BRAbank ASA: BRA-ME - Hans Ljøen appointed new CEO, proposed changes to the Board of Directors

Bergen, 27 November 2019: The Board of Directors of BRAbank ASA ("BRAbank" or the "Company") has today appointed Hans Ljøen as new Chief Executive Officer (CEO), replacing the current CEO Bent Gjendem effective from 1 December 2019.

Furthermore, the nomination committee of BRAbank proposes that Viggo Leisner is appointed Chair of the Board of Directors, replacing today’s chair Geir Stormorken, and that Per G Braathen is appointed board member.

“Since inception four years ago, BRAbank has established itself as a digital consumer bank in the Nordics with NOK 4.5 billion in net loans. While historical growth has been substantial, we announced in our third quarter report that capital restraints and loan losses made it necessary to shift focus. A comprehensive cost efficiency program has been launched and initiatives have been made to improve capital structure. As we move into the next phase of BRAbank’s development, the time is right for a new CEO that together with the rest of the management team will be supported by a strong Board of Directors”, says Geir Stormorken, Chair of the Board of BRAbank.

The new CEO, Hans Ljøen comes from the position as Chief Financial Officer (CFO) in BRAbank. Previously, Ljøen held the position as the bank’s Chief Risk Officer for more than four years. He has previous financial industry experience at Nordea Bank and earlier in his career he worked at PWC within audit and consulting. Ljøen earned a Certified European Financial Analyst degree and a Master in Finance from the Norwegian School of Economics (NHH).

“Hans Ljøen is already a part of the management team and we are pleased that he takes on the CEO role.  His risk management, banking, audit and consulting experience make him well equipped for the job”, Stormorken adds.

Torbjørn Botnevik will replace Hans Ljøen as CFO. Botnevik was acting CFO in BRAbank from February 2018 to May 2019 and has since then led the integration of Monobank and BRAbank after the merger announcement in February 2019. Previously, Botnevik has been Head of Reporting, Financial analysis and forecasts in Nordea Life & Pensions Norway.

As founder, Bent Gjendem has led BRAbank through a period with substantial achievements, including launch of operations in Norway, Finland and Sweden, listing on Merkur Market and the merger between Monobank and BRAbank. The Board of Directors wishes to express its gratitude to Bent Gjendem for his leadership, hard work and dedication over the last years. Gjendem will now take on a role as a strategic adviser in the bank, in particular focusing on commercialising the BRAbank technology platform, strategic partnerships and strategic development.  

The proposed new Chair, Viggo Leisner has 15 years of experience as an investment manager at Arne Blystad AS with a special focus on consumer financing in recent years and has previously been on the board of several public and private companies. The proposed new board member, Per G. Braathen, represents Braganza AB, BRAbank’s majority shareholder, and will replace Jan Greve-Isdahl who will continue as deputy board member.

Geir Stormorken is proposed to replace Per G. Braathen as Chairman of the nomination committee.

The Board of Directors will convene an Extraordinary General Meeting (the "EGM") to elect new Chair and members of the Board and the nomination committee. A notice to the EGM will be published in due course.

For further information contact:

Geir Stormorken, Chairman of the Board of BRAbank, phone: +47 907 54 984

Hans Ljøen, Chief Executive Officer at BRAbank, phone: +47 481 87 750

About BRAbank

BRAbank ASA is a digital bank focused on consumer finance in the Nordics. BRAbank is cloud-based bank with strong focus on customer experience and fintech solutions. BRAbank is based in Bergen, Norway and started operation as Monobank in November 2015 and merged with BRAbank in June 2019.

The bank offers unsecured lending to qualified private individuals in Norway, Finland and Sweden. The screening process is based on an automated evaluation system, developed using the latest technology and advanced analytics. The bank also offers attractive deposit rates on its savings accounts. Deposits up to NOK 2 million are guaranteed by the Norwegian Banks' Guarantee fund, of which BRAbank is a member.

BRAbank is an independent bank with approximately 1,300 shareholders and is listed on the Oslo Stock Exchange's Merkur Market with ticker symbol BRA-ME.

This information is subject to the disclosure requirements pursuant to the Continuing Obligations of Merkur Market.