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Wahlroos set to take over as Nordea chair

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Wahlroos set to take over as Nordea chair
Sampo Chairman and Nordea vice chairman Björn Wahlroos
10:17 CET+01:00
Swedish bank Nordea has announced that Chairman Hans Dalborg will retire next year, adding that it has put forward vice chairman Björn Wahlroos' name to take over for Dalborg.

Dalborg has informed the bank's nomination committee that he will not stand for re-election at the company's annual general meeting next in the spring of 2011, the company announced in a statement on Tuesday.

"I took over as CEO for a Swedish bank in a very critical situation in the middle of a bank crisis. I will resign as chairman of a leading European bank with a strong financial position and a clear strategy," Dalborg said in a statement.

In an interview with newspaper Svenska Dagbladet (SvD) on Tuesday, Dalborg refused to confirm rumours that Wahlroos, the chairman of Finland's Sampo Group, will assume his role after he departs.

The insurance company is the single largest shareholder in Nordea with a 20.6 percent stake, followed by the Swedish state with 19.8 percent.

On Wednesday, Nordea announced that it has put forward Wahlroos' name as its new chairman.

"I am honoured by the nomination, but want to wait for the meeting's decision before I comment further on the assignment," Wahlroos wrote in a statement on Wednesday.

"His experience as vice president of Nordea and deep professional expertise will both provide continuity and be valuable for Nordea's development," added nominating committee chairman Torbjörn Magnusson.

Dalborg was appointed president and CEO of Nordbanken in 1991. After the reconstruction of Nordbanken, he implemented the Nordic merger between Nordbanken in Sweden, Merita Bank in Finland, Unibank in Denmark and Christiania Bank og Kreditkasse in Norway that resulted in Nordea in 2000.

Following the merger, Dalborg was deputy chairman for one year before becoming chairman in 2002. As chairman, Nordea has expanded profitably in Poland, the Baltic countries and Russia and is one of the largest banks in Europe.

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