The Toronto-Dominion Bank on Thursday named Ajai Bambawale as its new chief risk officer (CRO), effective Feb. 1. 

Bambawale is the current head and chief risk officer of TD Bank, America's Most Convenient Bank. He will succeed Mark Chauvin, who will retire as CRO after more than 37 years with the bank on Jan. 31. Chauvin plans to remain with TD until March 1 to support the transition.

"I want to thank Mark for his significant contributions to TD over the course of his very distinguished career. We've benefitted greatly from Mark's trusted advice, his strategic insight and comprehensive understanding of the evolving risk management landscape, and wish him all the best in his retirement," says Bharat Masrani, group president and CEO of TD, in a statement.

"Ajai has been a key member of Mark's team and I am confident that his global experience and thorough understanding of risk and our business will serve him well in his new role," he adds.

Ajai joined the firm in 1993 as a commercial banking management trainee and quickly assumed senior roles across commercial banking and corporate credit. Prior to his current role, he was vice chairman and regional head, Europe and Asia-Pacific for TD Securities in London, U.K.

Photo copyright: yelo34/123RF