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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, CP Varad AS (real estate activities), SIA Prana Property (real estate activities).

Coop Pank has approximately 300 employees.

Strategy

Targets

The mission of Coop Pank is to carry life forward in every corner of Estonia. For this, we give impetus to Estonian companies and help people realize their dreams both in the countryside and in the city. We believe that if Estonian entrepreneurs do well, the Estonian people and Estonia as a whole will do well, and we want to contribute to that. Estonian banking market and the outlook for the coming years favor banks based on domestic capital, which have a fast-growing ambition and a willingness respond quickly and flexibly to customer needs. During the first five years of operation (2017–2021), we have been able to grow the bank almost five times larger.

Over the next five years (by the beginning of 2027), our strategic goal is to increase the bank's market share in Estonia to 10% (a loan portfolio of at least 2 billion euros) and thereby reach a position where every tenth Estonian is a current customer of Coop Pank (approximately 150,000 current customers). As a result of increasing business volumes, the bank aims to achieve greater efficiency (cost / income ratio max 50%) and to offer shareholders a higher return on equity (ROE min 15%).

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    Strategy

    The Bank's way of operating for achieving its strategic objectives is as follows:

    • Estonian bank. Coop Pank is predominantly owned by domestic investors. The bank's customers are all residents of Estonia. All our decisions are made in Estonia. Our employees, the board, the council sit at one table, even every week. In the light of recent events in the sector, there is public support for domestic capital-based banks. Through its activities, the Bank wishes to contribute to the development of Estonian people and companies and thereby support the development of the Estonian economy. In fulfilling this mission, we are cooperating proactively with Estonian entrepreneurs who need financial support to implement their business plans in both rural and urban areas. By supporting the development of companies outside the big cities, we contribute to the regional development of Estonia and create an opportunity for people to live in those places in Estonia where they want to.
       
    • Everyday banking and financial services. Coop Pank sees its strengths and the resulting growth opportunities primarily in the provision of everyday banking (account, payments, bank card, cash, deposits) and financial services (mortgage loan, consumer loan, credit card, business loan, lease financing). In addition, we intermediate the most common property insurance products (motor third party liability insurance, comprehensive insurance, home insurance, travel insurance, purchase insurance) through our insurance broker.
       
    • We're fast. Our way of operating is always and everywhere fast - a private customer can open an account in electronic channels in about 3 minutes, instant payments are made in seconds, we make a decision on private customer's small loan and credit card in about 5 minutes, we make a lease financing decision within one working day. From summer 2022 we will also make a mortgage loan decision within one working day.
       
    • Banking with a human face. At a time when the prevailing trend is digitalisation and service on electronic channels, Coop Pank is following the same path, but also differs in offering customers human contact - financial service staff working in bank branches (15 bank branches) and salesmen working in Coop stores (330 stores).
       
    • A bank that suits your life / business. Not the other way around. Coop Pank has an ambition to grow and therefore strives on behalf of every customer. Our risk appetite is meaningfully higher. Having a growth strategy, we see as our strength the will and ability to delve into the wishes of our customers, to approach them personally and to find a solution that suits the customer's wishes. We price everyday banking services on a package basis, enabling to use all the banking services the customer needs on a daily basis for a fixed monthly fee. The bank pays higher interest rates on customer demand deposits and term deposits than other competing universal banks.
       
    • Integration of banking and retail. Thanks to the strategic partnership with Coop Eesti Keskühistu and its 19 member cooperatives, in addition to the usual sales and service channels (offices, internet banking, mobile banking), we can also offer financial services in 330 stores of Coop Eesti Keskühistu member associations all over Estonia. This is expressed through the Coop Sula service, ie the possibility to make a cash withdrawal from a bank account or a deposit to a bank account at the cash registers of Coop stores. The customer also receives the best prices in Coop Estonia stores when paying for purchases with a Coop Pank card.

    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 01 April 2022, Alo Ivask holds 15 000 shares of Coop Pank AS and 7 subordinated bonds of Coop Pank AS.

    Viljar Arakas


    Viljar Arakas holds a bachelor's degree in business administration from EBS International University and has completed his second bachelor's degree at Hogeschool NOVI in the Netherlands. Viljar Arakas is a founding member and a member of the Management Board and CEO of EfTEN Capital AS, the largest management company focused on commercial real estate in the Baltic States.

    As of 01 April 2022, Viljar Arakas owns 20,000 shares of Coop Pank AS and 14 subordinated bonds of Coop Pank AS through his holding company Miemma Holding OÜ.

    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 01 April 2022, Jaan Marjundi holds 15 000 shares of Coop Pank AS and 11 subordinated bonds 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. During the periood of 2017 until August 2021 Raul Parusk was a member of management board of Forus Grupp OÜ, Forus Security AS and Forus Haldus OÜ.

