Cecile Hillary assumed the role of chief financial officer at Danske Bank on 1 March 2025, stepping into one of the most prominent finance positions in Scandinavian banking. Hillary joins from Lloyds Banking Group, where she served as Group Treasurer, bringing with her substantial experience in capital management, funding strategy, and balance sheet optimisation gained at one of the United Kingdom's largest retail and commercial banks. Her appointment was confirmed in advance by Danske Bank's board as part of a structured succession process.
Her arrival marks the conclusion of a handover process that Danske Bank had been managing since announcing that her predecessor, Stephan Engels, would retire. Engels leaves the bank after almost five years in the CFO seat, during which time Danske navigated a demanding period that included the resolution of legacy legal and regulatory matters that had weighed heavily on the institution's reputation and operational focus. His departure is described by the bank as a planned transition that was managed in an orderly manner.
HILLARY BRINGS TREASURY EXPERTISE FROM LLOYDS
As Group Treasurer at Lloyds Banking Group, Hillary was responsible for the institution's funding, liquidity, and capital position — functions that sit at the core of the CFO brief at any major bank. Her background in treasury gives her direct familiarity with the financing structures, regulatory capital requirements, and investor relations dimensions that define a chief financial officer's agenda in the current environment of tighter prudential standards and evolving interest rate conditions across European markets.
Danske Bank operates across the Nordic and Baltic markets, with its headquarters in Copenhagen and a significant presence in Denmark, Sweden, Norway, Finland, and Northern Ireland. The CFO role carries oversight of financial reporting, capital planning, and the bank's investor communications — responsibilities that will be central as Danske continues to execute on its strategic priorities and maintain consistent dialogue with equity and fixed-income investors who monitor the bank's performance closely.
ENGELS CLOSES OUT A 36-YEAR CAREER
Stephan Engels retires having spent the final chapter of a 36-year career in financial services at Danske Bank. He joined the institution as CFO at a challenging juncture and is credited with helping to stabilise the bank's financial governance and strengthen its capital and liquidity buffers over the course of his tenure. His departure brings to a close a career that spanned multiple institutions and market cycles across European banking and investment management.
The handover to Hillary reflects a broader pattern of talent flow between major European banks, with institutions drawing on each other's leadership pools to fill senior executive roles. Danske Bank said that Hillary had engaged closely with Engels and the broader finance leadership team in the period leading up to the formal appointment date to ensure continuity across key processes, financial reporting obligations, and stakeholder relationships.
Hillary joins Danske Bank's Executive Leadership Team and will participate in the bank's regular investor and analyst engagement schedule from the first quarter of 2025. Her appointment also gives Danske a CFO with direct experience of operating within the UK's regulatory environment, which may prove a useful perspective as the bank manages its continuing operations in Northern Ireland alongside its larger Nordic business.