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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 280 employees.

Strategy 2020-2022

Strategic objective: Rapidly growing bank on the Estonian market

  • Number of everyday banking clients > 100,000
  • Loan portfolio > €1 billion
  • Financing cost < 0.7%
  • Net service charge income > 10%
     

    How? Our signature

      • Making an effort for our clients
      • Dare to do things differently
      • Our main services are everyday banking and financing. Furthermore, we are building a modular technological platform in order to integrate the services of third parties (e.g. property insurance, life insurance, investment account, pension fund, etc.) to be offered to clients.
      • We are an Estonian company. All our decisions are made here, in Estonia. Our employees, management board and supervisory board sit at the same table. Every week, if need be.
      • Integration of banking and trade – maintaining quality of life in every corner of Estonia.
         

      Result: increase in the value of the bank

      • Return on equity (ROE) 15%
      • Cost/income ratio (CIR) < 50%
      • Increase in the share price as of the IPO
      • Dividend yield (25% of profit to be disbursed as dividends starting from the profit of 2021)


        * All numerical values by 2022

        People

        Jaanus Vihand

        Jaanus Vihand is the Chairman of the Supervisory Board of Coop Pank AS and a member of the Audit and Remuneration Committees of Coop Pank AS. Presently, Jaanus Vihand is the Chairman of the Management Board of Apollo Group OÜ. He also belongs to the management boards of the Estonian Traders’ Association (since 2014) and the non-profit association Eesti Elava Ajaloo Keskus. From 2012 to August 2019, Jaanus Vihand was the Chairman of the Management Board of Coop Eesti Keskühistu. Jaanus Vihand worked as a Member of the Management Board of Bauhof Group AS from 2008 to 2011, and before that as the Chairman of the Management Board of Rakvere Piim AS (2004-2008), the Chairman of the Management Board of Rocca al Mare Suurhall AS (2001-2004) and as a Member of the Management Board of Ekspress Grupp AS (1999-2001). Jaanus Vihand was a Member of the Management Board of Turms Innova OÜ (2008-2017) and OÜ Sefri (2013-2016). Jaanus Vihand graduated from the Faculty of Economics of the University of Tartu with a bachelor’s degree (officially equivalent to master’s degree).

        Jaan Marjundi

        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.

        Priit Põldoja

        Priit Põldoja is a Member of the Supervisory Board of Coop Pank AS. Presently, Priit Põldoja is also a Member of the Management Boards of the companies Cofi Investeeringud OÜ, Maksekeskus Holding OÜ and Lamu Investeeringud OÜ, and a Member of the Supervisory Boards of the companies AS Inbank, AS SmartCap and Maksekeskus AS. Furthermore, Priit Põldoja is a Member of the Management Board of MTÜ FinanceEstonia and a Member of the Management Board of MTÜ Eesti Tennise Liit. From 2008 to 2009, Priit Põldoja worked as the CEO of Alta Capital Partners and from 1996 to 1998, Priit Põldoja worked in various leading positions in Tallinna Pank (current business name AS SEB Pank). He worked in various positions in Hansapank AS (current business name Swedbank AS) from 1998 to 2008, including as the CEO of Hansapank AS from 2005 to 2008 and as the Head of Retail Banking from 2004 to 2005. Priit Põldoja was a Member of the Management Board of Cofi Partnerid OÜ from 2012 to 2015 and a Member of the Supervisory Board of Alexela Energia AS from 2012 to 2015. Priit Põldoja graduated from Mount Saint Mary’s College in the United States of America in 1994 in the field of business and finance and completed the Advanced Management programme at INSEAD in France in 2006.

        Märt Meerits

        Märt Meerits is a Member of the Supervisory Board of Coop Pank AS. Presently, Märt Meerits is also a Member of the Management Board of the companies Placebo and Terviston and a Member of the Supervisory Board of the company Saue Spordirajatised. Meerits has worked as the Director of the consulting company Rainbow Holding (2008-2010) and the Director of Trilliane Capital (2006-2008) in Switzerland, as a Member of the Management Board of Ühispanga Varahalduse AS (current business name AS SEB Varahaldus), and as the Head of the Department of Private Banking of Ühispank AS (current business name AS SEB Pank). From 2010 to 2015, Märt Meerits was a Member of the Management Board of the publicly traded company Silvano Fashion Group AS, and from 2016 to 2018, he was a Member of the Management Board of Crowdestate OÜ and its various subsidiaries. Furthermore, he was a Member of the Management Board of Vakning OÜ (2017-2018), a Member of the Management Board of OÜ Linret EST (2010-2015), and a Member of the Supervisory Board of Eurex Capital OÜ (2015-2017). Märt Meerits graduated from the Estonian Business School in 1996 in the field of international business management and received a master’s degree in business management in 2005 from the Stockholm School of Economics in Riga.

        Roman Provotorov

        Roman Provotorov is a Member of the Supervisory Board of Coop Pank AS. Roman Provotorov has been a Member of the Management Board of Antsla Tarbijate Ühistu since 1995 and also a teacher of economics and marketing in Antsla upper secondary school since 1998. Roman Provotorov was a Member of the Supervisory Board of Coop Investeeringud OÜ from 2016 to 2019.

