Philippe Voisin has been named CEO of Belgian bank Crelan NV replacing Luc Versele, who becomes chairman, L'Echo reported Dec. 15.

Voisin is the bank's chief risk officer. Versele had been in a difficult position since the bank was victim of a €70 million fraud scheme earlier in 2016, according to the report.

The bank said at the end of October that it wanted to cut 160 full-time jobs to reduce its staffing to 650 employees by 2020, L'Echo noted.

France's Crédit Agricole Group owned 50% of the bank before selling its stake to Belgian cooperatives in mid-2015.