The supervisory board of Varengold Bank AG has appointed Mr. Frank Otten (48) to an additional member of the board of managing directors as successor of Mr. Friedrich Verspohl. Mr. Otten is available for the Bank with his high national and international work experience in the banking sector from now on. Mr. Otten finished his training as a banker at Landesbank Schleswig-Holstein (since 6/2003, HSH Nordbank) in 1987.

Then Mr. Otten was employed at HSH Nordbank for 21 years and was, among others, in charge of the branch in Tallinn (Estonia) and was responsible for the establishment in the region Central and Eastern Europe as well as the conduct of the lending business line /syndications and operated as Global Head of Financial Institutions. Since 2010 he also acts as Chief Executive Officer (CEO) at the Arensburg Consult.