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.
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