Defying Headwinds From Baltic Scandals, Estonian Bank Plans IPO
- Coop Pank seeks to raise 37 million euros in Tallinn listing
- Clients have sought locally-owned lenders after Danske’s exit
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An Estonian lender is planning an initial public offering in what may offer a rare bright spot in the Baltic financial sector reeling from laundering scandals.
Coop Pank AS, with a 2% share of the Estonian market, has reported a record surge in clients after Danske Bank A/S was ordered in February to leave the country. The controversy has also engulfed the local unit of Swedbank AB, Estonia’s largest lender, spurring many clients of Nordic banks to open additional accounts at locally-owned rivals. The trend has also benefited Coop’s bigger peer LHV Group, which listed shares in 2016.