TALLINN - Vereins- und Westbank AG of Germany, announced that it was about to open a branch in Estonia and has submitted the respective application to the Financial Supervision Authority.
Vereins- und Westbank AG, which already has a representation office in the country, said it saw business opportunities first and foremost thanks to the country's liberal and transparent economic policy, with EU accession giving an important extra boost.
"Estonia's attractive investment climate and even economic growth should create suitable conditions for a successful offer of banking services," Frank Marcus, head of the representation, said.
"We are planning to raise the number of employees to 30 over the next months," he added. "With that step the bank's competence to make decisions about matters related to Estonian transactions will be transformed."