The Baltic Investment Group Bank (BIG) has decided to continue offering an annual interest rate of 8% on one-year fixed-term deposits in Estonian kroons from 1 June 2008.
Until the end of May BIG was offering fixed-term deposits with high returns as part of its campaign to promote saving. The company's management has now decided to raise the interest rate on its ordinary price list to 8% starting from 1 June.
Kaido Saar, a member of the management board of BIG, says that the campaign showed there is high demand among clients for deposits with similar conditions and that the results of the campaign surpassed the company's expectations. "With productivity at two to three percentage points higher than the average, our market share in the sector of six-month and longer deposits in kroons for private clients saw growth from 2% to 4%, and our aim is to increase that even further," he said.
The 8% interest rate will apply to deposits in Estonian kroons with a fixed term of one year and a minimum deposit value of 5000 kroons. Deposits in euros with a minimum deposit value of 10,000 euros enjoy an interest rate of 7%. Depositors do not have to be existing BIG clients or open a BIG settlement account - the offer is open to everyone.
Interest earned on fixed-term deposits is exempt from income tax. The terms and conditions of BIG deposits are set out in more detail on the bank's website at www.hoius.big.ee.
The Baltic Investment Group Bank is one of the largest banks in the Baltic States specialising in lending to private clients and is the leader in the small loans sector of the Estonian market. BIG has set itself the goal of offering the most productive fixed-term deposits on the Estonian market. The minimum deposit term is six months while the maximum is five years.
As of the end of 2007, BIG employed a total of 494 people in 38 branches throughout the Baltic States. BIG's bonds are listed on the Tallinn and Stockholm Stock Exchanges.
For further information please contact:
Kaido Saar
Member of the Management Board
Telephone: +372 630 9927
E-mail: kaido.saar@big.ee
