Change in Management

Oldenburgische Landesbank AG (OLB) is strengthening its management team. The Bank's Supervisory Board has appointed Aytac Aydin to the Board of Managing Directors as Chief Operating Officer (COO), effective as of today, February 14, 2022. Approval has already been granted by the German Federal Financial Supervisory Authority (BaFin).

Peter Karst, a member of the Board of Managing Directors since May 1, 2021, and of OLB since 2018, has decided to leave OLB. He played a key role in shaping and successfully implementing OLB's strategic realignment in the retail banking business. After completing the transformation from a branch bank in the Weser-Ems region to a Germany-wide provider with an integrated multi-channel offering and after expanding a platform offering, Peter Karst will leave the Bank on March 31, 2022. "We regret his decision and thank Peter Karst very much for his commitment," said Axel Bartsch, Chairman of OLB's Supervisory Board.

"We are pleased to have gained Aytac Aydin, a proven specialist and internationally experienced manager, for OLB. With his expertise, he will assume responsibility for the retail business and IT/Operations at OLB in the future and drive the steady further development of business and IT processes," says Axel Bartsch.

The 44-year-old has served as a member of the Board of Managing Directors of Nova KBM, Slovenia's second-largest bank, since 2019. Overall, he looks back on more than 20 years in leading positions in the financial services sector. From 2016, he was CEO of CMC Turkey, a company specializing in business process outsourcing. Previously, Aytac Aydin worked for Odeabank and Finansbank in Turkey and McKinsey, among others.