Thomas Östros, 47, will take the reigns as head of the group after having worked as a minister in Social Democrat-led governments between 1994 and 2006.
“The Bankers’ Association is very happy that Thomas Östros has accepted to lead the association. Thomas Östros has a solid background and extensive experience in financial markets, law, and society, both nationally and internationally,” wrote Christian Clausen, spokesman of the association, in a statement.
Östros had previously served as both minister for education, and as minister of industry and trade.
Most recently he served as the Social Democrats’ economic policy spokesperson.
Since he left his post late last year, he has refused to comment to media as to which professional direction he would take.
Östros was also mentioned during speculation about who may take over from the embattled ex-party leader Håkan Juholt in January.
However, it was revealed by daily Aftonbladet on Wednesday morning that the head of the Bankers’ Association would be his next title.
The association works with analyzing changes and laws affecting both banks and finance companies.
Östros will be making the most of the contacts he had as a minister, according to Aftonbladet, and is reportedly “delighted” to take on the new position.
“The banking sector is an important part of society and the Swedish economy. A primary assignment of the Banking Association is to ensure that we have a sound and stable bank sector in Sweden,” he told the paper.
“Another is to work for a competitively neutral regulatory framework for the bank sector. The Association will be appreciated as a constructive and meaningful partner.”