Mittendorfer, currently Chief Risk Officer, will be replaced by Andreas Gottschling, previously Head of Risk Management at Deutsche Bank. Gottschling currently is a senior adviser with McKinsey, focusing on financial institutions risk management, according to the statement.

Erste Group’s Chief Executive Officer Andreas Treichl said Wimmer is a very modest person, but his evaluations have always been accurate.

Erste Group has around 47,000 employees serving 16.6 million clients within 2,900 units in seven countries (Austria, the Czech Republic, Slovakia, Romania, Hungary, Croatia and Serbia).

On March 31, Erste Group’s total assets reached EUR213 billion and its net profit stood at EUR176.2 million.