Introduction

The Bank is one of the five leading commercial banks in Estonia. As of the date of this Offering Circular, the Bank was the third largest commercial bank in the country measured by total assets and third largest measured by market share of loans.

The Bank is principally engaged in commercial banking, being the principal bank for private individuals in Estonia. In the fiscal year ended 31st December, 1996, the Bank's main contributor to net revenue was net interest income, which represented approximately 74.4 per cent of total net revenue.

The Bank is the second largest quoted company on the Tallinn Stock Exchange with a market capitalisation of EEK 4,261.1 million as of 30th September, 1997.

As at 31st July, 1997, the Bank had 1,265 employees and 173 branch offices covering the whole country, servicing in excess of 894,000 accounts. The Bank is organised under the laws of the Republic of Estonia, and is licensed by the Bank of Estonia (Banking Licence Number EP-12PO, issued on 12th January, 1993) to operate and to provide the banking services in the Republic of Estonia. The Bank's registered head office is currently at Kinga 1, Tallinn, Estonia. The Bank's registration number is 10040845.

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