Coop Pank AS received an additional license for issuing covered bonds

COBALT successfully advised Coop Pank AS in applying for an additional activity license from the European Central Bank enabling the issuance of covered bonds.

Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking has reached 203 900. The additional activity license obtained is prerequisite for the issuance of covered bonds. The purpose of issuing covered bonds is to diversify the bank’s financing structure and to raise stable long-term funds.

COBALT advised the client on the licensing procedure and other regulatory issues. Our team included Partners Monika Koolmeister and Marina Kotkas, Specialist Counsel Kaarel Eller, Senior Associate Christine Mägi, Junior Associate Andres Haavik and Associate Peep Vähi.