Changes in the Supervisory Board at LHV Group
Exciting developments are on the horizon for AS LHV Varahaldus, AS LHV Kindlustus, and AS LHV Finance as shareholders plan to appoint Mihkel Torim as a new member of the Supervisory Board. This change is set to take effect from July 22, 2025. Mihkel will also transition into the role of Chairman of the Management Board of AS LHV Group on this date, showcasing a pivotal leadership shift within the organization.
About Mihkel Torim's Background
Mihkel Torim has been part of the LHV team since early 2023, where he took charge of the investment banking operations at LHV Pank. His extensive career includes significant roles at Swedbank, where he was instrumental as the Head of Baltic Investment Banking and managed operations in Finland. His rich experience positions him well for the responsibilities he is about to undertake.
Board Membership and Future Implications
As a testament to his potential, Mihkel Torim is expected to fulfill the role of Supervisory Board member for a maximum of five years, pending assessment by the Financial Supervision Authority to ensure compliance with suitability standards. Although he currently does not own shares in LHV Group, he has options granting him the potential acquisition of 199,575 shares within 2024 and 2025, which illustrates a promising future alignment with the company’s growth and success.
Transition of Leadership
The impending departure of Madis Toomsalu, who will resign as Chairman of the Management Board on the same date, marks the end of an era. As a result of his resignation, Toomsalu's mandates in the Supervisory Boards of AS LHV Kindlustus, AS LHV Varahaldus, and AS LHV Finance will also conclude, making way for fresh leadership that Mihkel Torim represents.
The Significance of LHV Group in Estonia’s Financial Landscape
LHV Group stands as the largest domestic financial entity and capital provider in Estonia. With key subsidiaries including LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited, LHV Group is a cornerstone in the country’s financial infrastructure. At present, the organization employs more than 1,150 individuals, making significant contributions to the economy.
Client Engagement and Banking Services
As of last month, LHV Group serves approximately 471,000 clients who rely on its banking services. Moreover, the pension funds under LHV's management enjoy the active participation of 111,000 clients, while LHV Kindlustus offers protection services to around 176,000 individuals. The Group continues to broaden its footprint by providing retail banking services to private clients in the United Kingdom and extending loans to small and medium-sized enterprises, alongside offering tailored services to international fintech companies.
Contact Information
For further inquiries, please reach out to:
Paul Pihlak
Head of Investment Communications
Phone: +372 5334 0078
Email: paul.pihlak@lhv.ee
Frequently Asked Questions
Who is Mihkel Torim?
Mihkel Torim is the new member of the Supervisory Board of LHV Group, taking on significant responsibilities in July 2025.
What role did Mihkel Torim have before joining LHV?
Before joining LHV, Mihkel held senior positions at Swedbank, including managing investment banking operations.
What is the duration of Mihkel Torim's Supervisory Board membership?
He will serve for a period of up to five years, subject to approval by the Financial Supervision Authority.
What changes in leadership are happening at LHV Group?
Madis Toomsalu will resign as Chairman, allowing for the leadership transition to Mihkel Torim.
How does LHV Group contribute to the Estonian economy?
LHV Group is a major financial provider in Estonia, serving hundreds of thousands of clients and offering a variety of banking services.
