Estonian Coop Pank to provide banking services in 350 stores
The upcoming Coop Pank bank of the Estonian cooperative company Coop will replace and plans to open bank offices in 350 Coop locations in Estonia.
Estonian public broadcaster ERR reports that Coop Eesti, the cooperative retail trade group, which runs more than 350 shops across Estonia, bought the shares of Eesti Krediidipank previously owned by Russian financial group VTB in January and now is pushing onwards plans to establish Coop Pank.
«The new brand is in accordance with our business strategy: while thus far banks and stores have operated separately in Estonia, the planned Coop Pank will make simple banking services available in Coop stores as well,» ERR cited Margus Rink, the head of the emerging Coop Pank, as noting in a press release.
Coop, which consists of 19 cooperatives, has around 80,000 private owners and currently operates more than 350 stores across Estonia under the brands of Maksimarket, Konsum, A ja O and E-Ehituskeskus.