AS OPTIVA PANK

ANNOUNCEMENT

20.05.1999

 

COMMENTARY TO THE ARTICLE OF ÄRIPÄEV

 

Optiva Pank wishes to inform the investors that the article published 

on pages 12-13 of newspaper Äripäev of 20.05.99 does not reflect 

truthfully the merger of AS Eesti Forekspank and AS Eesti 

Investeerimispank and the events related to this merger. The article 

contains numerous groundless speculations and factual errors.

 

The merger process of the aforementioned banks is described in detail 

in the respective audited merger report and 1998 audited annual 

report of Optiva Pank. Moreover, the Bank of Estonia as the major 

shareholder of Optiva Pank has made several clarifying statements 

regarding its motives and goals upon supporting the merger of the 

aforementioned banks.

 

In order to obtain information more reliable than provided in the 

article, AS Optiva Pank recommends to review the reports of 

independent auditors.

 

 

Ranno Pajuri

Director of Market Communication

Optiva Pank

Tel. +372 6302 105