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Swedbank names frontrunner Henriksson new CEO

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STOCKHOLM: Swedbank has named Jens Henriksson, the head of insurer Folksam as chief executive officer, as the lender tries to rebuild confidence after a money-laundering scandal.


Sweden’s oldest retail bank earlier this year dismissed its CEO, accepted the resignation of its chairman and lost more than a third of its market value after its Estonian business was caught up in money-laundering allegations that have also engulfed Danish peer Danske Bank.


Henriksson told a news conference priorities for a bank whose stock has tumbled nearly 40 per cent this year included rebuilding its reputation and highlighting positives in its business.


“This is a crisis and a lot is about recovering our reputation,” he said.


“There is a cloud of uncertainty that is hanging over Swedbank that affects the share price, the reputation of Swedbank and the people who work at Swedbank. That must be removed.”


The initial reactions to the appointment announced late on Wednesday were mixed, with Credit Suisse saying it would take “leadership uncertainty off the table” while the Swedish Shareholders’ Association took a dimmer view. “It is troubling that Henriksson during a long period as an owner representative had a responsibility for the development in Swedbank,” association CEO Joacim Olsson said. — Reuters


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