Swedbank appoints new CEO

Swedbank has appointed Mikael Wolf as its new CEO as the bank attempts to recover from setbacks sustained in the financial turbulence of recent weeks.

Swedbank has come under fire during the ongoing financial crisis, with its Baltic operations in particular a matter of some concern for financial markets.

The banks problems resulted in the issuing in October of new shares worth 12.4 billion kronor ($1.57 billion).

Mikael Wolf has worked in the banking world for thirteen years. He also has eight years’ experience of the insurance industry.

He has under his time at SEB, Skandia and most recently at Intrum Justitia showed his ability to successfully lead his team of employees to co-operate and perform, said Swedbank chairman Carl Eric Stålberg in a statement.

Wolf will take over from Jan Lidén at the bank’s general meeting in April next year.

This is one of the finest jobs imaginable within the Swedish financial sector,” said Wolf in a statement.

“I have a strong sense of belonging with Swedbank, who has had the courage to take the leap to build good relations with the new democracies and the new economies on the other side of the Baltic Sea in order to create the same strong position within the local society for the bank there as it has in Sweden,” he added.