Former LHV Head Madis Toomsalu to Join Board of Latvian Financial Concern INDEXO
Latvian financial concern INDEXO, which includes a recently established retail bank, has invited former Estonian financial concern LHV head Madis Toomsalu to join the boards of its main companies.
Madis Toomsalu, the former long-time head of Estonian financial concern LHV, has been invited to join the boards of the main companies of Latvian concern INDEXO. The changes to INDEXO's board will be approved at the shareholders' meeting on July 1. In addition to Toomsalu, two other board members will be replaced. All three candidates have been pre-approved by the Bank of Latvia.
According to INDEXO chairman and co-founder Henrik Karmo, inviting Toomsalu is intended to strengthen the concern's leadership structures during a phase of active growth. INDEXO manages pension funds with assets totaling €1.7 billion and is developing a retail banking business. Its loan portfolio is approaching €100 million. In recent years, the concern has established a bank, fully acquired pension fund manager INDEXO Asset Management IPAS (formerly Vairo), and acquired a 72% stake in fintech company DelfinGroup.
Toomsalu served as chairman of LHV's management board for nine years, working at the Estonian bank from 2009 to 2025.
