HELSINKI (AP) — The Nordic region's largest financial group says it has begun looking for a successor to replace its current chief executive, who is retiring by the end of 2020.

Nordea Bank confirmed Sunday that president and CEO Casper von Koskull will turn 60 next year and "has wished to make that the point of retirement following a long and intense career in banking."

The Finnish banker joined the Helsinki-based Nordea in 2010 and has been its CEO since 2015.

Europe's largest activist investor Cevian Capital took a stake in the Helsinki-based Nordea in late 2018 and its co-founder Christer Gardell has urged the bank to speed up its cost-cutting measures and to catch up with rivals on profitability.

Nordea's home markets are Denmark, Finland, Norway and Sweden.