Nordea Estonia's chief executive, Vahur Kraft, who has been at the helm since 2005, announced he will leave the bank at the end of January.
Kraft, a former head of the Bank of Estonia who has also been in the news over his connection to the VEB affair, will be replaced by Nordea's current head of retail and corporate banking, Andreas Laane, who has been with the bank since 2007.
"I have decided that after living eight of my years for Nordea to leave my position as head of the bank. My work at Nordea has been completed," Kraft said in a press release.
"This time has contained lots of changes and decisions such as building up and developing the bank, managing a smoothtransition to the euro, making ends meet in the financial crisis and adjusting to more rigid banking regulation," he said.