LHV Bank, a leading provider of banking services to global fintechs and SME lending solutions to UK businesses, announces the appointment of Rachelle Frewer as its incoming Chief Financial Officer. Subject to regulatory approval, Rachelle will start her position on 2 January 2024 and will also join the Board of Directors of LHV Bank.

Rachelle, an accomplished finance professional with over two decades of industry experience, joins from Moneycorp Bank, an internationally acclaimed currency exchange company, where she has served as the CFO and Board Member since June 2022. Before joining Moneycorp, Rachelle worked as a CFO at Wyelands Bank.

As an ACA-qualified and KPMG-trained accountant, Rachelle brings a wealth of experience from her time at various financial institutions, including C. Hoare & Co., Lloyds Banking Group and HSBC. Her areas of expertise encompass strategic planning and analysis, finance, treasury, operations, investor relations, and compliance. Rachelle is also a member of the Finance, Assurance and Risk Committee at The Institute of Civil Engineers and a Board member of Paxton Management Company Limited.

Erki Kilu, CEO of LHV Bank, comments: “Rachelle will drive our financial strategy to support our business expansion, particularly as we increase our SME lending activities and prepare to start accepting retail deposits.”

Having secured a UK banking license in early May 2023, LHV Bank intends to broaden its customer base, with plans to accept retail deposits later this year. The bank is fully capitalised, ensuring the customer deposits are protected by the FSCS up to a limit of £85,000.

The bank’s current CFO, Gary Sher, will step down on 8 September 2023. Gary joined LHV Bank in July 2021 during the initial phase of the banking license process. His departure was announced in early June 2023.