LHV Bank appoints Rachelle Frewer as new CFO

Rachelle Frewer has been appointed as the new chief financial officer (CFO) of LHV Bank.

Her appointment comes just a few weeks after the news that current CFO Gary Sher will be stepping down in early September.

Sher joined the bank in July 2021 in the initial phase of the banking licence process, which it obtained last month.

Pending regulatory approval, Frewer will start as CFO in the new year and join the board of directors of LHV Bank.

She joins from currency exchange company Moneycorp Bank, where she was CFO and board member for the last year.

“Rachelle will drive our financial strategy to support our business expansion, particularly as we increase our SME lending activities and prepare to start accepting retail deposits,” LHV Bank CEO Erki Kilu said.

After securing its banking licence in early May, the bank now plans to widen its customer base, hoping to accept retail deposits later this year.