Tallinn begins selling its stake in Coop Pank
The city of Tallinn has started selling its entire Coop Pank shareholding — just over 2.8 million shares, about 3% of the bank's capital. Bids will be accepted until midday on September 24.
At an extraordinary meeting on the morning of September 23, Tallinn's city government approved the terms for divesting its Coop Pank shares. The entire municipal stake is being sold — 2,845,973 shares, roughly 3% of the bank's share capital.
At the same time, Coop Pank informed the Tallinn Stock Exchange that the city had decided to sell its full holding. The bid acceptance period is set to close at 13:00 on September 24.
With this, Tallinn has moved directly to executing the sale that the city council approved back in July 2025, when it backed a proposal from the city government. At that time, 40 councillors voted in favor of selling the shares, while 26 voted against.
At the time of that decision, Coop shares were trading at around €1.97, putting the value of the city's stake at approximately €5.6 million. The actual proceeds from the current sale cannot yet be estimated, since the price will be determined through an accelerated bookbuilding process.
Origin of the shares
Tallinn acquired its Coop Pank shares in October 2022 following the liquidation of a cooperative bank that had originally been established with the involvement of Edgar Savisaar. The city became one of Coop Pank's major shareholders, but a later decision was made to exit the bank entirely.
Coop Pank is one of five universal banks operating in Estonia. The bank's strategic owner is Coop Eesti.
