Iute appoints Madis Toomsalu to the Supervisory Board of its Moldovan bank

Iute Group has appointed former CEO of Estonian bank LHV, Madis Toomsalu, as a member of the Supervisory Board of its Moldovan bank Energbank. Toomsalu will join the Supervisory Board following approval by the National Bank of Moldova.

Madis Toomsalu led LHV Group, one of the leading banks in Estonia, for nearly nine years and worked at LHV for over 16 years. According to Tarmo Sild, CEO of Iute Group, Toomsalu’s appointment is an important step in strengthening Energbank’s governance and continuing its development into a modern digital bank.

“We are building a digital bank in every country where we operate, and our bank in Moldova is moving in the same direction. Transformation and profitability require clear vision, clear processes, and disciplined growth. Those who push us to improve must themselves be strong and experienced,” said Sild. “Madis has this experience. We are happy to have him on board and believe his background will support Energbank in its next stage of development.”

According to Toomsalu, the development of Energbank presents an opportunity to contribute to shaping the bank’s strategy in a market where digital banking still has significant growth potential. “Energbank has strong potential to become a modern and customer-focused bank. This requires combining international banking practices – transparent governance, strong risk culture, and customer-centric technology – with local market needs. The role of the Supervisory Board is to maintain this balance,” said Toomsalu.

He added that his initial priorities as a Supervisory Board member will focus on supporting the bank’s governance, growth in business volumes, and digital development. “Energbank’s next phase of development must be built on a strong foundation. Effective risk management, high-quality governance, and digital services are what ultimately create value for customers,” Toomsalu noted.

The appointment of the Supervisory Board member is subject to regulatory approval by the National Bank of Moldova.

Iute Group is a digital banking group focused on everyday financial services in Southeast Europe. Established in 2008 and headquartered in Estonia, Iute serves customers in Albania, Bulgaria, Moldova, North Macedonia, and Ukraine. Through the Myiute app and its local operations, Iute provides digital financial services including payments, banking, financing, and insurance intermediation. Iute Group finances its operations through equity, deposits, and secured bonds listed on the Regulated Market of the Frankfurt Stock Exchange and the Nasdaq Baltic Main List.