Inbank is planning to sell its 7.94% share in Coop Pank, which it acquired in January 2017.
According to Priit Põldoja, Chairman of the Supervisory Board of Inbank, the share in Coop Pank was acquired two years ago as a temporary financial investment. “Coop Pank has developed exceptionally fast in recent years and needs a considerably larger and broader capital base in order to realise its potential,” Põldoja said. “Inbank as a financial investor has decided not to participate in increasing the share capital of Coop Pank and to sell its shares. We’re planning to invest the capital released as a result of the transaction into our international growth,” Põldoja added.
Negotiations for finding a buyer for the share have just started, which is why the details of the transaction cannot be disclosed yet. It is currently not possible to confirm that the initiation of negotiations will lead to actual transactions. Inbank will inform market participants regarding further developments of the sale of the shares via the stock exchange information system.
Inbank is digital bank with a focus on consumer finance. It operates in Estonia, Latvia, Lithuania and Poland, and receives deposits from Germany, Austria and the Netherlands. Inbank has more than 1,500 active partners and over 478,000 active customer contracts. Its bonds are listed on the Nasdaq Tallinn Stock Exchange on the Baltic Bonds List.
Further information:
Kristin Pihu
Inbank AS
Head of Marketing and Communications
kristin.pihu@inbank.ee
+372 5348 2436