Kalvet had up until now headed up the financial risk department with another Estonian bank, LHV.

Kalvet said of his appointment that: "Clients need a financial partner who can adapt conditions to their options and needs. The flexibility which Holm's relatively compact team has been able to offer its clients is extremely pleasing to me. With a team like this, we can boldly take on new perspectives and projects."

Rauno Klettenberg, whom Kalvet replaces at Holm, said the bank has reached a stage where it is necessary to set new goals. "I think it's correct to give the opportunity to develop a new strategy and implement it to the new manager. As of today, Holm will be led by a very capable and dedicated, unified team, which will certainly help Kaspar take Holm to completely new heights, both on the domestic market and internationally."

Kalvet's resume includes heading the Estonian unit at Latvian bank Citadele and in international banking in Italy and in Germany, Anu Art, Holm's marketing chief, said.

Kalvet noted that Holm's customer base and range of services has expanded both in Estonia and Latvia, with the number of customers growing year by year

The bank has meanwhile gained recognition both in the loan sector and as a provider of longer-term deposit accounts with very good terms, he said.

Holm is also open to Austrian and German clients, and the bank started offering home loans this year.

Kalvet takes over this week; Klettenburg had been acting CEO since summer 2019.

The European Central Bank granted a banking license to the former Koduliising AS, in spring 2019, when company's name was changed to Holm Bank AS.

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