Stockholm-headquartered Nordea has appointed new leadership for its private banking business.

Nordea has appointed Thorben Sander, its Luxembourg chief executive and international private banking head, as its new head of private banking.

Sander, who has been with Nordea for more than 20 years, takes over from Snorre Storset, who as of February became the group's head of wealth management. Sander will remain head of international private banking and CEO of Nordea Bank in Luxembourg until a replacement has been found, the group said in a statement.

He will lead the group's five private banking units in Denmark, Finland, Norway, Sweden and Luxembourg with around 1,300 employees.

Nordea Private Banking has €90 billion ($100 billion) in assets under management, with 900 private bankers serving around 115,000 customers from 80 branches.