Agreement on the sale of Optiva Pank shares has entered into force

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.