OPTIVA PANK

ANNOUNCEMENT



OFFERING TO BUY MAJORITY HOLDING IN OPTIVA PANK



Sampo Finance Ltd. made a purchase offering to majority holding in 

Optiva Pank.



Sampo Finance Ltd., the subsidiary of Sampo Insurance plc and Kaleva  

Mutual Insurance Company, has made an offering to acquire all 57.9% 

of Optiva Pank shares from the Bank of Estonia. The Bank of Estonia 

has agreed to start negotiations to reach an agreement in accordance

with the terms and framework provided in the offering. The 

parties hope to conclude the final agreement not later than on June 

30, 2000. After the transaction Sampo Finance Ltd. will also make a 

takeover bid to all shareholders of Optiva Pank.



Optiva Pank sees the coming of new strategic investor to be positive 

for the bank. The new owner will bring international know-how and 

enable the bank to compete more successfully on the local banking 

market in accordance with the company's strategic goals.





Ruth Laidvee

Market Communications Director

+372 6 302 105