The board of Sweden’s oldest bank decided that Birgitte Bonnesen’s time was up
“NORDIC NOIR” crime fiction portrays the dark underbelly of societies which appear on the surface to be staid, comfortable and law-abiding. The region’s financial systems, too, have a surprisingly seedy side. The long-held notion that Scandinavian banks are among the world’s least susceptible to financial crime has been shattered in recent months, as big banks in Denmark, Finland and Sweden have become embroiled in money-laundering scandals and seen their share prices duly hammered.
Swedbank’s chairman, Lars Idermark, said the decision was the result of recent developments that had put “enormous pressure” on Swedbank. That was no understatement. It is hard to think of another financial scandal that has escalated so fast.
Ms Bonnesen’s chances of clinging to her job were not helped by the fact that before becoming chief executive, during the period under investigation, she ran the bank’s Baltic operations—just as Mr Borgen had done at Danske. Much, however, remains unclear about what those branches handled, and on whose behalf. Ms Bonnesen said last October that Swedbank had 3.3m customers in the three Baltic states, of whom 15,000 were non-resident customers from Russia and other ex-Soviet countries.
Swedbank, like Danske, now has an interim boss—Anders Karlsson, until this week its chief financial officer—who must try to get to the bottom of things and restore trust . The head of Sweden’s shareholders’ association has called for the appointment of a special auditor to look into the mess, and for the entire board to be replaced.
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