Nord LB appoints new CFO

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German Landesbank has appointed Olof Seidel as new Chief Financial Officer as of 1 May.

Seidel has been with Nord LB since 2017 having been in charge of the bank’s transformation programme called One Bank.

Prior to that, he worked for the Polish office of Norwegian bank DNB, where he spent six years as CFO and COO in charge of a restructuring programme aimed at restoring the financial profitability of the branch. He has already spent some time at Nord LB in 2005, having worked as a project manager for the bank.

His appointment follows the recent transfer of former CFO Ulrike Brouzi to the board of DZ Bank.

His appointment comes at a challenging time for the German Landesbank, which is in the midst on a substantial restructuring process, in a bid to reduce its exposure to shipping debt.  Having booked a net loss of almost €2bn in 2016, it announced a net profit of €135m for 2017.