Chairman of the Board of Coop Pank Margus Rink noted that the dividends were almost completely paid out to Estonian investors: “Since the listing, the number of shareholders of Coop Pank has increased by more than 3.5 times, and by about 20% over the past year. These are mainly local Estonians: for example, 98% of the dividends we paid yesterday went to the accounts of Estonian residents. In this way, the income received from Coop Pank greatly contributes to the advancement of life in the country. We also invite all our shareholders to contribute to the growth of the bank and become regular customers of Coop Pank.”
According to Coop Pank’s dividend policy, from 2022, the bank pays out 25% of profits in the form of dividends. This year, the bank’s shareholders approved the payment at a general meeting held in mid-April.
The list of shareholders entitled to receive dividends was approved on 27 April. The dividends were transferred to the current accounts of the shareholders, which they designated for servicing their securities accounts. The payment was made automatically, and the shareholders did not have to apply to the bank themselves.
As of March 31, 2023, Coop Pank had 36,500 shareholders. In the last quarter, 500 shareholders were added, and in a year the bank received over 6,500 shareholders.
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 155,000. 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 shareholder of the bank is the domestic retail chain Coop Eesti comprising 320 stores.