Christensen steps down as head of Saxo Bank

Lars Seier Christensen will continue on as shareholder and ambassador

The Danish trading and investment bank Saxo Bank has announced that its CEO Lars Seier Christensen will step down at the end of the year.

Christensen, who helped found the bank in 1992 and became CEO three years later, will continue on as a shareholder and ambassador, while Kim Fournais will remain the sole CEO.

“Naturally, after 20 years as either deputy CEO, CEO or co-CEO, it was a difficult and considerable decision and one that I considered thoroughly,” Christensen said on Facebook.

“But I believe that Saxo Bank has a very strong and self-running leadership team, including my business partner of many years and co-founder Kim Fournais.”

“The bank has a well-defined strategy that complements the mega trends we are experiencing in the financial sector and which will define who wins and loses in the future. Despite the tough competition, I think we have a really good chance to be one of the winners.”

READ MORE: Saxo Bank gets cash injection from stake sale

Indonesian interest
Christensen currently owns 26 percent of the company, which sold 7 percent of its shares to the Indonesian conglomerate Sinar Mas Group just last month.

As of 1 January 2016, Saxo Bank’s executive board will consist of CEO Kim Fournais, CFO Steen Blaafalk and COO Søren Kyhl.