23
Wed, Oct
56 New Articles

Glikman Alvin, Ellex Raidla, and Supremia Advised on Coop/Invest Acquisition of Majority Stake in Estonian Credit Bank

Glikman Alvin, Ellex Raidla, and Supremia Advised on Coop/Invest Acquisition of Majority Stake in Estonian Credit Bank

Estonia
Typography

Glikman Alvin has advised JSC BM Bank (the former Bank of Moscow) – a member of the VTV Group – on the transfer of its 59.7% stake in the Estonian Credit Bank to Coop Eesti and Inbank. Ellex Raidla acted for Coop and Inbank, while Supremia Attorneys at Law advised the mediator of the share sale.

As a result of the acquisition, Coop Eesti and Inbank will gradually increase their shareholding in Eesti Krediidipank to 75%. The new bank will be called Coop Pank as of autumn. 

The transaction will be done in two stages. In the first stage, Coop Eesti will acquire 60 percent and Inbank 10 percent of Krediidipank. Then the new bank will acquire the joint subsidiary of Coop Eesti and Inbank  – Coop Finants – and the joint subsidiary of Eesti Krediidipank and Inbank – Krediidipank Finants – and as a result of this the shareholdings in the new bank will be distributed 55% to Coop Eesti and 25% to Inbank. The aim of Coop and Inbank is to also buy out the remaining 20% of the minority shareholders of Krediidipank and include an additional financial investor to the transaction during 2017.

According to Coop manager Jaanus Vihandi, the aim is to provide everyday banking services in places where major banks have left in recent years. “Coop is Estonia’s biggest, unique associated organization with 80,000 customer owners and nearly 600,000 loyal customers and it consists of 19 associations. It is important for Coop’s customer owners and loyal customers that they do not have to drive tens of kilometers for elementary banking services,” explained Vihand.

Eesti Krediidipank is one of the oldest credit banks in Estonia. The bank was founded by the former president of the Central Bank Rein Otsason and Estonian entrepreneurs. 

The Glikman Alvin team was led by Partner Paul Keres.

According to Ellex Raidla Partner Raino Paron, who led the firm's team on the matter, in addition to acquiring the shares, an important part of the firm's assistance was advising Coop on acquiring permission from the European Central Bank for gaining control over Krediidipank. Paron was assisted by Senior Attorney Helen Metsar, and Attorney Martin Maesalu.

Partner Tarvo Lindma of the Supremia Law Office advised the mediator who mediated the sale of shares of Eesti Krediidipank from Bank of Moscow to Coop/Inbank.

Estonian Knowledge Partner

COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

More information on Cobalt can be found at www.cobalt.legal

All News about Cobalt can be found here.

 

Our Latest Issue