Landmark case – after a gap of several years a new bank opens in Estonia


SORAINEN Estonia advised Cofi, a novel Estonian financial institution specialising in consumer credit and hire purchase, on applying for a credit institution licence from the Estonian Financial Supervision Authority (EFSA). The EFSA granted a licence to Cofi on 10 April and the newly established bank will be named Inbank.

Inbank’s competitive edge lies in thorough knowledge of the needs of individual customers and businesses as well as expertise in financial technology. In addition to the usual fixed deposits, the new bank also plans to offer flexible deposit options with attractive interest rates and innovative niche services. 

Inbank development was encouraged by the success of innovative start-up Cofi. Operating in the field of payment solutions and financial technology, Cofi was founded in 2010 by Priit Põldoja, current Chairman of the Inbank Supervisory Board, and Jan Andresoo, Chairman of the Inbank Management Board. As architect of a technical banking services system for Estonia's largest locally owned food and grocery retail group ETK, Cofi assisted the group in building an extensive financial services network in 2011-2015, thus winning the trust of a large number of customers. Today, Cofi has established partner relations with 250 traders and over 100,000 customers and has a financial services portfolio amounting to over EUR 30 million.

The credit institution licence issued by the EFSA allows Inbank to attract deposits and other refundable financial resources from the public. Customer deposits are subject to the Estonian deposit guarantee scheme.

SORAINEN Estonia advised the client throughout the process, including establishing banking activity systems as required by Estonian law, drafting internal rules and guidelines, in shareholding structure issues and in discussions and negotiations with the EFSA. The client was advised by partner Reimo Hammerberg and senior associate Jane Eespõld.


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