015 | LHV Pank AS | Member of the Management Board
        2002-2015 | LHV Pank AS | Various positions, incl. Chief Accountant and Head of Finance
        1997-2000 | Hansapank AS | Various positions, incl. teller and life insurance adviser

        Kerli has also served as a member of the management boards of the Tallinn Mustamäe College Foundation (2013-2014), Slice OÜ (2015-2016) and OÜ Lucrativo (2015-2016).

        Kerli graduated with a Bachelor’s degree (equivalent to a Master’s degree) in Business Management from Tallinn Technical University in 2000.

         

        Heikko Mäe


        Heikko is a member of the management board of and the Head of Risk at Coop Pank AS. He has many years’ experience of risk management.

         

        In addition to sitting on the management board of Coop Pank, Heikko is a member of the supervisory boards of the bank’s subsidiaries Coop Finants AS, Coop Liising AS, Coop Kindlustusmaakler AS and Martinoza AS and a member of the management board of its subsidiary SIA Prana Property.

         

        As at 31 December 2020, Heikko held 3000 shares in Coop Pank AS and had been issued with the option of a further 50,000 shares with a realisation date of 2023.

         

        Previous positions:

        2015-2019 | Magnum Veterinaaria AS | Director
        2012-2015 | Eesti Energia AS | Director of Energy Trading
        2008-2012 | Eesti Energia AS | Director of the Risk Management and Internal Auditing Unit
        2004-2008 | PricewaterhouseCoopers Advisors AS | Senior Consultant

        Heikko was a founding member of Tuleva TÜ and served on the supervisory board of Tuleva Fondid AS until 2020.

        Heikko graduated with a Master’s degree in Law from Audentes International University in 2008.

         

        Rasmus Heinla


        Rasmus is a member of the management board of and the Head of Private Client Banking at Coop Pank AS. He has many years’ experience in financial companies and in the field of consumer credit.

         

        In addition to sitting on the management board of Coop Pank, Rasmus is a member of the supervisory boards of the bank’s subsidiaries Coop Liising AS, Coop Kindlustusmaakler AS and Martinoza AS and a member of the management board of its subsidiary Coop Finants AS.

         

        As at 31 December 2020, Rasmus held 12,487 shares in Coop Pank AS and had been issued with the option of a further 40,000 shares with a realisation date of 2021 and 30,000 shares with a realisation date of 2023.

         

        Previous positions:

        2017-2020 | Coop Pank AS | Head of Consumer Financing Business Line
        2013-2017 | Creditstar Group AS | Head of Business Development
        2009-2013 | BCP Kindlustusmaakler OÜ | Key Account Manager

        Rasmus graduated with a Bachelor’s degree in Law from the University of Tartu in 2009 and commenced studies to obtain an applied Master’s degree in Business Management from the Estonian Business School in 2019.

         

        Arko Kurtmann


        Arko is a member of the management board of and the Head of Business Client Banking at Coop Pank AS. He has many years’ experience in banking and in business client banking in particular.

         

        In addition to sitting on the management board of Coop Pank, Arko is a member of the supervisory boards of the bank’s subsidiaries Coop Finants AS, Coop Liising AS, Coop Kindlustusmaakler AS and Martinoza AS.

         

        As at 31 December 2020, Rasmus held no shares and had been issued with no options for shares in Coop Pank AS.

         

        Previous positions:

        2012-2019 | LHV Pank AS | Head of Business Banking Department
        2010-2011 | Ektornet (Swedish subsidiary of Swedbank) | Member of the Management Board
        2007-2010 | Swedbank AS | Loan restructuring officer
        2005-2007 | Evli Securities AS | Publicly tradable share analyst

        Arko graduated with a degree in Economics and Business from the Estonian University of Life Sciences.

         

        The Audit Committee is an advisory body formed by the supervisory board of the bank which acts under the supervision of the supervisory board.

        The objective of the Audit Committee is to monitor and analyse the following in compliance with legislation:
        1) the processing of financial information;
        2) the efficiency of risk management and internal supervision and auditing;
        3) the auditing process of annual accounts or consolidated accounts;
        4) the independence of the audit firm and the sworn auditor representing the audit firm on the basis of legislation, and the compliance of the activities with the requirements of the Auditors Activities Act.

        The bank has not formed a separate risk committee. The Audit Committee performs the duties of the risk committee.

        When performing the duties of the risk committee, the competence of the Audit Committee shall include:
        1) counselling the supervisory board and the management board in the field of risk management principles and risk tolerance of the credit institution;
        2) exercising supervision over the implementation of risk management principles by the management board pursuant to the instructions of the supervisory board;
        3) inspecting compliance with the business model and risk management principles of the credit institution in the fees established for the clients of the credit institution and, in the case of any deficiencies, submitting an improvement plan to the supervisory board.

        The Audit Committee of the bank has four members:

        Paavo Truu has been working as a Member of the Management Board and the CFO of Coop Eesti Keskühistu since 2018. He was a Member of the Management Board of AS Magnum from 2013 to 2018 and also a Member of the Supervisory Board of several subsidiaries of AS Magnum during this period. Paavo Truu was the CFO of Alexela Group OÜ from 2012 to 2013 and the CFO of AS Ühendatud Kapital (1998-2002), and the CEO of the latter (2002-2007). Presently, Paavo Truu is a Member of the Management Board of Coop Eesti Keskühistu, a Member of the Management Board of OÜ Solaris Konsult, and a Member of the Supervisory Board of Reval Auto Esindused OÜ. He graduated from the Faculty of Economics of the University of Tartu in 1996 with a bachelor’s degree in marketing, money and banking, and has afterwards participated in several professional refresher courses.