        Presently, Roman Provotorov is also a Member of the Supervisory Boards of Coop Eesti Keskühistu and AS Eesti Pagar. Roman Provotorov graduated from the Estonian University of Life Sciences in 1993 in the field of economics and management.

        Margus Rink

        Margus Rink is the Chairman of the Management Board of Coop Pank AS. Margus Rink has worked in the banking sector for over 15 years, starting as a bank teller in 1994 in AS Eesti Ühispank (current business name AS SEB Pank) and working in various positions in AS Hansapank (current business name AS Swedbank) from 1996 to 2008, including as the Director of the Viljandi branch, Client Manager, Head of Private Banking and the CEO of Retail Banking. In 2008, Margus Rink became a Member of the Management Board of Eesti Energia AS and worked there until 2015. From 2015 to 2016, Margus Rink was the Chairman of the Management Board of AS Magnum and a Member of the Supervisory Board of several subsidiaries of the Group. Presently, Margus Rink is also a Member of the Supervisory Board of Coop Finants AS, Coop Liising AS, Martinoza AS and Coop Kindlustusmaakler AS, all subsidiaries of Coop Pank AS, and also the Chairman of the Supervisory Board of Coop Finants AS. Furthermore, Margus Rink is a Member of the Management Board of the non-profit association Estonian Banking Association and the Chairman of the Supervisory Board of the Good Deed Foundation. Margus Rink graduated from the Faculty of Economics of the University of Tartu with a master’s degree in business management in 2000, and with a bachelor’s degree in financial accounting and analysis from the same university in 1994.

        Hans Pajoma

        Hans Pajoma has worked in various positions in AS Hansa Liising (current business name Swedbank Liising AS) and in AS Hansapank (current business name AS Swedbank) from 2001 to 2006. From 2006 to 2008, Hans Pajoma was the Head of the Estonian branch of AS DnB NORD Banka, a Member of the Management Board, including the CEO, of DNB Pank AS (current business name Luminor Bank AS) 2006-2008 and from 2012 to 2013, and a Member of the Supervisory Board of the latter from 2010 to 2012. From 2008 to 2013, Hans Pajoma was also the Head of the Estonian branch of DNB Invest Denmark A/S, and the Head of the Corporate Banking Unit of the Baltics Division of DNB Bank ASA 2013-2015. From 2009 to 2014, Hans Pajoma was a Member of the Management Board of the non-profit association Estonian Banking Association, and from 2008 to 2014, he worked as the liquidator of the Estonian branch of AS DnB NORD Banka. Hans Pajoma worked as the Head of Investments of AS Olerex from 2016 to 2017. Presently, Hans Pajoma is a Member of the Management Board of Coop Pank AS, a Member of the Supervisory Boards of Coop Finants AS, Martinoza AS, Coop Liising AS and Coop Kindlustusmaakler AS, all subsidiaries of Coop Pank AS, and also the Chairman of the Supervisory Board of Coop Liising AS and Coop Kindlustusmaakler AS. He is also a Member of the Management Board of the non-profit association Tallinna Võrkpalliklubi. Hans Pajoma graduated from the Estonian-American Business Academy in the field of business management in 1999.

        Kerli Lõhmus

        Kerli Lõhmus has over 20 years of working experience in the financial sector and has worked since 1997 in various positions in AS Hansapank (as a bank teller and life insurance advisor 1997-2000), AS LHV Pank (inter alia as Chief Accountant and Financial Manager 2002-2015), as well as in AS LHV Varahaldus (2008-2015). Kerli Lõhmus was a Member of the Management Board of AS LHV Pank from 2007 to 2015 and a Member of the Management Board of AS LHV Varahaldus from 2008 to 2015. From 2013 to 2014, Kerli Lõhmus was a Member of the Management Board of the Mustamäe Gümnaasiumi Foundation, and a Member of the Management Boards of SLICE OÜ and OÜ Lucrativo 2015-2016. Presently, Kerli Lõhmus is a Member of the Management Board of Coop Pank AS, and also a Member of the Supervisory Boards of Coop Finants AS, Martinoza AS, Coop Liising AS and Coop Kindlustusmaakler AS, all subsidiaries of Coop Pank AS, and also the Chair of the Supervisory Board of Martinoza AS. Kerli Lõhmus graduated from the Tallinn University of Technology in 2000 in the field of business administration and received a bachelor’s degree in social sciences (officially equivalent to master’s degree).

        Heikko Mäe

        Heikko Mäe has a long-term experience in risk management. From 2004 to 2008 Heikko Mäe worked as the leading consultant in PricewaterhouseCoopers Advisors AS. In 2008 Heikko Mäe became the Director of Risk Management and Internal Audit and later the Director of Energy Trading in Eesti Energia AS, where he worked until 2015. In the period from 2015 to 2019 Heikko Mäe worked as the Head of Magnum Veterinaaria AS. Heikko Mäe is a founding member of Tuleva TÜ and was a member of the Supervisory Board of Tuleva Fondid AS until 2020. At the present moment Heikko Mäe is also a member of the Management Board of SIA Prana Property, a subsidiary of Coop Pank AS. Heikko Mäe obtained Master’s degree in the speciality of law in the International University of Audentes in 2008.

