Denmark's largest bank has handed the new role to its head of personal of banking.

Danske Bank has appointed Tonny Thierry Andersen as the head of its new wealth management unit.

Andersen has been head of Danske Bank’s personal banking unit since 2012 and will continue in this position until a replacement is found.

Having joined the Copenhagen-headquartered bank in 1999, Andersen has held various management positions there, including that of chief financial officer. He has served on the executive board since 2006 and will continue to do so.

The new wealth management business began operations on Friday and encompasses the Danica Pension, Danske Capital and private banking units. It will be responsible for over 800,000 customers and will have assets under management of more than DKK900 billion ($137.7 billion).

“Wealth management is a business area that is undergoing rapid change and holds considerable potential,” said chief executive Thomas Borgen. 

“Our ambition is to offer the best solutions in the market. That requires a visionary and innovative organisation with an intense focus on our customers, and I believe Tonny Thierry Andersen is the right person to lead the unit.”

In Feburary, Danske revealed that net profit before goodwill impairments rose 36 per cent to DKK17.7 billion in 2015, against DKK13 billion in 2014. It plans to buy back DKK9 billion in shares this year – almost double its previous share buy-back programme.