Finora Bank is continuing its targeted growth and expanding its executive team. Michail Leontjev, a finance professional with more than 20 years of experience in the financial sector, has been appointed Chief Financial Officer (CFO). His appointment has been approved by the Bank of Lithuania. Leontjev also joins the Management Board and takes on the role of Deputy CEO, responsible for financial strategy and performance oversight.
Michail Leontjev says: “In my view, the CFO role is not only about numbers and budgets. It helps the organization understand the data and use it to guide long-term decision-making. Finance should not be limited to cost control. It should serve as a tool to shape direction. I see my role as a guardian of equity value, not simply a supervisor of budgets.”
Leontjev emphasizes that real value is created when each part of the organization understands how it contributes to financial outcomes.
Profitability cannot rely solely on sales growth. Sustainable value emerges when every department is aligned with the financial goals of the business and understands its role. The finance function should enable that alignment,” he adds.
In 2024, Finora Bank delivered strong results. The loan portfolio increased by 39%, total assets grew by 61%, and more than 8 million euros in new capital was raised. Growth has continued into 2025 – in the first quarter alone, the loan portfolio increased by 34 percent, reaching 37.4 million euros. This represents one of the strongest quarters in the bank’s history. However, Leontjev notes that volume is only part of the equation.
“Growth is important, but without structure, it is unsustainable. My priority is to build an efficient, high-performing operating model that supports long-term profitability,” he says.
Finora Bank’s leadership sees 2025 as a pivotal year. The focus is on optimizing internal resources, diversifying revenue streams, and expanding its product portfolio and geographic footprint.
“Our strategic priorities are clearly defined. We aim to strengthen capital planning, secure stable deposit growth in the local market, and responsibly explore international opportunities. As one of the younger banks in Lithuania and Estonia, we have the advantage of speed, flexibility, and the ability to stay more agile than the major market players. For us, growth is not just about scale. It is about building long-term value through strategic choices.” says CEO Šarūnas Ruzgys.
Kristi Hõrrak, the former CFO, will remain on the bank’s team and will take on the role of Financial Director, responsible for financial accounting, taxation, and internal reporting. She is also a member of Finance Estonia and the American Chamber of Commerce in Estonia (AmCham Estonia), and she will represent Finora Bank in Estonia.
Finora Bank currently serves more than 400 business clients and has issued over 100 million euros in loans. The bank works with ILTE in Lithuania and EIS in Estonia to offer more flexible financing conditions for businesses. In the near future, Finora plans to expand its range of services and further strengthen its market position.