Banking System Overview

Central Bank

The central bank of Estonia is called Eesti Pank. It is responsible for implementing the monetary policy, maintaining the financial system's stability, and issuing currency. The bank also provides services to the government and the financial sector, including managing the foreign reserves and overseeing payment systems.

Regulated by: Bank of Estonia

Responsibilities of the Central Bank of Estonia include:

• Implementing monetary policy
• Issuing banknotes and coins
• Regulating the financial system
• Managing the country's foreign exchange reserves

Examples: Bank of Estonia

Commercial Banks

Commercial banks in Estonia offer various services, including deposit accounts, loans, foreign exchange transactions, and money transfers. These banks provide services to individuals and businesses.

Regulated by: Financial Supervision Authority

Services typically offered by commercial banks include:

• Deposits
• Loans
• Mortgages
• Credit cards
• Foreign exchange
• Investment services

Examples: Swedbank, SEB Bank, LHV Pank, Coop Pank

Investment Banks

Estonia does not have any pure investment banks. However, some commercial banks offer investment banking services, such as underwriting and financial advisory services.

Regulated by: Financial Supervision Authority

Services typically offered by investment banks include:

• Underwriting and issuing securities
• M&A advisory
• Other investment-related services

Examples: LHV Bank, Redgate Capital

Retail Banks

Retail banks in Estonia primarily focus on serving individuals and small businesses. These banks offer deposit accounts, credit cards, and personal loans.

Regulated by: Financial Supervision Authority

Services typically offered by retail banks include:

• Basic deposit and loan services
• Credit cards
• Online banking
• Mobile banking

Examples: Swedbank, SEB Bank, LHV Pank

Foreign Banks

Several foreign banks operate in Estonia and offer a range of services to customers, including corporate banking and investment services.

Regulated by: Financial Supervision Authority

Services typically offered by foreign banks include:

• Corporate banking
• Trade finance
• Foreign exchange

Examples: Danske Bank, Nordea Bank, OP Corporate Bank

Credit Unions

In Estonia, credit unions, or cooperatives, are called "Savings and Loans Associations". These associations are member-owned and offer services such as savings accounts, loans, and insurance. 

Regulated by: Financial Supervision Authority

Services typically offered by credit unions include:

• Savings accounts
• Loans
• Other financial services

Examples: Talveaed and Saaremaa Coop

Savings and Loan Associations

Savings and loan associations are financial institutions that specialize in providing customers savings accounts and mortgage loans.

Regulated by: Financial Supervision Authority

Services typically offered by savings and loan associations include:

• Basic deposit and loan services

Examples: Säästva Krediidipank, Rahva Raamatukassa

Online Banking

Online banking is becoming increasingly popular in Estonia, with several banks offering online services to customers. These services include mobile banking apps, online account management, and e-wallets.

Regulated by: Financial Supervision Authority

Services typically offered by online banking include:

• Account management
• Bill payments
• Money transfers
• Other financial transactions

Examples: Offered by most commercial and retail banks in Estonia

Other Financial Institutions

Other financial institutions in Estonia include payment service providers, insurance companies, and pension funds. These institutions offer various services, including insurance policies, investment plans, and pension schemes.

Regulated by: Financial Supervision Authority

Services typically offered by other financial institutions include:

• Deposit services
• Loan services
• Insurance

Examples: Inbank, Bigbank, Luminor Bank