Former head of regulation at the Central Bank Matthew Elderfield is to take up a new role with financial services group Nordea.

Mr Elderfield, who left the Central Bank in October 2013 and moved to a senior role with Lloyds Banking Group, will be the new head of group compliance for the group. He is set to take up the position by November 9th. Johan Ekwall will remain acting head of group compliance at Nordea until then.

“We have set an ambitious target to be best in class regarding regulatory compliance.” said Nordea chief executive Casper von Koskull. “Continuing to enforce a strong risk and compliance culture and making it an integral part of our business model is key to making these efforts succeed.”

Mr von Koskull said Mr Elderfield’s “extensive international experience” would bring Nordea closer to its ambition.

Additional reporting: Bloomberg