Estonian National Symphony Orchestra signed the biggest sponsorship contract in its history

  • 2023-02-07

Today, the Estonian National Symphony Orchestra (ERSO) signed the biggest sponsorship contract in its history. In the next three years, ERSO's main sponsor is the Estonian fintech company Iute, which will offer Estonia’s orchestral ambassador a total value of 360,000 euros. If both parties agree, the partnership can be extended to another two years, increasing the overall sponsorship fund to 600,000 euros.

ERSO board member Kristjan Hallik stated that Iute's contribution to ERSO's activities is an extraordinary and rare phenomenon in terms of its scale in the landscape of Estonian cultural sponsorship. "We are also happy that a company with which we share a common ambition to introduce Estonia to the world has decided to support us," said Hallik. He added that the support of the main sponsor allows the orchestra to take advantage of more opportunities and perform in new places and venues.

"The financial support of the new main sponsor facilitates the planning of various major projects and inviting top conductors and soloists to Estonia - for example, the performance of Mahler's eighth symphony with maestro Neeme Järvi this September. It is also possible to plan more tours than before, where financial decisions have to be made several years in advance," Hallik described the role and support of ERSO's new sponsor in further cooperation.

Iute Group CEO Tarmo Sild said that although the company’s customers and capital are in the Balkans, its heart remains in Estonia. "Heart in Estonia means that we want to make Estonia stronger. We choose the beginning of things: culture and creativity," he said and added that a rich and high-level culture, be it theater, music, or any other art form, is a sign of a strong country.

According to the ERSO board member, there are many similar examples of cooperation between a financial company and an orchestra in the world. For example, the Berlin Philharmonic and Deutsche Bank, the Royal Netherlands Concertgebouw Orchestra and ING, the Boston Symphony Orchestra, and Bank of America.

The Estonian National Symphony Orchestra (ERSO) is a lively and versatile orchestra that always strives for excellence. Estonia's oldest and most prestigious symphony orchestra, which operates regularly, will celebrate its 96th year this season. From the 2020/2021 season, Olari Elts is the chief conductor and artistic director of the orchestra of more than 100 members. Neeme Järvi continues to cooperate with ERSO as honorary chief conductor for life, and Paavo Järvi is the orchestra's artistic advisor.

Iute Group is a fintech company established in 2008 in Estonia. The Group specializes in consumer finance, payment services, banking, and insurance products. It serves customers in Albania, Bosnia and Herzegovina, Bulgaria, Moldova, and North Macedonia. Iute Group finances its loan portfolios with equity, deposits, and secured bonds on the Regulated Market of the Frankfurt Stock Exchange and the Nasdaq Baltic Main List.