Krediidipank is closing the Latvian branch due to reorganisation

31.03.2017

The Supervisory Board of AS Eesti Krediidipank, which has new owners as of this January, decided to close the Latvian branch due to changes in the company’s strategy and concentrate on providing banking services solely on the Estonian market.

The Latvian branch of Krediidipank will remain open until 14 June, but will stop accepting new customers and deposits from 31 March. All of Krediidipank’s current customers will be refunded the money on their deposit and bank accounts. The change will not have any impact on the Estonian customers of Krediidipank.

According to Arturs Toms, Head of the Latvian branch of Krediidipank, Krediidipank has approximately 1,200 customers in Latvia, who will be able to transfer their funds to another bank until the end of May. “We would like to apologise to our customers for any potential inconveniences and thank them for trusting us. We will do our best to execute the change as smoothly as possible,” said Toms.

The Latvian branch of Krediidipank employs a total of 17 people, whose employment contracts will be terminated by the end of this year at the latest.

According to Margus Rink, Chairman of the Management Board of Krediidipank, the branch will be closed due to the restructuring of the operation of Krediidipank. “The owners of AS Eesti Krediidipank changed this January and their aim is to make Krediidipank into a strong bank, which is focused on the Estonian market. As of this autumn, the bank will be operating under the name of Coop Pank in cooperation with the largest retail chain in Estonia. Having a branch in Latvia does not match our new strategy, thus the Supervisory Board of Krediidipank decided to close the branch,” said Rink.

All the clients of the Latvian branch of Krediidipank will also be individually notified of the upcoming changes. Further information can be obtained from the website of the Latvian branch of Krediidipank or by calling the customer support of Krediidipank at 669 0900.

Coop Eesti, the largest cooperative retailing group in Estonia with a sales network of more than 350 stores nationwide, purchased the majority holding in AS Eesti Krediidipank, which was previously held by the Bank of Moscow, this January. The aim of Coop is to use Krediidipank to create a strong Estonian capital-based Coop Bank, which uses the synergy between retailing and banking to bring the daily banking services back near people’s homes. Coop Eesti, comprising 19 cooperatives, has approximately 80,000 private owners and roughly 600,000 loyal customers.

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