Swedbank AB has now implemented the previously announced change of the governance of the bank's Baltic operations. The wholly owned holding company Swedbank Baltics AS today becomes owner of the subsidiary banks in Estonia, Latvia and Lithuania. In this way Swedbank AB formalises the current operating model while increasing accountability and responsibility of the Baltic Banking management.
After approval by the European Central Bank and relevant supervisory authorities, the ownership of the subsidiary banks in Estonia, Latvia and Lithuania is today placed in the holding company Swedbank Baltics AS which is wholly owned by Swedbank AB.
Swedbank's President and CEO, Jens Henriksson, is Chairman of the Supervisory Board of the holding company, and Jon Lidefelt, Head of Baltic Banking at Swedbank, is the CEO. The holding company creates a sub consolidated group within the Single Supervisory Mechanism and serves as a legal counterpart to relevant authorities, in addition to the local subsidiary banks.
"Swedbank will maintain a long-term presence and play a central role in Estonia, Latvia and Lithuania. By strengthening the governance of the Baltic operations, we ensure operational synergies, control and efficiency, while maintaining the current operating model with local subsidiary banks. The governance improvement also includes a clarification of mandates and responsibilities for each of the country management teams in the Baltic subsidiaries," says Jens Henriksson, President and CEO of Swedbank.
The governance changes will not have any impact on Swedbank's customers. Swedbank is the leading bank in Estonia, Latvia and Lithuania with 6,000 employees who serves more than 3 million individuals and 280,000 companies.
Contact:
Mattias Elander Forsgren, Press Manager Group Press Office, phone: +46 73 843 32 66