Bayerische Hypo-und Vereinsbank AG Tallinn Branch becomes AS UniCredit Bank Estonian Branch

Tallinn, September 1, 2007

Press release

Bayerische Hypo-und Vereinsbank AG Tallinn Branch becomes AS UniCredit Bank Estonian Branch


Starting from September 1, 2007 AS UniCredit Bank Estonian Branch takes over the business of HVB Bank Tallinn Branch continuing the integration in one of the biggest banking groups – UniCredit Group.

Following the branding strategy of UniCredit Group, the decision on business transfer of HVB Bank Tallinn Branch to AS UniCredit Bank Estonian Branch was passed in the shareholders’ meeting of the bank on February 9. Also, the shareholder of HVB Bank Tallinn Branch has changed. Starting from January 10, 2007, Bank Austria Creditanstalt (BA-CA), the Vienna-based center for CEE business of UniCredit Group, had become a sole shareholder of HVB Bank Tallinn Branch, acquiring 100 % direct substantial interest in the Baltic bank by the German Bayerische Hypo- und Vereinsbank AG.

With the business transfer also other changes will take place at AS UniCredit Bank Estonian Branch.

The Board of Management has been designed and will be implemented as of today, consisting of 5 persons: chairman of the board of management will be Juris Jākobsons, members of the board of management are: Algimantas Kundrotas, Torsten Tegtmeier, Wilfried Seemann and Frank Marcus. The new board will lead the Bank’s activities in all 3 Baltic countries.

It has been decided to create a Pan-Baltic bank with branches in all 3 countries. The setting up of the Pan-Baltic bank is completed by the 1st of September 2007, when the transfer process of the assets and the customers of the current Vilnius and Tallinn branches of HVB to the new UniCredit Bank take place. The assets and the customers transfer of Riga branch took place on the 20th of February 2007.

Starting from September 2007, the SWIFT address will be changed simultaneously with the change of account numbers. All bank’s customers and cooperation partners have been informed well in advance about the changes.

By keeping the main focus on corporate customers, AS UniCredit Bank Estonian Branch is planning
to continue to operate in such areas as commercial real estate financing and trade financing and
is also planning to start offering leasing services.
The name change will not only ensure the bank’s further integration in UniCredit Group, but also offer much broader possibilities to the customers of AS UniCredit Bank Estonian Branch in the Baltic countries.