OREANDA-NEWS. June 11, 2010. The new chairman of the council of AS Swedbank is Hakan Berg, Head of Baltic Banking and the new Chairman of the Board is Priit Perens, Managing Director of Swedbank in Estonia, reported the press-centre of Swedbank.

Michael Wolf, CEO and President of Swedbank Group, resigned as the head of the supervisory body of Swedbank in Estonia, related to the streamlining of his duties in the group governance framework.

“Baltic Banking remains a strategic business area for the Swedbank Group,” Berg explained. “These changes are designed to free up the head of the group from coordinating the management and supervisory work of its subsidiary, which forms part of my everyday work as the leader of Baltic banking operations.”

Berg said that an analysis was also recently completed of the corporate legal structure of Swedbank in Estonia, Latvia and Lithuania going forward. “From the point of capital management it makes most sense to consolidate the Latvian and Lithuanian subsidiaries directly to the parent company, Swedbank AB,” Berg explained, noting that Swedbank Group's Board of Directors, which represents its stakeholders, will make the final decision on the matter in late summer. The banks in Latvia and Lithuania are currently subsidiaries of the Estonian Swedbank.

Changes in the Council
Joining the council in addition to Berg are Baltic Banking Chief Legal Counsel Tiina Sepa, Group Risk Control Manager Jan Lilja and Group Compliance Manager Helena Nelson. Previous members Goran Bronner and Magnus Francke stepped down to focus more on work in their respective areas, and Kjell Hedman due to leaving Swedbank.

Tiina Sepa has been working for Swedbank since 1993. Her main area of responsibility has been legal counselling, and starting in February this year that extended to Baltic Banking. She graduated in law from the University of Tartu.

The members of the council of Swedbank AS as of 4 June 2010 are Hakan Berg, Tiina Sepa; Jan Lilja, Group Risk Control Manager; Helena Nelson, Group Compliance Manager; and Erkki Raasuke, CFO of Swedbank Group.

Changes in the Board
In connection to Hakan Berg stepping down as a Chairman of the Board, the Council appointed Priit Perens, Managing Director of Swedbank in Estonia, new Chairman of the Board of Swedbank AS. Also appointed to the board was Baltic Banking Credit Manager Kristina Mikenberg.

Kristina has been working for Swedbank since 2005. Her main area of responsibility has been risk management, and starting in January this year that extended to Baltic Banking credit management. She graduated in corporate finance from the University of Munich in Germany.

The members of the Board of Swedbank AS as of 4 June 2010 are Priit Perens, CEO of Swedbank in Estonia; Kristina Mikenberg, Baltic Banking Credit Manager; Kristina Siimar, CFO of Baltic Banking; Maris Mancinskis, Head of the Swedbank in Latvia; Antanas Danys, Head of the Swedbank in Lithuania; and Giedrius Dusevicius, Head of the Baltic Business Development Division.

Perens, Mancinskis and Danys have also been members of the Swedbank Group (Swedbank AB) Senior Management since 15 August 2009.