Private banking 2012: LHV – Estonia
"Our money is not different from our competitors’. It’s how clients are handled which makes a difference," says Indrek Nuume, head of private and business banking and a member of the management board at LHV.
Unlike their global counterparts, "our clients come to us and know that we are not a universal bank offering boundless products. And we don’t proclaim to be successful in all aspects of private banking," Nuume says.
"Clients will turn to the company that can offer the best service. This is a great opportunity for smaller banks like LHV, which prides itself on customer service."
But LHV doesn’t claim to have found its footing completely. "We are trying to find our spirit level," says Nuume. "We are not solely a private bank but neither can we cater for everything, in fear of being overstretched. We are still young and we are still finding our identity in Estonia and in Europe."
Founded in 1999, LHV Bank was an investment bank. It gained its commercial banking status in 2009. "Before 2009 we were strictly a private bank, focusing on equity management, but getting our commercial banking licence and broadening our services helped us during turbulent economic times," says Nuume.