OREANDA-NEWS. September 05, 2011. The composition of the Estonian management board of Swedbank will change. The change is related to changes in the bank’s legal structure, due to which the Latvian and Lithuanian subsidiaries that previously belonged to the Swedbank’s Estonian consolidation group have now been transferred to the ownership of the parent company, Swedbank AB, reported the press-centre of Swedbank.

As of tomorrow, the Estonian management board of Swedbank will be comprised of the following members: Priit Perens, Chairman of the Board and Head of Swedbank in Estonia (continues in his current position); Ulla Ilisson, Executive Manager of Retail Banking; Robert Kitt, Executive Manager of Corporate Banking; Heiki Raadik, Chief Financial Officer; Vaiko Tammevali, Executive Manager of Private Banking; and Rait Pallo, Head of the Credit Management Division. Before being elected to the management board, they operated as the Estonian management, which in addition to the aforementioned also includes the head of human resources, the head of the legal department, the head of risk control and head of corporate relations.

The following were recalled from the management board: Giedrius Dusevicius, Head of the Business Development Products Division of the Swedbank Group; Toms Silins, Chief Financial Officer for Baltic Banking (elected to the supervisory board); Kristina Mikenberg, Head of Baltic Banking Credit Management Division; Maris Mancinskis, CEO of Swedbank in Latvia; and Antanas Danys, CEO of Swedbank in Lithuania.

Changes also took place in the supervisory board of Swedbank AS. Birgitte Bonnesen, the newly-elected Head of Baltic Banking was elected chairman, and the members include the following: Tiina Sepa, Chief Legal Counsel of Baltic Banking (the only member to continue from the former board); Toms Silins, Chief Financial Officer for Baltic Banking; Erik Starkov, Head of the Internal Audit for Baltic Banking; and Johan Rosen, Head of the Risk Control Division for Baltic Banking.

The change in the legal structure of Swedbank AS took effect on 1 July when Swedbank in Latvia and Swedbank in Lithuania became subsidiaries of the group’s parent company, Swedbank AB (publ). In order to effect the change, Swedbank AS (Estonia) sold the shares of its subsidiary banks in Latvia and Lithuania to the group’s parent company. Based on the new structure, the banks in Latvia and Lithuania and their subsidiaries no longer belong to the consolidation group of Swedbank AS, and Swedbank Latvia and Swedbank Lithuania have the same legal status in the group as Swedbank Estonia.