Cofi AS received the activity licence of a credit institution
On 10 April 2015 the Financial Supervision Authority issued the activity licence of a credit institution to Cofi AS. The new name of the company as a credit institution will be AS Inbank.
The activity licence of a credit institution issued by the Financial Supervision Authority gives the right to receive deposits and other repayable funds from the public and the Estonian deposit guarantee scheme will apply to the deposits of clients.
Major holdings in the company that will be called AS Inbank belong to Pershing Hall Holding Limited and Cofi Investeeringute OÜ.
The elected chairman of the management board of AS Inbank is Jan Andresoo and the members of the management board are Liina Sadrak and Marko Varik. The chairman of the supervisory board is Priit Põldoja and the members of the supervisory board are Rain Rannu, Reimo Hammerberg, Triinu Reinhold and Roberto De Silvestri.
Cofi AS submitted the application for the activity licence of a credit institution on 11 April 2014 and the proceedings were carried out by the Financial Supervision Authority.
The European Single Supervisory Mechanism (SSM), whose members are the European Central Bank and the banking supervision institutions of the euro area countries, started operating on 4 November 2014. Since the implementation of the SSM, the functions of the European Central Bank also include the grant and annulment of all activity licences of credit institutions and giving its consent to the acquisition of major holdings in banks. Proceedings are carried out by the European Central Bank in liaison with the Financial Supervision Authority.