Changes in the Management Board of Coop Pank AS and Supervisory Boards of Bank’s subsidiaries

On June 14, 2023, the Supervisory Board of Coop Pank AS decided to extend the terms of office of Margus Rink, a Chairman of the Management Board of Coop Pank, and Arko Kurtmann, Member of the Management Board of Coop Pank, for a new 3-year term starting from the end of the previous term, i.e., until 31.10.2026.

The term of office of Rasmus Heinla as a Member of the Management Board of Coop Pank and Head of Consumer Banking will expire on 31.10.2023. In relation to the end of the Management Board member's term of office, Rasmus Heinla shall be recalled from the Supervisory Boards of Coop Pank AS subsidiaries Coop Finants AS, Coop Liising AS and Coop Kindlustusmaakler AS. Rasmus Heinla's mandate as a Member of the Supervisory Boards of subsidiaries of Coop Pank expires on 31.10.2023.

The Supervisory Board of Coop Pank AS decided to carry out a targeted search for a Head of Consumer Banking. A new Management Board Member shall be appointed at the October meeting of the bank’s Supervisory Board at the latest.

Margus Rink has been the Chairman of the Management Board of Coop Pank AS since 2017 and he is also a member of the Supervisory Board of Coop Pank's subsidiaries Coop Finants AS, Coop Liising AS and Coop Kindlustusmaakler AS. In addition, Margus Rink is a Member of the Management Board of Estonian Banking Association. Margus Rink obtained a master's degree in business administration from the Faculty of Economics of the University of Tartu in 2000 and a bachelor's degree in financial accounting and analysis from the same university in 1994.

Currently, Margus Rink owns 716,000 Coop Pank AS shares and 7 Coop Pank AS subordinated bonds. He has also been issued an option for 223,100 shares.

Since 2020, Arko Kurtmann has been a Member of the Management Board of Coop Pank AS and Head of Corporate Banking, as well as a Member of the Supervisory Board of Coop Pank's subsidiaries Coop Finants AS, Coop Liising AS, Coop Kindlustusmaakler AS, and same time Chairman of the Supervisory Board of Coop Liising AS. Arko Kurtmann graduated from the Estonian University of Life Sciences with a degree in economics and business. Arko Kurtmann currently owns 49,000 Coop Pank AS shares through his company Corby Capital OÜ. He has also been issued an option for 134,500 shares.

Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 160,400 everyday banking customers. Coop Pank uses the synergy between retail trade and banking and brings everyday banking services closer to home. The bank's strategic owner is the domestic retail chain Coop Eesti, whose sales network includes 320 stores.

Additional information:
Kristjan Seema
Head of Marketing and Communications
Phone: +372 5505 253
e-mail: kristjan.seema@cooppank.ee