OREANDA-NEWS. On 03 September 2009 was announced, that the Estonian Banking Association confirmed the membership of BIGBANK AS during today's meeting of the Board. With BIGBANK the Estonian Banking Association, which represents the interests of the banks, now has 11 members.

BIGBANK, which is owned by Estonian capital, is an international financial concern, which is focussed on giving consumer loans to natural persons. The enterprise took up business in 1992, has been active as a bank since the autumn of 2005 and has by today opened branches in Latvia and Lithuania, being the leading credit institution in the Baltic States in its market niche. In addition the bank offers term deposits on the Finnish and German markets as a cross-border service. BIGBANK's services are used by a total of over 100,000 clients. According to the Chairman of the Management Board of BIGBANK, Targo Raus, BIGBANK sees its role in developing the banking sector of Estonia with the other members of the association.

The Estonian Banking Association, as a professional association uniting commercial banks, is open to all credit institutions owning an activity license in Estonia. According to the Managing Director of the Banking Association, Katrin Taliharm, it is welcomed that a domestic bank, which is yet relatively small, joins the local banking association in order to have better channels for acquiring information and also to influence processes. The membership of the Estonian Banking Association also positively affects the clients, as the member banks are guided in their activities by the traditional principles of sound banking management and other self-regulation norms endorsed by the Banking Association.

The main objectives of the Estonian Banking Association are developing Estonian banking and coordinating activities necessary for solving the common problems of the banks. Of the 15 credit institutions owning an activity license in Estonia, 11 - Swedbank, SEB Bank, Nordea Pank, Sampo Pank, Eesti Krediidipank, Tallinn Business Bank, Parex Pank, UniCredit Bank, DnB NORD Bank, LHV Bank and BIGBANK - are members of the Estonian Banking Association, which was founded by 21 commercial banks in 1992. As at the end of 2008, the members owned a market share of more than 97% according to the capacities of loans. The Estonian Banking Association is a full member of the European Banking Federation and the European Payments Council.

Every member bank is represented at the Board by one representative. The Members of the Board of the Estonian Banking Association are Priit Perens from Swedbank, Ahti Asmann from SEB Bank, Vahur Kraft from Nordea Pank, Aivar Rehe from Sampo Pank, Andrus Kluge from Krediidipank, Valeri Haritonov from Business Bank, Sofia Krist from Parex Pank, Taavi Laur from UniCredit Bank, Hans Pajoma from DnB NORD Bank, Erki Kilu from LHV Bank and Targo Raus from BIGBANK. The Chairman of the Board is Aivar Rehe.