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Paavo Truu becomes CFO of Coop Pank

Today, on 16 February, Paavo Truu, who was previously CFO and a board member of Coop Eesti Keskühistu, will start working as CFO and a board member of Coop Pank.

“Paavo Truu is an experienced financial manager, a bearer of Coop Pank values and a fast player by nature. His experience in retail and the structure of Coop will enable the bank to grow even faster and help us integrate banking and retail even more closely than before,” said Margus Rink, the chairman of the board of Coop Pank, according to whom it is symbolic that a new CFO has been found in the Coop group itself.

“Coop Pank, in cooperation with Coop Eesti, is fulfilling its promise to provide equally good living and business conditions in every corner of Estonia. Our common desire is for people to be able to shop for everyday goods and essentials, as well as access banking services close to their homes,” added Rink.

Paavo Truu noted that holding the position of CFO of a bank is a big responsibility and he appreciates the challenge ahead. “Coop Pank has come a long way in the last five years. The growth that the bank plans for the next five to ten years is ambitious, but it can be achieved through the chosen strategy, since the development of Coop Pank is not dictated by the headquarters located somewhere far away – it is managed by Coop Pank’s own team here in Estonia,” Truu said.

On 16 February, Paavo Truu will also become a member of the boards of subsidiaries of Coop Pank AS: Coop Finants AS, Coop Liising AS, Coop Kindlustusmaakler AS and CP Varad AS. With the election of Paavo Truu as a board member of Coop Pank and its subsidiaries, his powers as chairman of the audit committee of Coop Pank expire.

From 2018 to February 2022, Paavo Truu worked as a board member and financial director of Coop Eesti Keskühistu. Since February 2019, he has been a member of the audit committee of Coop Pank, and since March 2019, the chairman of the audit committee. He previously worked as CFO for Magnum Grupp and Bauhof. Truu holds a bachelor’s degree in marketing, finance and banking from the Faculty of Economics of the University of Tartu, and a master’s degree in engineering from Tallinn University of Technology in the field of digital change in enterprises. As of 15 December 2021, Paavo Truu owns 8,000 shares of Coop Pank AS through his company Solaris Konsult OÜ.