The Estonian Banking Association has elected Riho Unt, head of SEB in Estonia, as its new chairman of the management board. Unt is replacing Sampo Bank director Aivar Rehe, who led the association for the last two years.
Aivar Rehe remarks that his chairmanship of the association coincided with the economic and financial crisis, stressful period which demanded quick, key decision-making.
“I’m happy to be passing on the baton to the newly elected chairman of the board of SEB,” he said. “He’ll have his own challenges to face in leading the association in this post-crisis period and with preparations for the adoption of the euro.”
Riho Unt says that the association will continue to represent the interests of its member banks in the development of legal acts and to coordinate cooperation in the fields of the development of payment systems, the fight against money laundering and general security.
“Hopefully the next couple of years will be much less dramatic for the banking sector than the last two have been,” added Unt. “I have a great deal of respect for what Aivar Rehe has done as the director of the association during such difficult times.”
Unt believes that the biggest challenge facing Estonian banking system in the coming years is the adoption of the euro. Compared to the rest of Europe, the Estonian banking sector is pretty cutting-edge and very e-minded, which helps solve a number of problems related to the euro-adoption more easily.
The Estonian Banking Association was founded in 1992 by 21 commercial banks. 11 of the 17 licensed credit institutions in the country are currently members of the association. At the end of 2009 its members had 99 per cent market share by volume of loans. Traditionally, a new chairman is elected to the management board of the association every two years. Unt will hold the post until 2012.