Finora Bank, owned by Estonian entrepreneurs, has recruited Hanno Hussar as the Chief Operating Officer and a future member of the Management Board of the bank, after the Bank of Lithuania will approve the change. Hanno will manage the operations of the Estonian branch of Finora and the bank’s information technology, product and process development.
Šarunas Ruzgys, Chairman of the Management Board of Finora Bank and member of the Management Board of Finora Group, said that the pan-European specialized banking license obtained in 2022 and the recent launch of an Estonian branch means that the operations of Finora, which specializes in financing small businesses, will grow significantly in the coming years.
“Finora’s almost tens years of experience confirms that the vast majority of Estonian companies still find it too difficult to obtain funding for realizing their plans. At the same time these thousands of entrepreneurs will determine how fast the economy starts to grow again. Finora has always had more demand than it has been able to provide. As the newest Estonian bank, we can now finance entrepreneurs with much more flexibility,” said Šarunas Ruzgys.
Finora’s Chairman of the Management Board pointed out that Hanno Hussar, who has worked in top management positions at Swedbank, Nortal, Starman and most recently at the Port of Tallinn, has proven himself as a business leader who gets results, who creates efficient processes, knows how to find opportunities to implement the latest technology and makes teams to work successfully.
“I am absolutely confident that as the Chief Operating Officer of Finora Bank and the head of the Estonian branch, Hanno Hussar will significantly strengthen the management of Finora in Estonia and will be a good partner for the bank’s founders, investors and customers,” Šarunas Ruzgys said.
Hanno Hussar said in comment that the most suitable keyword describing the activities of Finora in the coming years is growth.
“Last year Finora was by far the fastest-growing bank in Estonia, and we are committed to continuing this trend. There is still time before IPO, while regular rounds of raising capital are increasing our investment capacity. We plan to increase the turnover several times in the coming years,” said Hanno Hussar.
In the next couple of years, the key goal of Finora Bank is to be the most convenient, closest and most reliable partner for small businesses in financing growth, increasing business volumes and, for many small enterprises, in funding new export activities.
Finora Bank is owned by AS Finora Group whose shareholders are Estonian entrepreneurs. The bank’s subsidiary Finora Bank UAB, registered in Lithuania, holds a banking license which enables it to provide banking services throughout the European Economic Area. Finora offers microloans and creative loans, factoring, leasing and guarantees primarily to small and medium-sized enterprises. In total, Finora has granted more than EUR 150 million in funding in Estonia and Lithuania.
News was published in Äripäeva, Postimees Majanduse and Ärigeenius webs.