Today, on 18 July 2000, Sampo Finance Ltd and Eesti
Pank closed the share sale agreement for the shares of Optiva
Pank, confirming that the conditions set for the entry into
force of the agreement have been met.
The agreement for selling the 57.9% share of Eesti Pank in
Optiva Pank to Sampo Finance Ltd was signed on 29 June and
the agreement was to enter into force providing the
respective approvals from supervisory authorities were
received. On 14 July the Banking Supervision Department of
Eesti Pank approved Sampo Finance Ltd acquiring a qualifying
holding in Optiva Pank. The State Competition Board approved
the sales agreement on 30 June.
The Parties initiated the payment versus delivery
securities transfer on 18 July. The title to the shares is
transferred in accordance with the Rules of Estonian Central
Depository for Securities and is effected no later than three
days from the respective order.
By selling its share in Optiva Pank Eesti Pank has met one
of its strategic goals – fully give up its shares in
commercial banks operating in Estonia. Thus, another phase in
the Estonian banking reform has been concluded. As a result
of the reform Estonian banking has become much stronger,
better capitalised, more transparent and safe to all
customers.
The central bank believes that the new owners of Optiva
Pank will strengthen the competition in the banking sector.
Attracting strategic foreign investors to the Estonian
banking sector has been a long-term priority for the central
bank.
