AS OPTIVA PANK

ANNOUNCEMENT

21.05.99

 

COMMENTARY TO THE ARTICLE OF NEWSPAPER “ÄRIPÄEV”

 

AS Optiva Pank finds necessary to comment on the article published on 

page 4 of the 21.05.99 issue of newspaper “Äripäev”. The author of the 

article speculates with the possibility that Optiva Pank has undertaken 

certain additional obligations, which have not yet been announced to 

the public. The Management Board of AS Optiva Pank hereby confirms that 

the aforementioned speculations are groundless and Optiva Pank has 

undertaken no additional obligations. The merger process took place 

under full knowledge and supervision of the auditors of both banks and 

the Bank of Estonia.

 

We also confirm that the information presented to AS 

PriceWaterhouseCoopers, the auditor of former AS Eesti Forekspank and 

current AS Optiva Pank, in order to conduct audit on the half year 

report of 1998 and annual report of 1998 and to evaluate the conditions 

of the merger of Eesti Forekspank and Investeerimispank, was truthful 

and sufficient to evaluate the company’s financial status. The 

Management Board of AS Optiva Pank has neither withheld data nor 

presented inaccurate information, which could have influenced the 

auditor’s opinion. 

 

The newspaper claims that since the merger report was based on half 

year results of the merged banks, it fails to reflect fairly the banks’ 

financial status in summer and fall 1998. However, pursuant to the 

international auditing standards, the audit must consider all 

significant events and facts occurring in the course of audit, and they 

will be reflected retroactively. Hence, the merger report AS Eesti 

Forekspank ja AS Eesti Investeerimispank reflects adequately the 

financial status of the merged banks at the time the merger report was 

published.

 

We would also like to comment on the newspaper’s claim that the bank 

did not reveal information on the identity of the clients of 

Forekspank’s shareholder Swiss Ueberseebank. Firstly, these documents 

are not necessary to conduct audit the bank’s financial status. 

Moreover, Optiva Pank cannot submit data about the financial investors 

represented by the Swiss bank shareholder, since Optiva Pank does not 

hold the respective information. Confidentiality of the identity of 

clients of the bank registered in Switzerland is protected by 

Switzerland’s legislation and the banks are deprived by law of issuing 

information about their clients and transactions. We would also like to 

draw the investors’ attention to the fact that former Ueberseebank, now 

renamed AIG Private Bank, is 100% owned by financial organization AIG, 

assigned AAA credit rating by Moody's.

 

 

Management Board of AS Optiva Pank 

 

Additional information: 	

Ranno Pajuri 

Director of Market Communication

Tel. +372 6302 181