Erkki Raasuke, who announced on Thursday that he was leaving listed Estonian banking group LHV Group, is set to head the merged Baltic operation of Nordea and DNB.
"I am very pleased to accept the role of director of the future combined bank," Raasuke said in a press release. "The way I see it, this is not just a merger but the emergence of a new, more focused and faster growing bank. I am looking forward to meeting all the employees and the opportunity to start working towards creating a clearly locally-focused bank that will bring us even closer to clients."
Raasuke will take up the appointment in January 2017 at the latest.
In addition, Nils Melngailis, who currently works as an operating executive for London-based investment firm Centerbridge Partners, has been appointed chairman of the supervisory board of the merged bank. "Erkki Raasuke has already proven himself as a bank manager — he has more than 20 years of broad experience in cross-border retail banking in the Baltic states, which means he will make an excellent leader for the combined bank," Melngailis said.
The merger process has been proceeding according to plan and is expected to be completed in the second quarter of 2017, the banks said.
Raasuke to leave Eesti Energia supervisory board
Raasuke will also be leaving the position of chairman of the supervisory board of Estonia's state-owned energy group Eesti Energia as well.
He thanked the supervisory and management boards of Eesti Energia for excellent cooperation. "We have overcome quite complicated situations over the last two years, but today Eesti Energia is looking optimistically toward the future and seeking opportunities for growth and to expand business," he said in a press release.
Raasuke, who became a member of Eesti Energia's supervisory board in August 2014 and has chaired it since September of the same year, will continue to perform the duties of chairman until a general meeting of shareholders has appointed a new member to the supervisory board.
In addition to Raasuke, Väino Kaldoja, Ants Pauls, Veiko Tali, Danel Tuusis, Rannar Vassiljev, Meelis Virkebau and Mart Vooglaid sit on the supervisory board of Eesti Energia.
Editor: Editor: Aili Vahtla