Planned Changes in the Management Boards of LHV Group and LHV Pank
April 18 2024 - 1:00AM
Planned Changes in the Management Boards of LHV Group and LHV Pank
The Supervisory Board of AS LHV Group has decided to recall the
Management Board member and CRO Martti Singi by the end of 2024 at
the latest as mutually agreed. Simultaneously, it has been decided
to recall the Management Board member and CRO of AS LHV Pank within
the same timeframe.
According to Madis Toomsalu, Chairman of the Management Board of
LHV Group, Martti Singi’s contribution to risk management at LHV
has been significant. “Martti has been one of the main constructors
of LHV’s current risk management. He has done this effectively and
taking into consideration our growth ambitions. LHV has remained
among the best European banks in terms of performance, and with a
background of well-managed risks. In the coming months, we are
committed to finding a new head for our risk management field,”
Toomsalu commented.
Martti Singi has been working as the CRO at LHV since 2012. Last
year, LHV became a systematically important bank under the
supervision of the European Central Bank, and the related processes
have now concluded.
“A dozen years in LHV have been exciting and eventful, as will
be the future for LHV without a doubt. The beginning of LHV’s new
phase is the right moment for me to step aside,” commented
Singi.
The management of LHV Group along with the Nomination Committee
have started searching for a candidate for the new Management Board
member. Changes in the Management Boards of LHV Group and LHV Pank
are planned to be implemented by the end of this year, with the
exact date depending on the progress of finding a new Management
Board member. The decision on the suitability of the new Management
Board member will also be made by the European Central Bank.
LHV Group is the largest domestic financial group and capital
provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV
Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs
over 1080 people. As at the end of February, LHV’s banking services
are being used by 424,000 clients, the pension funds managed by LHV
have 121,000 active clients, and LHV Kindlustus protects a total of
164,000 clients. LHV Bank Limited, a subsidiary of the Group, holds
a banking licence in the UK and provides banking services to
international financial technology companies, as well as loans to
small and medium-sized enterprises.
Priit RumCommunications ManagerPhone: +372 502 0786Email:
priit.rum@lhv.ee