EESTI ÜHISPANK

ANNOUNCEMENT



MOODY'S UPGRADED ÜHISPANK'S RATINGS



Eesti Ühispank Deposit  Ratings Upgraded to  Baa1/P- 2    by   Moody's

Investors   Service,   a   Positive  Outlook  Assigned  to D Financial

Strength Rating



Moody's   Investors   Service   today   upgraded    to Baa1/P-2   from

Baa2/P-3 the deposit  ratings  of Eesti  Ühispank. A positive  outlook

was   assigned  to   the   D  financial  strength  rating. The  rating

action follows the announcement  that, as a result  of  its   offer to

purchase  the  outstanding  shares  in  Eesti  Ühispank,  Sweden's SEB

(rated A2/C/P-1), currently holds just over 95% in the bank.



SEB   bought  a  majority  stake  in  Ühispank  in  1998,  which   was

increased to above  50  per  cent   in October  1999.  As in the  case

of its  two  other  acquisitions, in Latvia and Lithuania, where   SEB

is    also    seeking     100%   ownership,    SEB    is  contributing

management and other resources.



Moody's   believes that  such assistance  will   both strengthen   and

deepen Eesti Ühispank's  position within  the SEB group continuing  to

improve   both  the   quality  of  the  bank's  franchise and its risk

management, while diversifying product range. The positive outlook  on

the financial  strength rating  reflects   Moody's belief  that in the

medium  term this will also strengthen the bank's franchise.



The   ratings  continue  to   be  underpinned   by Ühispank's   strong

domestic banking franchise.  A lot   of  work was done in the  last 12

months   to improve  the bank's  risk management  processes  and going

forward  the  bank's   funding  profile,    which  has    historically

included   significant    deposits   from       Estonian    government

institutions   should  strengthen.     Ühispank's     ratings      are

also constrained    by    Estonia's   relatively    riskier  operating

environment, which is more sensitive to external shocks.



Additional Information:



Johan Lindh,

Chief Financial Officer

Eesti Uhispank

Ph. + 372 6655 300





Urmas Neetar

head of reporting dept.

6 656 390