On 10 October, The Supervisory Council of Luminor elected Georg Kaltenbrunner as a member of the bank’s Management Board and the new Chief Risk Officer. Georg Kaltenbrunner will take over the position on 1 November from Hannu Saksala, who is returning to Finland.

Luminor CEO Erkki Raasuke expressed his gratitude to Hannu Saksala for leading the risk management area since the creation of Luminor and welcomed Georg Kaltenbrunner to take over as Luminor’s Chief Risk Officer. “Luminor is at the stage of transformation where we have to focus on both successful completion of changes at hand, as well as our long-term development. I believe that Georg’s previous track record makes him a great addition to the bank’s leadership and I am glad to welcome him in our team.”
Georg Kaltenbrunner commented that he was excited to join Luminor, as it entails an opportunity to build a bank of the future and lead banking in the Baltics. “Luminor is large enough to really make a difference, yet small enough to be able to move fast and innovate. And Luminor is the only large independent Baltic bank, being therefore critical to the financial system of a very important region in Europe.”
Georg Kaltenbrunner has nearly twenty years of experience in the banking sector, with a focus on bank management and steering, as well as risk management. He served as Nordea’s Chief Operational Risk Officer and his current position is the Chief Operating Officer of the Group Finance and Treasury in Nordea, where he is responsible for strategy and planning, transformation, key strategic projects and operational management. He is also a Member of the Board of Directors of Nordea Funds Ltd, the largest fund management company of the Nordics with EUR 100 billion assets under management. Georg holds a PhD in Finance from London Business School and an MSc in Accounting and Finance from the London School of Economics.
The Supervisory Council also elected Marilin Pikaro and Indrek Heinloo as members of the bank’s Management Board.  Marilin Pikaro is the current Chief Compliance Officer of Luminor and Indrek Heinloo the current Head of Programme Office, responsible for developing the New Bank Programme. Both were elected as members of the Board because of the importance of their respective fields in the bank’s strategic development, which should also reflect in the governance of Luminor.