Danske Bank’s board of directors is finding it hard to persuade the Danish Financial Supervisory Authority to approve a new chief executive officer to replace Thomas Borgen, who resigned his position in September and was formally relieved of his duties on 1 October.

The bank asked the FSA to approve Jacob Aarup-Andersen, the head of wealth management and already a member of the executive board, as the new CEO. The FSA’s preliminary assessment, according to a Danske press release, was favourable in some ways but not in others: "It considers the candidate well-qualified in many areas, but also finds that longer experience, including within certain of Danske Bank’s business areas, is needed."

Danske Bank’s board of directors has therefore withdrawn the application. It will continue its search for a "safe pair of hands" and Jesper Nielsen will continue as interim CEO until it finds "a permanent solution."

Aarup-Andersen was the unanimous choice of the board, which knew full well that longer experience in certain areas was desirable, according to chairman Ole Andersen. Aarup-Andersen will continue in his current position. The bank says that it does not wish to comment further on the appointment of a new CEO.