There is chaos in the head Swedbank. On Tuesday announced Chairman Anders Sundstrom to CEO Michael Wolf got fired. The announcement comes just over two months after the bank sacked another senior manager Magnus Gagner-Geber. It still refuses to tell why. Nor is the real cause of Wolf’s sudden exit is investigated.
The crisis in Swedbank may soon be described as acute and creeping closer to Anders Sundström.
While it is easy to note that there are a number of notable personal connections with the leading players in the skein, sometimes reminiscent of personal connections in the SCA transaction.
Jens Henriksson, CEO of Folksam, which is one of Swedbank largest shareholder with more than 9 percent of the votes. Anders Sundström has previously been both CEO and Chairman of Folksam. Today is Jens Henriksson in Swedbank’s nomination committee and should therefore assess and review their former “boss”.
– It is impossible to say how thoughts go in their brains, but it is clear that there is a potential for cronyism, says Carl Rosén, CEO of the Swedish Shareholders’ Association and states that it is Sundströms old colleagues at Folksam which will determine if he is a good president of Swedbank.
Rosen emphasizes all Folksam funds also managed by Swedbank Robur.
– So there is a business relationship between Folksam and Swedbank. How it plays out here is impossible to say.
The FSA has been given a key role in this context. The FI is now reviewing the much criticized property transactions, as Dagens Industri revealed last fall. FI’s new Director General is Erik Thedeén. He has connections to both Anders Sundstrom and, not least, Jens Henriksson.
For less than a year then, in March 2015, the employee Jens Henriksson Erik Thedeén as the new president of the pension insurance KPA. Jens Henriksson, Chairman of KPA, owned by Folksam.
KPA thus included in the Folksam sphere, which Sundstrom is deeply rooted in. Erik Thedeén resigned suddenly as president of KPA when he was appointed Director General of the FI October last year.
Aktiespararnas Carl Rosen is not as worried when it comes Erik Thedeén.
– you can assume that if one is appointed Director General adds to personal relationships aside to do its job. There is nothing to suggest that Erik Thedeén have not done it. I assume that the FSA is doing its job, says Carl Rosén.
The link between FI and Swedbank will soon be further strengthened. In spring it is time for the former Minister for Financial Markets Peter Norman to take place in the Board of Directors.
As is known, Erik Thedeén had yet another job before, namely as Secretary of State in the Ministry of Finance. Where he was Peter Norman’s right hand. Something that is not entirely unproblematic when Swedbank now be reviewed by Norman’s former sidekick.
But it does not stop there. Even Anders Sundström has other previous close connections to the Financial Supervisory top layer.
Sundstrom worked together with the former Social Democratic minister Sven-Erik Österberg. They both tried in vain to save Northland Resources Mine. Northland Resources bankruptcy shortly before July 2014 was the largest in the Swedish company’s history. Now Osterberg chairman of the Financial Supervisory Authority, which shall examine Swedbank and Anders Sundström.
Carl Rosén the Shareholders’ Association is more concerned about the connections in the ownership ranks. In addition, Folksam is also Sparbanksstiftelserna and Savings Bank Group as a major shareholder, the latter shall monitor the local support for the old savings banks in the “new” Swedbank.
– So they are also dependent on the central power like them and it can also influence their decisions, Rosen says, and continues:
– I understands that Sundström has the support of his old pals. But I do not think he has particularly strong support from institutional shareholders and savers.
Photo: Graphics: Jenny Alvén
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