Now might not seem like the best time to open a new bank, but that is exactly what has happened in Estonia.
Speaking to Business New Europe, Erki Kert, a board member of the newly-formed LHV bank, explained that the institution will be looking to take advantage of a gap in the market.
"Lending has slowed everywhere across the market and as a result, even some of the strongest companies are left with empty hands," he said.
It is these firms that the bank will be looking to offer loans to, Mr Kert added.
The origination can start with "a clean slate" and not have to worry about a pre-existing portfolio of loans, he stated.
Despite the fact that many might take the opposite point of view, now is actually a very good time to start a new bank, Mr Kert claimed.
Recently, the European Investment Bank revealed that it is to lend a total of €700 million (£595 million) to Estonia.
New Estonian bank eyes gap in the market