Friday, October 30, 2020

Swedbank to transform Estonian unit at the centre of money-laundering investigation, appoints new executives

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Swedbank (SWEDa.ST) has removed three executives from its Estonian business and appointed their replacements, including a new head of the unit embroiled in an international money laundering investigation.

The Swedish lender has already fired its CEO and its chairman resigned in the wake of the allegations being investigated by authorities in Sweden, the Baltics and the United States.

Former Swedbank Estonia CEO Robert Kitt, former CFO Vaiko Tammevali and the head of the unit’s private customer division, Kaie Metsla, have been removed from their posts and left the bank after a board decision resulting from Swedbank’s ongoing internal investigations, it said on Monday.

Kitt and Tammevali had been suspended from their positions since June 17.

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“The decision is based on information concerning historical shortcomings connected to anti-money laundering work,” Bjorn Elfstrand, Council Chair of Swedbank Estonia, said in a statement.

“At this point of time, no criminal activities have been identified or reported,” the bank said.

It said it has appointed Olavi Lepp to head the Estonian business and Anna Kouts as new CFO, with Tarmo Ulla named as head of the private customer division.

Reuters was unable to contact the former Swedbank employees for comment.

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