Banks, Estonia, Financial Services, Latvia

The Inbank subsidiary in Latvia meanwhile has got new manager, Girts Ledins, Inbank announced on Thursday.

"We are very pleased that after launching Coop Finants, Piret decided to join the Inbank team to build a new kind of bank. As a result of her work, Coop Finance grew from scratch to a profitable company that meets the financial needs of hundreds of thousands of clients," Priit Poldoja, chairman of the supervisory board of Inbank, said.

Paulus has worked in the financial sector for a long time and she managed Coop Finants AS, a joint venture of Inbank and Coop Eesti, for the last six years. Since December 2016, Paulus has been responsible for sales and marketing at Inbank. She has also worked as the head of the Small Financing Department of the Business Development Division of Swedbank's Baltic Banking, where she was responsible for the strategy and development of unsecured credit products and credit cards in Estonia, Latvia and Lithuania. Prior to it, she managed various areas of consumer financing at Hansabank and Swedbank from 2004 onwards.

The management board of Inbank is now made up of four members: CEO Jan Andresoo, CFO Marko Varik, Head of Business Processes Liina Sadrak, and Head of Sales and Marketing Piret Paulus.

To pursue the changes made in the operating strategy of Inbank's Latvian subsidiary late last year, a new manager, Girts Ledins, joined Inbank's Latvian team in mid-May. The new CEO's earlier jobs include those of manager of the business area of leasing at Norvik Banka and manager of the Latvian financial company Mogo. He was one of the founders and the CEO of Motoro Leasing, and has also worked in the auditing firms BDO and Deloitte.

As a result of the changes in the management board of the Latvian company, Inbank will repurchase the 10 percent holding from the former manager of Inbank Lizings and will then be the sole owner of the subsidiary.