New directors for Bank North after it secures full banking licence

Madis Toomsalu, CEO of Estonian financial giant LHV, has been appointed to the board of the regional digital bank.

Just weeks after rebranding from B-North and securing a banking licence from the UK’s Prudential Regulation Authority (PRA), Bank North has appointed two new directors.

Madis Toomsalu, Estonia’s LHV banking group CEO, is joining Bank North as an independent non-executive director.

Interestingly, while LHV is an investor in Bank North, joining its £20m Series A round, Toomsalu is also chair of LHV’s UK subsidiary, which is in the process of applying for a UK banking licence.

Toomsalu, on his appointment, said he was, in particular, looking forward to “help guide the company through this critical mobilisation phase and commencement of initial lending activities.”

Along with Toomsalu, Bank North is also appointing Deepak Haria as an independent non-executive director and chair of the bank’s audit committee.

Haria is a senior advisor at investment banking advisory Meghraj Capital and spends his time working with businesses in the UK, Africa and Asia and mentoring early-stage fintechs and startups.

Bank North’s chair, Ron Emberson, said that these two new additions to the bank’s board: “bring valuable expertise as we progress through this next critical phase of the Regulatory process and commence lending.”

Read more: B-North rebrands to Bank North as it secures full banking licence