Subsidiaries

As of 30th June, 1997, the Bank had eleven subsidiaries (five of those wholly owned) and held an interest in excess of 20 per cent in four affiliated companies. The Bank's subsidiaries are Hoiupanga Liisingu AS ("Hoiupank Leasing"), Hoiupanga Aktivajuhtimise AS ("Hoiupank Asset Management"), Hoiupanga Maja OU ("Hoiupank House"), Hoiupanga Investeeringute AS ("Hoiupank Investments"), Hoiupanga Väärtpaberite AS ("Hoiupank Securities), Hoiupanga Valduse AS ("Hoiupank Holding"), AS Eesti Kindlustus ("Estonian Insurance"), Eesti Varakindlustuse AS ("Estonian Property Insurance"), Eesti Elukindlustuse AS ("Estonian Life Insurance"), AS Kindlustuskonsultant ("Insurance Consultant") and Inveks AS.

Hoiupank Leasing
Hoiupank Leasing was founded in 1994 and as of 30th June, 1996 was among the three largest Estonian leasing firms by total assets, having a market share of 17.4 per cent. Hoiupank Leasing is offering its customers both capital lease and operating lease services. Hoiupank Leasing has representational offices in four major towns of Estonia.

Hoiupank Asset Management
Hoiupank Asset Management (founded in 1995) is a wholly owned subsidiary of the Bank and one of the two largest investment fund managers in Estonia, with a total of approximately EEK 900 million of assets under management as of 1st September, 1997. Hoiupank Asset Management currently has four funds under management: open-ended "Hoiupanga Investeerimisfond" (the Hoiupank Investment Fund), "Hoiupanga Venemaa Investeerimisfond" (Hoiupank Russian Investment Fund), "Hoiupanga Rahaturufond" (Hoiupank Money Market Fund) and closed "AS Suurerastamise Investeerimisfond" (the Large-Scale Privatisation Investment Fund) and is also involved in portfolio management. The revenues of Hoiupank Asset Management mainly consist of management fees.

Hoiupank Investments
Hoiupank Investments is a company established in 1996 to provide investment banking services. Hoiupank Investments is 100% owned by Hoiupank.

Hoiupanga Maja
Hoiupanga Maja OU was established in 1996 and is 100% owned by Hoiupank. The company is responsible for the administration of the Bank's buildings and real estate.

Hoiupank Securities
Hoiupank Securities was founded in 1995 and is a brokerage company having a brokerage license in Estonia. Hoiupank Securities is 100% owned by AS Prosperitas. It is considered as a subsidiary of Hoiupank as according to an agreement signed with the owners of AS Prosperitas controls 100% of the activities of the company.

Hoiupank Holding
Hoiupank Holding is an insurance company founded in 1996 to acquire control in AS Eesti Kindlustus ("Estonian Insurance"). Hoiupank Holding owns 85.6% of the shares of Estonian Insurance, which in turn owns 100% of the shares of Eesti Varakindlustuse AS (Estonian Property Insurance), 100% of the shares of Eesti Elukindlustuse AS (Estonian Life Insurance), and 100% of the shares of Kindlustuskonsultant AS (Insurance Advisor). Estonian Insurance is the largest insurance company in Estonia with both life and non-life operations having a market share of around 24% of the whole Estonian insurance market. Estonian Insurance has a network of 17 branches in Estonia and employs over 400 agents.

Inveks AS
In 1997 Hoiupank acquired 76% of the shares of a Latvian brokerage company Inveks AS. Inveks is founded in 1995 and it holds a brokerage licence in Latvia.

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