Changes in the Management Board of Coop Pank AS and Supervisory Boards of Its Subsidiaries

The Supervisory Board of Coop Pank AS has appointed the bank’s Head of IT, Alvar Pihlapuu, as a new Member of the Management Board. Mr. Pihlapuu joined the Coop Pank team on 15 September 2025. His mandate as a Management Board Member will commence on 1 February 2026 and will last for a term of three years.

In addition, Alvar Pihlapuu has been appointed as a Member of the Supervisory Boards of Coop Pank AS's subsidiaries Coop Liising AS and Coop Kindlustusmaakler AS for a term of three years.

According to Arko Kurtmann, Chairman of the Management Board of Coop Pank, a modern bank is essentially a technology company. Delivering the best customer experience requires robust digital capabilities and cutting-edge IT solutions. Leveraging technology enables Coop Pank to offer its services more efficiently and scale its business while keeping costs under control. Therefore, IT and its strategic leadership are integral to the bank’s overall governance.

“By joining the Management Board, Alvar Pihlapuu will enhance our ability to execute our ambitious growth strategy and respond swiftly to evolving market and technology trends. His extensive experience in both public and private sector IT leadership, his expertise in data governance, and his understanding of modern technology architecture bring valuable insight that will support Coop Pank’s next stage of development. Alvar will play a key role in ensuring that our technology solutions remain innovative, competitive, and user-friendly,” Kurtmann added.

Alvar Pihlapuu holds a Master’s degree in IT Systems Engineering from Tallinn University of Technology. He has also completed executive courses in economics and management at the Estonian Business School, the University of Colorado Boulder, and INSEAD Business School. Mr. Pihlapuu has extensive leadership experience in the IT sector across the Baltics and Sweden. He is also a member of the national working group responsible for developing Estonia’s data governance frameworks, standards, and master data systems.

Previously, Mr. Pihlapuu has held senior positions as Head of Development at the Estonian Tax and Customs Board, Head of IT at Holm Bank, and IT Development Manager at both Eesti Energia and Swedbank.

Alvar Pihlapuu does not hold any shares or bonds of Coop Pank.

Following this appointment, the Management Board of Coop Pank will consist of six members: Arko Kurtmann (Chairman of the Management Board), Lehar Kütt (Head of Corporate Banking), Karel Parve (Head of Retail Banking), Paavo Truu (Chief Financial Officer), Heikko Mäe (Chief Risk Officer), and Alvar Pihlapuu (Chief Information Officer).

Coop Pank is one of five universal banks operating in Estonia and is based on Estonian capital. The bank serves 225,800 daily banking clients. Coop Pank leverages the synergy between retail and banking, bringing everyday financial services closer to people’s homes. Its majority shareholder is Coop Eesti, a domestic retail group with a network of 320 stores across the country.

Further information:

Katre Tatrik

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