In an environment of continuously high capital requirements and falling interest rates, AS LHV Pank, a subsidiary of AS LHV Group, seeks to streamline its operations. Resulting from automation of processes through technological innovation, reduction of management levels and consolidation of responsibilities, during Q1 of 2025, LHV Pank plans to reduce positions in the company by up to 60.
The changes will not alter the company's strategy or goals. Efficiency will be increased throughout the company. All services of LHV Pank are planned to continue in their current form and important developments will proceed as planned. The financial impact of the changes will be taken into account in LHV’s new Financial plan to be published in February.
"We have decided to reduce the bank's costs by increasing internal efficiency. Using technology allows us to do the same work and also carry out the next leap in development with a smaller organization than today. Focusing on the future, this is a necessary decision. Hereafter, we want to grow a modern digital bank by developing systems, not by expanding the number of people," Kadri Kiisel, the CEO of LHV Pank commented.
LHV Group is the largest domestic financial group and capital provider in Estonia. The LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,200 people. As at the end of October, LHV’s banking services are being used by 448,000 clients, the pension funds managed by LHV have 116,000 active clients, and LHV Kindlustus protects a total of 169,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.
Priit Rum
Communications Manager
Phone: +372 502 0786
Email: priit.rum@lhv.ee
