DNB Bank said on Monday it has named Vidar Andersen as head of the bank's operations across Asia, based in Singapore.
The Norwegian bank, which specialises in shipping and energy financing, also appointed Mats Wermelin as head of China, based in Shanghai, a post that was previously held by Andersen.
Andersen spent eight years in China during which time he boosted the bank’s national profits fourfold. He joined DNB in 2001. He worked in both Oslo and New York prior to Shanghai.
Andersen replaces Erik Borgen who has held the position since 2004 and is stepping down to pursue other interests. Borgen served at DNB Bank for 34 years in Oslo, New York and Singapore.
"Asia is the world's economic powerhouse in many respects, certainly in terms of shipping and the energy markets,” said Harald Serck-Hanssen, DNB Bank’s group executive vice-president, in charge of large corporations and international operations.