AS OPTIVA PANK

ANNOUNCEMENT

18.08.99

 

 

Optiva Pank and the Bank of Estonia (hereinafter BOE) as its 

majority 

shareholder would hereby like to call the investors’ attention to 

the 

fact that the recent speculations about the sale of BOE’s strategic 

holding in Optiva Pank do not rest upon any official announcement 

from 

the parties concerned. 

 

Upon announcing its plan to acquire majority shareholding in AS 

Optiva 

Pank in October 1998, the Bank of Estonia also stated that its 

shareholding in Optiva Pank is subject for disposal in the future, 

as 

the strategic goal of BOE is to withdraw its holdings in the 

commercial 

banks.

 

The BOE has also stated that no binding deadlines have been set for 

conducting the aforementioned transaction, and the main objective 

is to 

ensure deliberate and effective development of Optiva Pank through 

a 

suitable strategic investor.

 

Due to the BOE’s clear interest to dispose its shareholding in 

Optiva 

Pank, the representatives of the central bank have held and will 

continue negotiations with different investors. However, no 

definite 

agreements have been made yet, hence any information about 

potential 

strategic investors and relevant deadlines should be considered 

preliminary and speculative. At this moment, neither the BOE nor 

Optiva 

Pank have grounds to make any official statements regarding the 

above 

issue.

 

Should any significant information become evident, Optiva Pank and 

the 

BOE will inform the investors immediately via the Tallinn Stock 

exchange information system.

 

 

Ranno Pajuri                                    Andrus Kuusmann

Director of Market Communications Dept.         Director of 

Information Dept.   

Optiva Pank                                     Bank of Estonia         

+372 63 02 105                                  +372 63 10 745