When Nordea manager leaves his post done it with entirely different overtones. He will remain a few months as CEO and then as counselor. Nordea’s chairman also takes into Christian Clausen, the Board of Sampo, Nordea’s principal owner.
Obviously want Chair Björn Wahlroos seize Christian Clausen’s large banking experience. Until last year, the latter has also been the Chairman of the European Banking Federation EBF and have therefore had the responsibility to represent the entire banking industry at a time when politicians and financial authorities have introduced detailed and comprehensive regulation of the sector.
When Christian Clausen took 2007 financial crisis not broken out yet, but the warning signs were there. The bank survived unscathed even if credit losses differed between Nordea different markets.
He also been set for the bank to a new world of regulations. Certainly, this has not been easy, given the diverse bid that come from the EU (it has not even always been clear which European body that decides). Diverse information on how the capital is to be calculated has allowed banks one time, ended up in the corner, other times been approved.
To his bank received 50 million in fines by the FI for poor control of money laundering is a blot regarding regulatory compliance. And the Bank held an account that was current in Telia Sonera scandal in Uzbekistan.
Nordea has undergone a transformation for a number of decades of fu-sions. In Sweden, it was once a state bank, PK Bank and Nordbanken later – it was in this bank many public employees received their salaries.
In Finland stems from Nordea, Merita, a bank urgently recalled the Swedish popular movement-owned Union Bank.
Thus, the bank , a traditionally strong position in the consumer market, and maybe many missed that Nordea is also by far the largest business bank. Then it is difficult to get fluency in the debate when it is revealed that a sumptuous Östermalm Apartment acquired as a residence for the CEO.
On the owner side is Nordea had a quieter life than some of its competitors. Nordea is admittedly in recent years changed its main shareholder, the Swedish State to the Wahlroos controlled insurance group Sampo (where Finnish State is the largest shareholder) – but it can not compare with the ownership turmoil in Swedbank when Folksam became the largest shareholder by redeeming pledges of shares or Handelsbanken when the power in the sphere imploded.
Now Finn Casper von Koskull take over Nordea after a Danish and bank’ve a Finnish president.
in Nordea’s headquarters is the shortage of Swedes in the top layer. On the one hand reflects the shift in ownership. On the other hand, the bank serving large and small customers throughout the Nordic region.
A task the new CEO should be to progressively maintain a certain balance in terms of the background to those governing bank . And for that matter also in terms of expertise from other parts of Europe, where the bank is one of the heavier. Precisely this perspective, Casper von Koskull with certainty, given the background of Goldman Sachs at work in London, Frankfurt and New York.
Already Casper von Koskull defended manager bonuses on a way that does not usually fit in Sweden, where such allowances happy to become a symbolic issue. It is good. Remuneration policy should be a matter for the owners, and potential government restrictions on remuneration should be regulated solely considering banks’ risk-taking.
Björn Wahlroos has earlier threatened to move the bank’s headquarters to get aside special requirements from Sweden. Nordea is through its pure existence argument for banking regulation should be at international level and be freed from national politicians’ meddling.
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