Swedbank committee proposes new board members
13 May 2019

Swedbank’s nomination committee proposed two new board members and called for an extraordinary meeting to be held before June 21, as Sweden’s oldest lender tries to recover from a money-laundering scandal in the Baltics.

Swedbank’s reputation has been marred since it was linked to a money-laundering scandal at Danske Bank, which has said that its Estonia branch was used to move some 200 billion euros of suspicious funds between 2007 and 2015.

The Swedbank committee had vowed to strengthen the lender’s board to help it recover from the scandal, which has prompted the departure of its CEO and chairman and caused Swedish, Baltic and U.S. authorities to open investigations.

The committee proposed Bo Magnusson, who currently chairs two Swedish banks, as vice chairman of the board and Josefin Lindstrand, a lawyer with international experience of working on anti-money laundering issues, as a member.

The board, which last month proposed former prime minister Goran Persson as chairman, said interim chair Ulrika Francke and two other board members had declined to be re-elected, meaning that nine names for the board would be put to vote.

By Esha Vaish, Reuters, 13 May 2019

Read more at Reuters

 

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