AS LHV Group announces that the Nomination Committee has proposed to the Supervisory Board of AS LHV Pank to recall Kadri Kiisel from the position of Chairman of the Management Board of LHV Pank, effective April 1, 2026, and to elect Erki Kilu as the new Chairman of the Management Board. The change is intended to be carried out in accordance with the planned decision of the Supervisory Board of LHV Pank. The European Central Bank will also make a decision regarding the compliance of the new Chairman with fitness and propriety requirements. According to the Articles of Association, Erki Kilu’s term of office on the Management Board of LHV Pank would be five years.
Erki Kilu has served as the CEO of LHV Bank, LHV Group’s UK-based subsidiary, since January 2021. Under his leadership, the company obtained a UK banking license in May 2023. LHV Bank has demonstrated rapid growth in net income, as well as deposit and loan volumes. Last year, in addition to serving international fintech companies and issuing loans to local businesses, retail banking services were launched.
The Nomination Committee and Board of Directors of LHV Bank have decided to recall Erki Kilu from the position of CEO of LHV Bank as of April 1, 2026, and have appointed Kris Brewster, LHV Bank’s Director of Retail Banking, as Interim CEO. Erki Kilu will remain a member of the Board of Directors of LHV Bank, and Kris Brewster will also join the Board. A recruitment process will be initiated to find a new permanent CEO.
Erki Kilu’s membership in the Supervisory Board of LHV Kindlustus, a subsidiary of LHV Group, will remain in effect. In connection with Kadri Kiisel’s departure from the position of Chairman of the Management Board of LHV Pank, Erki Kilu is planned to be elected as a member of the Supervisory Board of LHV Varahaldus and Chairman of the Supervisory Board of LHV Finance. Kadri Kiisel’s mandates as a member of the Supervisory Boards of LHV Varahaldus and LHV Paytech, and as Chairman of the Supervisory Board of LHV Finance, are scheduled to end on April 1, 2026.
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Erki Kilu earned a Bachelor’s degree in International Business Administration from the Estonian Business School in 1998 and two Master’s degrees from the University of Tartu: a Master of Business Administration in 2001 and a Master of Science in Engineering (IT) in 2018. Additionally, he has enhanced his international expertise through programs such as INSEAD’s Strategic Management in Banking. He is a Lifetime Fellow of the Chartered Banker Institute (FCBI). He does not belong to the governing bodies of any companies not mentioned in this announcement. As of the date of this announcement, Erki Kilu owns 900,000 shares of LHV Group. Persons related to him do not own LHV Group shares. Erki Kilu has the option to acquire a total of 368,463 LHV Group shares through options issued in 2023, 2024, and 2025.
Kris Brewster joined LHV Bank in 2023. He has over 20 years of experience in the banking and financial sector. Before joining LHV Bank, he worked at Skipton Building Society from 2010, where his last position was acting Chief Commercial and Strategy Officer. Prior to that, he held senior savings roles at Bradford & Bingley and HSBC. Kris Brewster earned a Bachelor’s degree from Loughborough University in 2002 and an MBA from University of Bradford in 2013. He also belongs to the Board of Directors of Leeds Heritage Theatres Limited. Kris Brewster and persons related to him do not own LHV Group shares. Kris Brewster has the option to acquire a total of 23,920 LHV Group shares for options issued in 2025.
Comment from Mihkel Torim, Chairman of the Management Board of LHV Group:
“Having the significant experience of building two banks, Erki brings back to Estonia a unique combination: a fresh international perspective and long-term experience from LHV and both of our home markets. His primary task is to provide a new perspective on LHV’s development in Estonia, to strengthen the bridge between our two banks, and to make a strong contribution to our next stage of development. This also allows us the opportunity to place the management of our UK bank even further into the hands of a local team that possesses direct market insight. The prerequisite for these changes is the work that Kadri has accomplished. Under her leadership, LHV Pank has grown not only in volume but also in maturity—the bank has gained a modern technological foundation and is highly recognized by both employees and clients. This is the platform from which we step into the next phase. I thank Kadri for this significant effort throughout the years.”
Comment from Erki Kilu:
“LHV’s new stage of development brings several changes, where we focus on growing in three strategic directions. In Estonia, we must become even stronger; in the UK, we must actively grow business volumes; and to ensure LHV’s broader growth, move forward into other European countries after some time. To achieve this, our products and technology must be scalable. We are bringing the Estonian and UK banks closer together to reduce duplication and increase speed and efficiency in bringing new retail banking products to market. Global competition is swift and ruthless. If we keep clients and ambitious product development in focus, we have great opportunities for success. We will certainly continue our work with the youth. Long-term success is born from client relationships established early on. To implement all of this, we are strengthening the team by involving both younger talent and leaders with international experience. This is how we ensure the successful execution of our financial plans.”
Comment from Kadri Kiisel:
“LHV Pank has grown rapidly over the last five years. Loan and deposit volumes have more than doubled, and in March, we will reach half a million clients. During this time, LHV Pank has repeatedly received recognition as the best bank in Estonia, the bank with the best service, and a highly valued employer. In recent years, we have thoroughly updated our technological foundation. We have adopted cloud infrastructure and reduced dependence on legacy solutions, providing the bank with greater flexibility and speed in developing and launching products. This has been a particularly intense and memorable stage of a longer LHV journey, which in my case has lasted 15 years. I thank the owners, employees, and clients, whose trust and contribution made this development possible.”
LHV Group is the largest domestic financial group and provider of capital in Estonia. LHV Group’s main subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. Group companies employ nearly 1,200 people. LHV Pank’s services are used by 495,000 clients, LHV-managed II pillar pension funds have 105,000 active clients, and 233,000 clients are protected by LHV Kindlustus. The Group’s subsidiary, LHV Bank, holds a UK banking license and provides banking services to international fintech companies and loans to small and medium-sized enterprises.
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