Indrek Heinloo joins Luminor as the Chief Transformation Officer
Today, on 19 April, Indrek Heinloo, who has been acting as a business consultant and business executive in various places of the world – in Europe, Asia and Africa – for 12 years, will join Luminor. In Luminor, Heinloo will start to lead the programme that will focus on renewing the technical platform and developing modern digital solutions.
“Luminor is a bank of local management and decision-making competence that has been created specially for companies and active people of Estonia, Latvia and Lithuania. Our plan is to develop into a fully digital provider of new generation financial services in the years ahead. I am very glad that Indrek Heinloo, who has long-term and versatile experience in the development and introduction of business strategies, will join us in the implementation of the goals of Luminor,” remarked Erkki Raasuke, the CEO of Luminor Group AB.
Heinloo has a wealth of experience, which includes, among other things, supporting the development and implementation of the reform plan of the Royal Bank of Scotland, one of the most important banks of the United Kingdom, after the economic crisis of 2008. At that time he worked with McKinsey & Company. Heinloo has also counselled banks in various African countries, where the greatest challenge was the scarcity of business skills and poor governance. Heinloo has also worked with Jumia Group, the largest e-commerce company in Africa, where he led the reorganisation of the logistics technology platform in full at the time when the company increased the number of its target markets from 5 to 15. He has also worked in GMT Nigeria, the largest transit logistics company in West Africa, where he led, as the Director General of the company, reorganisations in the situation that followed the Nigerian economic crisis.
“The greatest challenge of the banking sector today is to give up the conservative product- and service-centred approach and move towards innovative solutions that take account of the needs of clients as much as possible. Luminor is doing that,” remarked Heinloo. According to Heinloo, challenges similar to the modernisation process of Luminor very seldom occur on the market of the Baltics: “I am glad that I can use my international experience for creating value on the home market.”
“In recent months Luminor has been able to recruit a very strong team that has already started to work actively on renewals of the bank and we also continue searching for new strong people. My role is to lead the implementation of changes and coordinate work between the units of the bank so that we would consistently move towards our goals and apply more suitable resources to this end,” Heinloo added.
Relevant professional experience of Indrek Heinloo
2017-2018 Director General of GMT Nigeria, Lagos
2013-2016 Logistics Director of Jumia Group, Paris, Porto, Lagos, Cairo, Nairobi
2010-2013 Leading Consultant and Junior Partner, in Lagos office of McKinsey & Company
2007-2009 Consultant, in Stockholm and London offices of McKinsey & Company
2002-2006 Head of the Financial Control and Business Information Department in Hansabank
Heinloo has received the Bachelor’s degree in the Stockholm School of Economics in Riga and the Master’s degree in the Stockholm School of Economics (in Stockholm).