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Eesti Ühispank part of the SEB Group

The full inclusion of Eesti Ühispank into the SEB Group will give bank customers in Estonia access to the services of an international banking group. Ühispank can, through SEB, better support cross-border business in the Nordic countries, Germany and the rest of Europe.

"Ühispank will gain from SEB's long and deep experience in banking but Ühispank will also contribute with its competence to the Group, such as knowledge of the Baltic markets and Ühispank's strong experience of e-banking. This merger is another sign of the speedy development of Nordic-Baltic business relations and also of Estonia's ability to attract foreign investment", says Lars Thunell, President and SEB Group Chief Executive.

"I strongly believe that SEB's presence is of benefit to bank clients, small and large, as well as to Estonia's ambition to integrate its economy with the European", says Lars Thunell.

SEB intends to retain the management and local profile of Ühispank in order to utilise the bank's strong standing in a growing market with a lot of growth companies.

Settlement for shares tendered during the acceptance period is expected to take place on 27 October 2000. SEB intends to apply for a delisting of Ühispank shares from the Tallinn, Helsinki, Frankfurt and Munich stock exchanges.