Danish lender Danske Bank has launched a new wealth management unit, which will include its expertise within pension savings and wealth and asset management.
The new unit, which was set up as a result of an ongoing business review, will encompass Danica Pension, Danske Capital and parts of the private banking operations.
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The wealth management division is expected to have a client base of more than 800,000 customers as well as assets under management of more than DKK900bn.
The bank said that the unit will be presented as a separate business unit in financial reporting effective from the interim report for the first quarter of 2016.
Danske added that head of new wealth management unit will join the executive board and that the bank is currently in the process of searching candidates to head the new unit.
Tonny Thierry Andersen, head of personal banking and member of the executive board, will be responsible for creating the new unit until a permanent head is found.
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By GlobalDataDanske Bank CEO Thomas Borgen said: "The new organisation will support our strategy of providing simpler, more efficient and better customer services."
Additionally, Danske Bank has named Jacob Aarup-Andersen as new CFO replacing Henrik Ramlau-Hansen. Aarup-Andersen, who will assume his new role on 1 April 2016, will also join the bank’s executive board.
