EESTI ÜHISPANK

ANNOUNCEMENT



ÜHISPANK SOLD 100% OF SAULES BANKA



On  18  December  1999,  representatives  of  Eesti  Ühispank  and Mr.

Ernesto Preatoni,  a private  investor, signed  an agreement according

to which Eesti Ühispank sold all  the shares of Saules Banka (100  per

cent of  the share  capital, i.e.  4,899,993 shares)  to Mr. Preatoni.

According to the agreement the price is confidential.



The agreement will  come into force  after the granting  of permission

by the Central Bank of Latvia.



Currently  the members of the Supervisory Council of Saules Banka  are

Mr. Toomas Tsopp (chairman), Mr.  Aare Urm and Mr. Ott  Saame. Members

of the Board are Ms.  Natalja Klendere (chairman), Mr. Janis  Kasalis,

Mr. Andris Puzo,  Mr. Edgar Dubra,  Mr. Andris Brikskis,  and Mr. Ugis

Latsons.



At present there are effective agreements between Ühispank and  Saules

Banka in the sphere of correspondent and credit relations.



The present transaction  is not a  transaction with connected  persons

in the meaning of Rules and Regulations of Tallinn Stock Exchange  and

the Members  of the  Board and  Supervisory Council  of Eesti Ühispank

have no personal interest in the transaction.



Saules  Banka  became  a  member  of  Ühispank group in 1998 after the

merger between  Ühispank and  Tallinna Pank.  The main  purpose of the

bank is  to offer  services to  small and  medium sized  companies and

private persons.  The bank  has a  very strong  position in electronic

services (70,000 card customers).



Board of Eesti Ühispank



The bulletin has the following annexes:

Financial results of Saules Banka for the last 3 years

Audited balance sheets for the last two years

Overview of loans extended to Saules Banka





Urmas Neetar

head of reporting dept.

6 656 390