Prior to Nordea, he worked at Handelsbanken, most recently as president and chief executive officer. 

Chairman of the board Torbjörn Magnusson said: “Frank Vang-Jensen is passionate about banking and understands the important role of banks in society. We are very happy to have concluded the internal and external search process with an optimal outcome. He is an experienced professional capable of leading Nordea with immediate effect.”

Previous president and chief executive officer Casper von Koskull will stay with the bank for a transition period lasting until next year.

He recently described the latest half-year results for the bank as “not satisfactory” amid pressurised margins and challenging conditions that saw operating profits down 35%, despite substantial cost cutting.

Magnusson added: “Casper von Koskull has made great contributions to Nordea during challenging times. With his leadership, Nordea has made critical investments into risk and compliance as well as into the bank’s digital platforms and technology capabilities. Today, the bank has a better and simpler structure for meeting the future than when he took office in 2015. His genuine and dedicated work with customers has inspired and changed Nordea.”

Vang-Jensen (pictured) said: “Nordea has potential that is not fully utilised today. We need to quickly and continuously create new revenues and increase cost efficiency. And we need to continue to develop the customer experience. Together with the group executive management team and our dedicated employees, I am convinced that we can unlock all of Nordea’s potential.”