Cypriot firms no longer shareholders of Krediidipank

28.03.2012, 09:37

Eesti Krediidipank, one of Estonia’s smallest banks, announced that Cypriot enterprises whose shareholding only recently amounted to 44 percent no longer own shares in the bank, writes Äripäev.

In the spring 2011, Bank of Moscow sold most of its holding in Krediidipank to various companies tha were mostly  registered in Cyprus.

Since Cypriot ownership meant that the bank lacked transparency, the situation was criticised by the Financial Supervisory Authority and the management of Krediidipank itself.

By the end of March 2012, Krediidipank was able to report that it no longer has Cyprior enterprises among its shareholders that are now replaced by companies and natural persons registered in Estonia and Russia.