TALLINN — Olev Schults became sole owner of Cresco Investment Bank, which owns a minority stake of Estonia’s national carrier Estonian Air, the company announced Monday.

Olev Schults, one of the founders of Cresco, bought out the shares of co-owner Tõnu Laak at the end of last month. The deal gave Schults sole ownership of Clifton, Cresco and Cresco Securities and 17 percent of Estonian Air.

Schults is keeping details of the buyout under wraps.

“Capital industry rules and good customs include discretion,” Schults told Baltic Reports.

Cresco was founded in 1995 by three Estonian financial market specialist, two of which Olev Schults and Tõnu Laak also founded Hansapank.

Cresco may sell its shares of Estonian Air if SAS agrees to sell its part to the state. Schults told Äripäev in December that although Cresco has not offered to sell its part, without SAS’s input the company could become too easily manipulated by politicians.