Over the past few months, LHV, Coop Pank and Bigbank Estonia have all announced changes in leadership.

Parvel Pruunsild, one of Bigbank's major shareholders, pointed out that in Bigbank's case, it was the country manager of the bank's Estonian branch who stepped down. At LHV Group and Coop Pank, meanwhile, it was the CEO — and those are entirely different positions.

"I don't believe there's any common pattern to these things," he said.

Pruunsild acknowledged that he is unfamiliar with the background of the leadership changes at LHV and Coop, but believes that several banks seeing changes in leadership within a short period of time is coincidental.

"Banking is extremely overregulated — that's somewhat of a problem, but that's an issue with banking in general," he added.

Businessman Indrek Neivelt also highlighted the excessive red tape, and noted that the sector has gotten significantly more bureaucratic.

"They're on a pretty short leash," Neivelt said, but added that the near-simultaneous leadership changes at three banks are hardly the result of that.

"It's more likely a coincidence," he continued. "If you consider the reasons [LHV Group CEO] Madis Toomsalu gave for stepping down, or [Coop Pank CEO] Margus Rink's reasons — they're completely different. I read the news about [Bigbank Estonia chief] Jonna Pechter yesterday, and I understood she's likely heading to another bank, since she herself said she couldn't comment."

This March, Madis Toomsalu announced he would be stepping down as CEO of LHV Group by this fall, and that the bank has begun preparing to find a new CEO for the group. Toomsalu had served as CEO of LHV Group since 2016.

Commenting on his resignation, Toomsalu commented that given the current regulations, the question is, what kind of business is even possible in such conditions.  He also noted that the role of LHV Group's CEO needs to be redefined, with an emphasis on the coming technological revolution.

In April, Coop Pank announced that after more than eight years at the help, Margus Rink would step down as CEO after May 30. It also announced that the bank's supervisory board would start looking for a new CEO to lead the development and implementation of the bank's next strategic period.

Coop Pank explained that it is nearing the end of its first strategic period and wants the strategy for the next period to be developed by the new CEO.

On Monday, Bigbank announced that Jonna Pechter, who has led Bigbank Estonia for seven years, will be stepping down from her position on May 31. Arthur Taavet, the bank's deposits and marketing chief, will then step in as acting country manager.

Pechter said that the past few years have been a time of major changes and rapid growth, and noted the symbolic window of opportunity to pass the baton "at the threshold of a new era."

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