Friday, October 30, 2020

Swedbank proposes former Swedish PM as chairman

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Swedbank AB said late Sunday that it is proposing former Swedish Prime Minister Goran Persson as the bank’s chairman, as it continues efforts to repair its image in the wake of a money-laundering scandal.

The lender came under scrutiny in February after local broadcaster SVT reported billions of dollars of illicit funds may have passed through the bank’s Estonian branch.

Financial regulators in the U.S., Sweden and three Baltic countries have launched probes into the bank’s risk management and controls. Former Chief Executive Birgitte Bonnesen was ousted last month over the scandal and Chairman Lars Idermark resigned.

More: Swedbank Chairman Quits Over Money-Laundering Scandal

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Last week the bank said it is setting up a unit to fight financial crime and disclosed that it has appointed law firm Clifford Chance to lead an internal investigation reviewing its business in the Baltics, the findings from prior reviews, and the bank’s previous responses.

Between 1994 and 1996, Mr. Persson was Minister of Finance and following that, prime minister until 2006. He has been chairman of Swedish forestry group Sveaskog, and is currently chairman of Swedish miner LKAB.

He has been member of the board in one of the Swedish Savings Banks and is now a board member of bank Ålandsbanken.

“Goran has an impressive track record, a broad international network and experience from financial business,” Lennart Haglund, chairman of the nomination committee, said.

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