Finance Minister Jürgen Ligi said that Estonia can influence the sale process of Luminor. This can be done through the licensing procedure. The purchase will be discussed soon at the Financial Supervision Authority and the Bank of Estonia.
Ligi said that OTP is a large bank. It falls under the supervision of the European Central Bank. Therefore, Estonia has very little authority to decide.
The minister said the situation is new. It must be seen how much Estonia can oppose the deal. "We must follow the laws," said Ligi. He added that the situation is irritating.
Ligi said he would prefer a different kind of bank in Estonia. Competition between banks is good, but many factors must be considered. "Doing business in Russia has never been welcome in Estonia," he said.
Ligi said that Russia has made it difficult for OTP to leave. "They could leave if they gave the bank to the Russians," he said. Some companies have done this and sold their factories for little money.
Ligi said that operating in Russia is unacceptable in Estonia. "It would be a bad thing," he said. OTP acknowledges that Russian business is a problem for them.
Ligi said that Estonia is one of the most consistent countries not doing business with Russia. He said Estonia will continue to condemn such activities.
Interior Minister Igor Taro said Western companies should not operate in Russia. "Everyone should leave there," he said.
Taro said the deal would be viewed negatively. Every activity in Russia provides opportunities. "Whether through money or other assistance," he said.
Taro said people can choose whose services to use. "Whether they prefer a company operating in Russia or not," he said.
Taro believed the deal could harm Estonia's security.
Member of the European Parliament Urmas Paet said it is strange to hear that OTP's activities in Russia are nothing special. He said other banks also operate there.
Paet said banks should not operate in Russia because there is a war. "It is bad and criminal," he said.
Paet said OTP was on Ukraine's sanctions list. He does not know who in Estonia would want to deal with such a bank.
OTP Bank signed an agreement to buy Luminor. Ukraine placed OTP on the list of war sponsors because they operate in Russia. Later, they were removed from the list.
OTP continues to operate in Russia. Their assets and loans grew there last year. The deal depends on promises.