Targo Raus has been appointed chairman of the management board of AS Balti Investeeringute Grupp (BIG) as of 1 April 2003.

"The exchange of a top executive is a crucial moment for any company: if you make the right choice, you can make a qualitative leap, while the wrong choice may curb development. Thus, the demands of the future chairman were very high and the competition was tough. It was because of Targo Raus's management experience, long-term employment in the financial sector and personal qualities that we asked him to start managing our company," said Vahur Voll, chairman of the supervisory board of BIG, about the election of the chairman of the management board.

Targo Raus has worked in the banking sector since 1992, being initially a member of the management board of Tallinna Pank and a member of the management board of ÿhispank as of 1998.

There will be no major changes in connection with the exchange of the executive. The company's planned development - expansion on the existing markets in Estonia and Latvia and investigation of new markets - will continue.

AS Balti Investeeringute Grupp was founded in 1992 in Tartu and with its 3,100 customers it is the largest Baltic credit institution for private persons. In 1993, the company expanded to Tallinn, in 1994 to Pärnu and in November 2002 to Rakvere. In 1996, the company founded Baltijas Izaugsmes Grupa, a subsidiary in Latvia, the main activities of which are similar to those of the parent company.

Further information:

Vahur Voll
Balti Investeeringute Grupp
Member of the Supervisory Board
Tel. (0) 6309 936