Banks, Estonia, Financial Services, Good for Business, Latvia, Lithuania

Erki Kilu, chairman of the board of the Estonian Banking Association and CEO of LHV Pank, said that managing of ATMs is not a principal function of banks and running them jointly would enable to save costs on the one hand and, on the other hand, maintain ATMs in areas where running them would not make sense for any bank on their own.

"As a result of the declining use of cash, it makes sense to engage in cooperation among banks to ensure an optimal network of ATMs for the clients of all banks," Kilu said at a presentation of the strategy of the Estonian Banking Association.

"Working together, banks are able to offer the ATM service on better terms than everyone on their own. Following approval from the Competition Authority, we will start negotiations on the establishment of a common network of ATMs which all banks can join," Kilu said. He said that the network could embrace all the Baltic states.