Published: 2020-06-15 15:30:00 CEST
LHV Group
Changes board/management/auditors

Changes in the Management board of AS LHV Finance

Shareholders of AS LHV Finance, which is a part of the AS LHV Group consolidation group, intend on 26 June 2020 to pass a decision appointing Madis Toomsalu as the new member of the Supervisory Board of AS LHV Finance starting from 26 June 2020. The change is due to the harmonization of the management structure across LHV, which is why Rain Lõhmus resigns as a member of the Supervisory Board of AS LHV Finance. AS LHV Finance is dealing in hire-purchase and gives out small loans. The company’s Supervisory Board has four members, the other members are Erki Kilu, Jaan Koppel and Veiko Poolgas.

Madis Toomsalu is the head of AS LHV Group and the chairman of the supervisory boards of AS LHV Pank and AS LHV Varahaldus. He is also member of the management board of MTÜ FinanceEstonia. Madis Toomsalu has obtained a Bachelor’s degree in business management from the Tallinn University of Technology (TalTech) in 2009 and a Master’s degree in 2011 in public sector finance.

Madis Toomsalu first started working at LHV in 2007 as a stock analyst. After LHV received its banking license in 2009 Toomsalu began work as a credit analyst and filled the position of Head of Credit analysis department in 2011. In 2012 he became Head of Credits and also a member of the bank's Credit Committee, which he is the chairman of since 2014.

Madis Toomsalu and the persons related to him own 53 819 shares of AS LHV Group. With the options issued in 2018, 2019 and 2020, Madis Toomsalu has the right to 90,920 shares of AS LHV Group.

LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are LHV Pank and LHV Varahaldus. LHV employs about 470 people. LHV’s banking services are used by more than 221,000 clients, and pension funds managed by LHV have over 178,000 active clients. Additionally, LHV’s UK branch offers banking infrastructure to more than 120 financial service providers, that in turn intermediate LHV’s payment services to their customers around the world.

Priit Rum
Communication Manager
Phone: +372 502 0786