        Alo Ivask is a Chairman of the Supervisory Board of Coop Pank AS. He has obtained a master’s degree in engineering from the Estonian University of Life Sciences and has studied business management at the University of Tartu. He has a vast experience in management of different companies. From 2017-2019, he served as chairman of the board of Enterprise Estonia and since October 2019, he is the chairman of the board of Coop Eesti Keskühistu (Coop Estonia).

        Silver Kuus is a Member of the Supervisory Board of Coop Pank AS. He has obtained a master’s degree in international business management from Estonian Business School. Silver Kuus has worked in top management positions in different financial institutions, latest of them from 2017-2019 as manager of corporate banking at Luminor Bank AS. Currently, he is manager of a business consulting company OÜ LORIKORU CAPITAL.

        Urmas Kaarlep has obtained a master’s degree from Estonian Business School in business administration. He has extensive experience in leading PricewaterhouseCoopers group companies both in Estonia and abroad, he has also acted as auditor and audit committee member in different companies. Urmas Kaarlep is currently a lecturer in Estonian Business School, is a member of supervisory board in Nasdaq CSD SE, Tallinna Sadam AS (Port of Tallinn), AS Prike and a member of management board in OÜ VALDO-R and Bee Dance OÜ.

        The Remuneration Committee is a body subordinate to the supervisory board of the bank whose task is to assess the application of the principles of remuneration in the bank and the impact of decisions related to remuneration on meeting the requirements laid down concerning risk management, company funds and liquidity.

        The Remuneration Committee shall:
        1) exercise supervision over the remuneration of members of the management board and employees;
        2) assess at least once a year the application of principles of remuneration and make a proposal, where necessary, about updating the principles of remuneration;
        3) prepare draft decisions on remuneration for the supervisory board of the credit institution.

        In its activities, the Remuneration Committee shall proceed from the long-term interests of the shareholders or members and clients of the credit institution, and from public interest.

        The Remuneration Committee of the bank has three members:

        Alo Ivask is a Chairman of the Supervisory Board of Coop Pank AS. He has obtained a master’s degree in engineering from the Estonian University of Life Sciences and has studied business management at the University of Tartu. He has a vast experience in management of different companies. From 2017-2019, he served as chairman of the board of Enterprise Estonia and since October 2019, he is the chairman of the board of Coop Eesti Keskühistu (Coop Estonia).

        Irja Rae has obtained master’s degrees from University of Tartu in business administration and from Tallinna Tehnikaülikool (TalTech) in digital change-management. She has long experience in HR consultation companies Fontes PMP and Fontes Palgakonsultatsioonid OÜ. Irja Rae is currently a member of management board in Fontes Palgakonsultatsioonid OÜ.

        Jaan Marjundi is a Member of the Supervisory Board of Coop Pank AS. Presently, Jaan Marjundi is the Chairman of the Management Board of Harju Tarbijate Ühistu, a Member of the Supervisory Board of Coop Eesti Keskühistu and a Member of the Management Board of the non-profit association Eesti ODD Fellow Ühing. From 2000 to 2007, Jaan Marjundi worked as the Retail Chain Director of Eesti Tarbijate Ühistute Keskühistu (current business name Coop Eesti Keskühistu). From 2007-2017, Jaan Marjundi was a Member of the Management Board of OÜ Puidu Apartments, and before that as a Member of the Management Board of Eesti Taaskasutusorganisatsioon MTÜ (2005-2014) and a Member of the Management Board of the Estonian Traders’ Association (1997-2014). From 2011-2019, Jaan Marjundi was the Chairman of the Supervisory Board of Coop Kaubanduse AS. Jaan Marjundi graduated from the Tallinn Polytechnic Institute in 1979 in the field of technology and organisation of communal catering.

        Raul Parusk is a Member of the Supervisory Board of Coop Pank AS. He has obtained a master’s degrees in political economy from Moscow National University and in business management from Vienna Business School. He has worked in top management positions in different companies, including credit institutions. Since 2017, Raul Parusk is a member of management boards of USS Grupp OÜ, USS Security Eesti AS and USS Haldus OÜ.

        The auditor of Coop Pank AS is Aktsiaselts PricewaterhouseCoopers (registry code 10142876) who was appointed the auditor of the Bank for the period from 2020 to 2022 at the annual general meeting of shareholders held on 28 May 2020.

        Articles of Association and Corporate Governance

        Articles of Association
        .pdf
        Corporate Governance 2020
        .pdf
        Corporate Governance 2019
        .pdf

        Shareholders


         

        Shareholders of Coop Pank with more than 3% shareholding

        As of 31.12.2020

         

        Name of shareholder Shareholding
        COOP Investeeringud 24.98 %
        Tarbijate ühistud 18.06 %
        Andres Sonn 9.32 %
        CM Capital 6.8 %
        Eesti Ühistukapital 3.6 %
        Väikeaktsionärid 37.24 %


        The bank's shareholders Coop Investeeringud OÜ, Antsla Tarbijate Ühistu, Elva Tarbijate Ühistu, Järva Tarbijate Ühistu, Viljandi Tarbijate Ühistu, Harju Tarbijate Ühistu, Haapsalu Tarbijate Ühistu, Rapla Tarbijate Ühistu, Lihula Tarbijate Ühistu, Jõgeva Majandusühistu, Vändra Tarbijate Ühistu, Tartu Tarbijate Kooperatiiv and TTK Investeeringud OÜ have entered into a shareholders agreement. Pursuant to the agreement, the shareholders who have joined the agreement have the right of first refusal upon the sale of the bank's shares. Further information on the shareholders agreement can be found in stock exchange news.