OREANDA-NEWS. On March 11, 2009 Swedbank announced a number of changes to the Group Executive Management. The changes will result in the introduction of a new function that strengthens the bank’s risk management and strategic capabilities, reported the press-centre of Swedbank.

This will broaden and deepen the Group’s abilities to address the current challenging environment and position Swedbank for future profitable growth. At the same time the changes will ensure that Swedbank has a first class common operating model in the domestic markets based on a common brand promise.

Erkki Raasuke, formerly Head of Baltic Banking, has been appointed Group Chief Financial Officer. Goran Bronner, formerly Chief Investment Officer at the Swedish asset management firm Tanglin, has been appointed Chief Risk Officer. Hakan Berg, formerly Head of Internal Audit, has been appointed Head of Baltic Banking. Further, Thomas Backteman has been appointed as Head of Group Corporate Affairs. The changes will take affect as of today.

The financial services industry faces a number of significant challenges. The deteriorating economic environment requires an increased focus on risk and compliance issues. This highlights the importance of having first class capabilities in these areas. Swedbank’s main priorities are therefore to strengthen the management of its assets and proactively manage the risks associated with its balance sheet.

“I am very pleased to today present these changes. This aims to achieve maximum leverage of know how in the group, build on the experience and knowledge within the bank’s domestic markets, and enhance strategic capacity through the addition of new functions in key areas. The management team will play an integral role in meeting the challenges ahead to position Swedbank for the future”, says Michael Wolf, CEO of Swedbank.

Erkki Raasuke will take on the new CFO role which will include the responsibilities for Group Finance, Tax, Treasury and Investor Relations. Erkki Raasuke brings with him 16 years of experience from Baltic Banking, including 3 years as CFO. The appointment forms a solid platform ensuring that finance and risk work cohesively across Swedbank’s domestic markets. Mikael Inglander will continue to serve on GEM as Executive Vice President of the ‘One Group Change Programme’. He will also be available to assist Erkki Raasuke and Goran Bronner to ensure a smooth transition period.

Hakan Berg will take over the position as Head of Baltic Banking from Erkki Raasuke. He has had a 25 year long career at Swedbank including several operational roles in the Swedish Banking division. Hakan Berg has successfully managed challenging tasks during both economic upturns as well as recessions. He most recently held the position as Head of Internal Audit. He will become a member of the executive management board. Hakan Berg was responsible for asset valuation of the credit portfolio for Sparbanken during the Swedish financial crisis in the early 1990’s.

The appointment of Goran Bronner in the new function as Group Chief Risk Officer is part of Swedbank’s strengthening of its approach to risk management to further enhance risk as an integrated perspective on performance. He will also become a member of the executive management board. Goran Bronner’s responsibilities will include Risk Control and Credit and Financial Restructuring & Recovery, ensuring that risk management is embedded within the strategy and performance management. He has a strong track-record from different roles in the financial markets and will have an integral role in building a strong culture of risk awareness going forward. Jan Lilja will continue to serve as Head of Group Risk Control and Lars Lundquist will remain as Head of Group Credit. They will both report to Goran Bronner.

Group Corporate Affairs will be headed by Thomas Backteman. He will become a member of the executive management board underlining that stakeholder relations is a vital part for a retail bank such as Swedbank. As part of the restructuring, Public Affairs will be part of the Corporate Affairs division going forward.

The other members of the Executive Management team remain in their positions.

Jonas Erikson has been appointed Head of Strategic Analysis and M&A, reporting to the CEO. This is part of the objective to strengthen the in-house competence and resources in addressing strategic issues.

A recruitment process for finding a new Head of Internal Audit has been initiated. The current Deputy Head of Internal Audit Erik Starkov will hold the temporary position as Acting Head of Internal Audit.