Coop Pank AS (the bank) announces that the bank has withdrawn the application submitted by the bank for additional activity licenses for the issuance of covered bonds.
On 30 November 2021, the bank submitted an application to the Financial Supervision Authority for an additional activity license allowing the issuance of covered bonds. Following the application, the macroeconomic context in Estonia and throughout Europe has changed significantly. In today's environment, it is not possible for the bank to predict the essential conditions for the possible future issuance of covered bonds. Therefore, the bank does not currently consider it possible to proceed with the procedure of the additional activity license required for the issuance of covered bonds and has decided to withdraw the respective application from the Financial Supervision Authority. The Bank will consider submitting a new application in the future, depending on the market situation and the bank's financing needs.
Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking reached 119,700. 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 of 330 stores.
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