Bigbank AS begins the termination of economic activities of two subsidiaries and changes in the composition of the management board of subsidiaries
The management board of Bigbank AS (hereinafter „the Bank“) has decided to start with the termination of economic activities of two subsidiaries – Palupera Põllud OÜ and Abja Põld OÜ.
The principal activity of Palupera Põllud OÜ has been raising of dairy cattle and Abja Põld OÜ has been engaged in growing of crops. With the termination of the economic activity, the process of exiting from dairy and crops farming and the gradual expropriation of assets will begin.
The termination of the economic activity is taking place due to the activities not supporting the Bank’s core business and therefore, agricultural production is not part of the Bank’s long-term strategic plans. The termination of the companies’ activities will not endanger the achievement of the Bank’s financial goals in 2022 and 2023 and will not negatively affect the interest payments of the bonds issued by the Bank in the following years.
The Bank also informs that OÜ Rüütli Majad, the sole shareholder of Palupera Põllud OÜ and Abja Põld OÜ has removed management board member Siim Kaljuma from the management board of both subsidiaries. Joosep Kukebal has been appointed as a new management board member. He has a long-term work experience in agricultural sector that ensures the most efficient termination of economic activities of both subsidiaries. The management board will continue with two board members. The Bank would like to thank Siim Kaljuma for his contribution to the activities of the subsidiaries.
The activities necessary to terminate the economic activities will be completed by the end of 2023, at the latest.
Bigbank AS (www.bigbank.ee) is a bank based on Estonian capital focused on loans and deposits of private and corporate customers, which, in addition to activities in Estonia, has branches in Finland, Sweden, Latvia, Lithuania and Bulgaria, and which also offers its products as a cross-border service in Austria, Germany and the Netherlands. Bigbank AS balance sheet exceeds 1.5 billion euros.
Argo Kiltsmann
Member of the Management Board
Telephone: +372 5393 0833
E-mail: argo.kiltsmann@bigbank.ee
www.bigbank.ee
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