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On 29 January 2024, the Estonian Financial Supervision and Resolution Authority (FSA) Issued a Precept to Bigbank AS Based on an Onsite Inspection

Written by Customer Service on . Posted in Public Companies.

During the onsite inspection, the FSA assessed the general governance, compliance function, the management and control of IT risk, credit risk and liquidity risk, and the accuracy of reporting and the system of the suitability assessments of the management bodies and key function holders. Based on the assessment of the FSA the credit risk management and control of Bigbank AS did not fully comply with the requirements set out in applicable legislation.

Bigbank AS has already eliminated several deficiencies mentioned in the findings and has drafted a detailed action plan for the prompt resolution of remaining issues, enhancing the bank’s internal rules and streamlining processes.

Mart Veskimägi, Member of the Board and Head of Risk Management Area comments:

“Bigbank takes all applicable and current regulatory requirements with the utmost seriousness. To date, we have already eliminated several identified deficiencies, enhanced internal processes, and updated internal regulations. We have an action plan in place, which has been coordinated with the FSA, to address and rectify all identified shortcomings.”

Bigbank AS (www.bigbank.eu) is an Estonian capital-based bank specialising in loans and deposits for private and business customers. In addition to operations in Estonia, the bank has branches in Finland, Sweden, Latvia, Lithuania, and Bulgaria and offers its products on a cross-border basis in Austria, Germany, and the Netherlands. Bigbank’s total assets exceed 2 billion euros.

Mart Veskimägi
Member of the Management Board
E-mail: mart.veskimagi@bigbank.ee
www.bigbank.eu

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