    As of 01 April 2022, Raul Parusk has no shares and subordinated bonds 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 01 April 2022, Roman Provotorov owns 13 000 shares of Coop Pank AS. Roman Provotorov has no subordinated bonds 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 01 April 2022, Silver Kuus has no shares and subordinated bonds of Coop Pank AS.

    Margus Rink


    Margus Rink 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 Rink is a member of the supervisory boards of the bank’s subsidiaries Coop Finants AS, Coop Liising AS, Coop Kindlustusmaakler AS and CP Varad AS. Margus Rink is a member of the management board of the Estonian Banking Association.

     

    As of 1 April 2022, Margus Rink holds 596,337 shares in Coop Pank AS and 7 subordinated bonds of Coop Pank AS. He has been issued with the option of a further 70,000 shares with a realisation date of 2023, an option for 90,000 shares which matures in 2024 and an option for 61,200 which matures in 2025.

     

    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 Rink 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.

     

    Paavo Truu


    Paavo Truu is member of the management board of and Chief Financial Officer at Coop Pank AS. He has extensive experience in financial management.

     

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

     

    As of 1 April 2022, Paavo Truu holds 16,000 shares in Coop Pank AS through his company Solaris Konsult OÜ. He has been issued with the option of a further 22,700 shares with a realisation date of 2025. 

     

    Previous positions:

    2018–2022 | Coop Eesti Keskühistu | Member of the Board and Chief Financial Officer
    2013–2018 | AS Magnum | Member of the Board
    2012–2013 | Alexela Group OÜ | Chief Financial Officer
    1998–2007 | AS Ühendatud Kapital | Chairman of the Management Board and Chief Financial Officer

    Paavo Truu graduated with a Bachelor’s degree in marketing, finance and banking from the University of Tartu in 1996 and with a Master’s degree in digitalisation from Tallinn University of Technology in 2020.

     

    Heikko Mäe


    Heikko Mäe 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 Mäe is a member of the supervisory boards of the bank’s subsidiaries Coop Finants AS, Coop Liising AS and Coop Kindlustusmaakler AS and a member of the management board of its subsidiaries CP Varad AS and SIA Prana Property.

     

    As of 1 April 2022, Heikko Mäe holds 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, an option for 70,000 shares which matures in 2024 and an option for 40,800 which matures in 2025.

     

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

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

     

    Rasmus Heinla


    Rasmus Heinla 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 Heinla is a member of the supervisory boards of the bank’s subsidiaries Coop Liising AS, Coop Kindlustusmaakler AS, CP Varad AS and Coop Finants AS.

     

    As of 1 April 2022, Rasmus Heinla holds 20,000 shares of Coop Pank AS and 3 subordinated bonds of Coop Pank AS. An option for 30,000 shares which matures in 2023, an option for 70,000 which matures in 2024 and an option for 40,800 which matures in 2024 have been issued to him.

     

    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 Heinla 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 Kurtmann 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 Kurtmann is a member of the supervisory boards of the bank’s subsidiaries Coop Finants AS, Coop Liising AS, Coop Kindlustusmaakler AS and CP Varad AS.

     

    As of 1 April 2022, Arko Kurtmann holds 19,000 shares in Coop Pank AS through his company Corby Capital OÜ. He has been issued with the option of a further 40,000 shares with a realisation date of 2024 and an option for 40,800 shares which matures in 2025.

     

    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 Kurtmann 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:

    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).

    Veiko Haavapuu is an experienced financial expert and a Member of the Board and Financial Director of Coop Eesti Keskühistu. Veiko Haavapuu has previously worked as the CFO of several large companies and organizations, such as Statoil, Tallink and Rail Baltica. He holds a bachelor's degree in Accounting and Business Managment from Tallinn University of Technology and has studied International Business Administration in the Estonian Business School.

    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.

    Stan Nahkor is a financial expert and sworn auditor with long-term experience in management, financial auditing, business consulting and risk management. He has been a partner at Ernst & Young, a member of the board of PricewaterhouseCoopers and a member of the management of Sorainen Law firm. Stan Nahkor holds a bachelor's degree in business administration from the Estonian Business School.

    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 four 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. In the period 2017 until August 2021, Raul Parusk was a member of management boards of Forus Grupp OÜ, Forus Security AS and Forus 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

    Articles of Association
    .pdf

    Shareholders


     

    Shareholders of Coop Pank with more than 3% shareholding

    As of 14.06.2022

     

    Name of shareholder Shareholding
    COOP Investeeringud 24.79 %
    Tarbijate ühistud 17.92 %
    Andres Sonn 8.32 %
    CM Capital 5.19 %
    Eesti Ühistukapital 3.42 %
    Väikeaktsionärid 40.37 %


    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.