At its meeting on Friday, the Supervisory Board of NORD/LB Norddeutsche Landesbank appointed Olof Seidel as a new member of the Managing Board. Seidel has been exercising the duties of Chief Financial Officer (CFO) and Chief Operating Officer (COO) as a General Representative for around a year and a half. The bank's Supervisory Board declared its intention to appoint Seidel to the Managing Board, once the necessary financial supervisory requirements were in place, back in April 2018.
Between 2010 and the end of 2016, Olof Seidel was CFO and COO on the Managing Board of DNB Bank Polska in Warsaw which belongs to the DNB Group. During this time, he managed a comprehensive restructuring programme which made the bank profitable again. Seidel was already involved with NORD/LB until 2005. At the start of 2017, he returned to NORD/LB and has since been responsible for the transformation and re-alignment of NORD/LB, first as a project manager and then as a segment leader. He took on his CFO and COO duties in May 2018, taking over from Ulrike Brouzi who moved to the Managing Board of DZ Bank.
"Thanks to Olof Seidel's engagement, we have already achieved significant progress in the bank's transformation," explained Reinhold Hilbers, Chair of the Supervisory Board of NORD/LB and Finance Minister for Lower Saxony. "He will continue to make significant contributions to making NORD/LB into a profitable, and at the same time crisis-proof bank. We are pleased to appoint him to the Managing Board of NORD/LB as planned."
The appointment of Seidel is subject to the formal approval of the ECB.
About NORD/LB
NORD/LB Norddeutsche Landesbank is one of the leading German commercial banks. The core business segments include business with corporate customers, private and commercial customers including private banking as well as special finance in the energy and infrastructure sector, aircraft finance and commercial real estate finance. The bank is headquartered in Hanover, Brunswick and Magdeburg and has branches in Bremen, Oldenburg, Hamburg, Schwerin, Düsseldorf, Munich and Stuttgart. Outside Germany NORD/LB is represented by a Pfandbrief Bank (NORD/LB Covered Bond Bank) in Luxembourg and branches in London, New York, Singapore and Shanghai.
