Baltic States – CIS, Banks, Estonia, Financial Services, Latvia

According to the Estonian Securities Central Depository (ESCD), 40% of Krediidipank’s shares moved yesterday and Bank of Moscow became the direct owner of Krediidipank.

Financial Inspection board member Andres Kurgpõld commented that in order to get a major stake in a bank, the inspection’s permission is needed. He added that Bank of Moscow had a nearly 90% stake in Eesti Krediidipank via Latvijas Biznesa Banka, i.e. indirect control. In connection with structural changes in Bank of Moscow and the process of increasing share capital of Eesti Krediidipank, Bank of Moscow applied for acquiring a direct major stake in AS Eesti Krediidipank.

Kurgpõld said that the Inspection granted Bank of Moscow the permission and that no real changes take place in managing Krediidipank since it was part of the Bank of Moscow group before.

At the end of 2009, Bank of Moscow group assets volume was 825.1 billon roubles, which is about the same as Swedbank has in the Baltic states.