        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 (esimees). 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 also 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.

        Priit Põldoja is a Member of the Supervisory Board of Coop Pank AS. Presently, Priit Põldoja is also a Member of the Management Boards of the companies Cofi Investeeringud OÜ, Maksekeskus Holding OÜ and Lamu Investeeringud OÜ, and a Member of the Supervisory Boards of the companies AS Inbank, AS SmartCap and Maksekeskus AS. Furthermore, Priit Põldoja is a Member of the Management Board of MTÜ FinanceEstonia and a Member of the Management Board of MTÜ Eesti Tennise Liit. From 2008 to 2009, Priit Põldoja worked as the CEO of Alta Capital Partners and from 1996 to 1998, Priit Põldoja worked in various leading positions in Tallinna Pank (current business name AS SEB Pank). He worked in various positions in Hansapank AS (current business name Swedbank AS) from 1998 to 2008, including as the CEO of Hansapank AS from 2005 to 2008 and as the Head of Retail Banking from 2004 to 2005. Priit Põldoja was a Member of the Management Board of Cofi Partnerid OÜ from 2012 to 2015 and a Member of the Supervisory Board of Alexela Energia AS from 2012 to 2015. Priit Põldoja graduated from Mount Saint Mary’s College in the United States of America in 1994 in the field of business and finance and completed the Advanced Management programme at INSEAD in France in 2006.

        Märt Meerits is a Member of the Supervisory Board of Coop Pank AS. Presently, Märt Meerits is also a Member of the Management Board of the companies Placebo and Terviston and a Member of the Supervisory Board of the company Saue Spordirajatised. Meerits has worked as the Director of the consulting company Rainbow Holding (2008-2010) and the Director of Trilliane Capital (2006-2008) in Switzerland, as a Member of the Management Board of Ühispanga Varahalduse AS (current business name AS SEB Varahaldus), and as the Head of the Department of Private Banking of Ühispank AS (current business name AS SEB Pank). From 2010 to 2015, Märt Meerits was a Member of the Management Board of the publicly traded company Silvano Fashion Group AS, and from 2016 to 2018, he was a Member of the Management Board of Crowdestate OÜ and its various subsidiaries. Furthermore, he was a Member of the Management Board of Vakning OÜ (2017-2018), a Member of the Management Board of OÜ Linret EST (2010-2015), and a Member of the Supervisory Board of Eurex Capital OÜ (2015-2017). Märt Meerits graduated from the Estonian Business School in 1996 in the field of international business management and received a master’s degree in business management in 2005 from the Stockholm School of Economics in Riga.

        Jaanus Vihand 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.

        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:

        Priit Põldoja is a Member of the Supervisory Board of Coop Pank AS. Presently, Priit Põldoja is also a Member of the Management Boards of the companies Cofi Investeeringud OÜ, Maksekeskus Holding OÜ and Lamu Investeeringud OÜ, and a Member of the Supervisory Boards of the companies AS Inbank, AS SmartCap and Maksekeskus AS. Furthermore, Priit Põldoja is a Member of the Management Board of MTÜ FinanceEstonia and a Member of the Management Board of MTÜ Eesti Tennise Liit. From 2008 to 2009, Priit Põldoja worked as the CEO of Alta Capital Partners and from 1996 to 1998, Priit Põldoja worked in various leading positions in Tallinna Pank (current business name AS SEB Pank). He worked in various positions in Hansapank AS (current business name Swedbank AS) from 1998 to 2008, including as the CEO of Hansapank AS from 2005 to 2008 and as the Head of Retail Banking from 2004 to 2005. Priit Põldoja was a Member of the Management Board of Cofi Partnerid OÜ from 2012 to 2015 and a Member of the Supervisory Board of Alexela Energia AS from 2012 to 2015. Priit Põldoja graduated from Mount Saint Mary’s College in the United States of America in 1994 in the field of business and finance and completed the Advanced Management programme at INSEAD in France in 2006.

        Jaanus Vihand 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.

        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.

        In March 2017, the management board, together with the Audit Committee, organised a contest for choosing an auditor. Tenders were received from four major internationally recognised audit firms within the framework of the contest. As a result of the contest, AS PricewaterhouseCoopers was chosen and named the auditor of the company during the general annual meeting of shareholders on 26.04.2017, and a contract was entered into with the audit firm for auditing services for the financial years 2017 to 2019.

        Articles of Association and Corporate Governance

        Articles of Association
        .11
        Corporate Governance
        .pdf

        Shareholders


         

        Shareholders of Coop Pank with more than 5% shareholding

        As of 09.12.2019

         

        Name of shareholder Shareholding
        COOP Investeeringud 25.3 %
        Tarbijate ühistud 18.3 %
        Andres Sonn 9.3 %
        CM Capital 6.9 %
        Eesti Ühistukapital 3.6 %
        Väikeaktsionärid 36.5 %