Bigbank Fortifies Board with Titans of Strategy and Law

TALLINN, ESTONIA – December 04, 2025 – In a move that speaks volumes about its future ambitions, Bigbank AS is strategically recalibrating its leadership, welcoming two of Estonia’s most seasoned professionals to its Supervisory Board. The appointments of veteran business leader Jaanus Otsa and legal heavyweight Hannes Vallikivi, effective January 15, 2026, represent more than a routine corporate reshuffle. They signal a deliberate pivot toward fortifying the bank’s governance and strategic capabilities as it navigates an increasingly complex European financial and regulatory environment.

The change comes as the bank accepts the voluntary resignation of Alari Aho, a respected tech entrepreneur and founder of the globally recognized time-tracking tool, Toggl. In his statement, Supervisory Board Chairman Sven Raba thanked Aho for his “valuable contribution to the bank’s technological development,” acknowledging the impact of a leader known for his startup ingenuity. However, the incoming expertise suggests a new chapter for Bigbank, one focused on mature growth, regulatory resilience, and sophisticated strategic oversight.

A Deliberate Shift in Boardroom Expertise

The departure of a tech founder and the arrival of experts in strategic management and law marks a significant evolution in the boardroom’s composition. Alari Aho, often lauded as an “Estonian Startup bootstrapping legend,” brought a perspective steeped in software development and agile innovation. His influence was instrumental during a phase where technological advancement was a primary driver. Now, the bank appears to be building upon that foundation by prioritizing the frameworks necessary to sustain and scale its operations.

The appointments of Otsa and Vallikivi, both as independent members, underscore a commitment to enhanced corporate governance. This move aligns with broader trends across the European banking sector, where regulatory bodies like the European Banking Authority are increasingly emphasizing the importance of diverse, independent, and highly qualified boards. For a financial institution like Bigbank, which has grown its balance sheet beyond 3 billion euros and serves over 175,000 customers across nine countries, robust oversight is not just best practice—it is a strategic necessity.

Architects of Strategy and Stewardship

The two new members bring a wealth of experience that appears tailor-made for Bigbank’s current strategic objectives. Jaanus Otsa is a formidable figure in Estonian business, with a career spanning over three decades in management and strategic development. As the founder and Chairman of the Supervisory Board of AS United Asset Management and with board-level experience at Iute Group AS and major construction firms like Skanska EMV AS, Otsa possesses a deep understanding of corporate steering and large-scale asset management. His extensive background in the real estate sector is particularly relevant to Bigbank's strategic goal of significantly expanding its home and corporate loan portfolios.

Hannes Vallikivi, a Partner at the law firm Walless, provides a crucial counterweight of legal and regulatory acumen. Recognized by international legal directories for his expertise, Vallikivi has over two decades of experience in banking and finance law. His tenure as President of the Estonian Bar Association from 2016 to 2019 demonstrates a profound commitment to the integrity of the legal profession. His role on the Tallinn Stock Exchange Listing and Surveillance Committee further cements his credentials in financial market oversight. In an era of ever-tightening regulations, his ability to help the bank navigate complex legal landscapes is an invaluable asset.

Fortifying for Future Growth and Regulation

Bigbank's strategic plan for 2022–2026 is ambitious, centering on expanding business volumes and venturing into everyday banking services. The bank has already made strides, launching current accounts and integrating with the SEPA instant payment system. However, this growth trajectory is unfolding against a backdrop of significant regulatory shifts.

A prime example of this dynamic environment came in August 2025, when Bigbank’s Supervisory Board suspended the implementation of its Internal Ratings-Based (IRB) models. The decision was a direct response to new EU regulations that diminished the capital advantages of the approach. This event perfectly illustrates the challenges modern banks face, where strategic projects can be upended by regulatory changes, requiring agile and informed leadership to pivot effectively. The addition of Hannes Vallikivi’s deep regulatory expertise seems a direct and prudent response to this reality.

Simultaneously, as the bank aims to increase its loan portfolio to drive profitability, the strategic guidance of a seasoned business leader like Jaanus Otsa becomes paramount. His experience in managing large enterprises and developing long-term strategy will be critical in ensuring that Bigbank's growth is not only aggressive but also sustainable and well-managed. His public commentary on fiscal policy and economic management reveals a leader accustomed to thinking about the broader systems in which businesses operate.

This carefully orchestrated board enhancement is not merely about filling seats; it's about assembling a team with the precise skills to guide Bigbank through its next phase of development. The combination of Otsa’s strategic vision and Vallikivi’s regulatory foresight creates a powerful governance structure designed to protect the institution while propelling it forward. By investing in this level of leadership, Bigbank is reinforcing the foundation of trust with its customers, investors, and regulators, ensuring its services remain reliable and secure. With this fortified leadership, Bigbank is positioning itself not just for profitability, but for enduring resilience in a dynamic European market.