Coop Pank Receives Gold Rating in the Responsible Business Index

Coop Pank has been awarded a gold rating in the Responsible Business Index among medium and large enterprises for its contribution to societal well-being and development. The index is compiled and the ratings issued by the Sustainable Business Association KELL.

“Coop Pank is a significant benchmark in shaping Estonia’s business environment. As a local bank, it contributes to societal well-being and development on environmental, social, and economic levels,” said KELL board member Riin Savi, commenting on Coop Pank.

Acting Chairman of the Management Board of Coop Pank, Heikko Mäe, stated that the Responsible Business Index is a valuable development tool that helped the bank reflect more deeply on both its internal progress and its societal responsibilities in environmental, social, and governance areas. “Participation in the index helps embed social responsibility into the bank’s everyday operations,” Mäe added.

According to Mäe, domestic Coop Pank has, through responsible action, increased its market share from 1% to 6% in just eight years. “In a short time, we have become the most recommended bank and the bank with the widest branch network in Estonia. We continue to implement our growth strategy and feel each day how a growing role in the economy brings with it growing responsibility to society and the environment,” Mäe noted.

He emphasized that Coop Pank has always aimed to ensure that everyday banking services are accessible close to home in every corner of Estonia, using the synergy between retail and banking. “We also support housing development both in urban centres and beyond. For this, we closely cooperate with the Estonian Business and Innovation Agency (EIS) and the Rural Development Foundation (MES),” Mäe explained.

He added that access to banking services and credit resources across different regions not only makes daily life easier for local residents and businesses but also has a broader impact by supporting the viability of entire regions.

Coop Pank has been a member of the Responsible Business Forum, now called the Sustainable Business Association KELL, since 2020. The bank received a bronze rating in the index in 2022, silver in 2023, and now gold.

“We are proud that our contribution to societal well-being and development grows each year, but our work and contribution do not stop here. This is our shared path and shared responsibility – ours and of all companies that value sustainable development – to consider governance, environmental, and social aspects in our activities. All companies, regardless of the rating they received this year, serve as examples for one another. In responsible business, there are no competitors – only companions on a common journey,” Mäe emphasized.

KELL brings together companies that contribute to societal well-being and development and annually awards responsible business ratings, valid for two years. The rating is based on the Responsible Business Index, which companies can complete every year. The index’s methodology was developed in cooperation with international experts specifically for this purpose, taking into account the Corporate Sustainability Reporting Directive (CSRD), the principles of the UN Global Compact, ESG assessment frameworks, and the UN Sustainable Development Goals. When completing the index, organizations answer up to 67 questions across three categories: governance, climate and environment, and society and social environment.

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 214 400. 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.