Copenhagen-headquartered 
Saxo Bank has appointed Dennis Malamatinas as its new chairman, replacing Kurt Larsen, who had chaired the board since 2010.

Malamatinas, who had been deputy chair, became a member of the board in 2007. Malamatinas co-founded Marfin Investment Group in 2007, heading the firm up until this year, and earlier in his career he co-founded Marfin Bank, going on to become chief executive. He is also know for earlier having been global head of Smirnoff Vodka, Burger King Corporation and Priceline Europe.

Larsen, who is the long-standing CEO of the transport group DSV, will remain a member of Saxo Bank’s board. He said in a statement that relinquishing the chairmanship would clear the way for someone with more experience specific to the financial services sector.

“Saxo Bank already meets the Danish FSA’s reasonable proposals for stricter requirements for boards of Danish financial companies, and it is to follow the spirit of the proposals I have decided to step down as chairman of Saxo Bank,” Larsen said.

“My main strength in corporate governance has been organisational structure and operations not specific to banking operations, and therefore it is appropriate that Dennis Malamatinas with his broad and deep knowledge of the financial sector becomes chairman.”

Asiff Hirji, partner at TPG Capital, has been named as deputy chairman. His firm acquired a 30 per cent stake in Saxo Bank last year.