The appointment also fits with Saxo's commitment to reinforcing its governance structures, risk management and compliance following its designation as a systemically important financial institution (SIFI).

Saxo Bank has appointed John Carmichael as chief risk and compliance officer and as a member of the board of management and the executive team.

Carmichael, who previously served as the head of internal audit, has extensive experience and a deep understanding of the bank's operations. His appointment also aligns with Saxo's commitment to reinforcing its governance structures, risk management and compliance following its designation as a systemically important financial institution (SIFI), the bank said in a statement.

"John's expertise and proven track record make him the ideal leader to guide our risk and compliance functions in this new chapter of our growth,” Kim Fournais, founder and CEO of Saxo Bank, said.

In line with this leadership enhancement the firm has also made the following promotions:

-- Karina Hansen, formerly deputy chief compliance officer, has been promoted to chief compliance officer, reporting directly to John Carmichael;

-- Rasmus Bauer, who was recently promoted as chief risk officer, will also report directly to John Carmichael; and

-- Nina Senstius, formerly deputy head of internal risk, has been promoted to head of internal audit, will report to the board of directors.

The appointments are subject to the necessary regulatory approvals.

Copenhagen-based Saxo Bank serves more than one million clients and holds more than DKK750 billion ($109.416 billion) in client assets. It employs more than 2,500 professionals in financial centres around the world including London, Singapore, Amsterdam, Hong Kong, Zurich, Dubai and Tokyo.