Banks, Estonia, Financial Services

International Internet Magazine. Baltic States news & analytics Thursday, 04.06.2020, 16:06

Estonia: Coop Pank sticks to autumn 2019 timeline for IPO

BC, Riga, 18.09.2019.Print version
Coop Pank is on schedule with its plan for going public and the initial public offering (IPO) of shares might take place already later this fall, reported LETA/BNS.

The CEO of Coop Pank, Margus Rink, told LETA/BNS that activities to prepare for the IPO are underway and the bank is on schedule with the plan.

"Right now we see that we can stick to our promise and the initial public offering could take place this fall. The offering's precise timeline may be affected by the situation in global economy and the way it is reflected on equity markets," Rink said.

The supervisory board of Coop Pank in June tasked the management board with starting preparations for the listing of the bank's shares on the Tallinn stock exchange.

It was also decided that the bank's share capital is to be increased by 4 mln euros.

Coop Eesti, which now has an approximately 60% holding in the bank, will remain Coop Pank's strategic partner after the planned IPO.

The bank has chosen LHV as the financial adviser, Ellex Raidla law office as the legal adviser and PR company Agenda PR as the communication adviser in the entire process of public offering.

Majority shares in Coop Pank, one of the five universal banks active in Estonia, belong to Coop regional consumer associations and the central association, which run a retail network consisting of 330 stores across Estonia.

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