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Norwegian lender BRAbank appoints CEO

Hans Ljøen will take over as CEO of BRAbank ASA from Bent Gjendem from Dec. 1., the Nordic lender said.

Ljøen was previously CFO, a role that will be taken up by Torbjørn Botnevik. Botnevik was the acting CFO of the company from February 2018 to May 2019 after which he headed the integration of the bank with Monobank.

The nomination committee of the bank also proposed Viggo Leisner take over from Geir Stormorken as the chair of the board and that Per G Braathen be appointed a board member. Both these appointments will be finalized at an extraordinary general meeting, the bank said.

"While historical growth has been substantial, we announced in our third-quarter report that capital restraints and loan losses made it necessary to shift focus," said Stormorken.