Financial Supervision Authority grants permission for Ukrainian company Ukrselhosprom to acquire qualifying holding in credit institution Marfin Pank Eesti
The Financial Supervision Authority has granted permission for the Ukrainian company Ukrselhosprom to acquire a major holding of over 50 percent in the credit institution Marfin Pank Eesti AS as well as permission for an individual, Vadym Iermolaiev, to acquire an indirect qualifying holding in the same credit institution.
Ukrselhosprom acquired 70.5427 percent of Marfin Pank Eesti AS’s shares, which had hitherto been owned by Marfin Popular Bank Public Co Ltd.
Persons wishing to acquire a qualifying holding in a bank operating in Estonia on the basis of an activity licence must apply to the Financial Supervision Authority for the relevant permission. Under the Credit Institutions Act, a qualifying holding is either a direct or indirect holding of at least 10 percent of a company’s share capital, of all of the rights or votes represented by shares, or which enables dominant influence over the company’s management bodies.
The application for acquiring a qualifying holding in Marfin Bank Eesti AS was submitted by Ukrselhosprom to the Financial Supervision Authority on 30 September 2011.