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Swedbank chairman leaves post after ousting of CEO

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Swedbank chairman leaves post after ousting of CEO
Lars Idermark leaves a meeting with shareholders last week. File photo: Henrik Montgomery / TT
07:49 CEST+02:00
Swedbank chairperson Lars Idermark will leave his role with immediate effect, the bank said on Friday morning as it continues to deal with the fallout of allegations of money laundering and insider trading.

Allegations that the Swedish lender may have been used for the laundering of billions of kronor have led to a drop in share prices of more than 30 percent, and last week the CEO was fired.

"After the strong recent debate about Swedbank and the question of the bank's handling of suspected money laundering in the Baltics, I have found that the mass media attention this has created is not compatible with my role as CEO in the forest group Södra," said Idermark in a statement on Friday.

"Therefore I have decided that the best step is for me to leave my position as chairperson at Swedbank with immediate effect. I have always called for transparency and a good and open relationship between management and the board. I have always prioritized shareholders and customers. That's why the recent development is deeply regrettable," he continued.

The bank's current deputy chairperson, Ulrika Francke, will take over Idermark's role.

Multiple investigations are ongoing into the suspicious transactions at Swedbank, as well as an investigation into suspected insider trading after two major shareholders sold their shares shortly before Sweden's public broadcaster published its report. 

READ MORE: Here's what we know about the money laundering scandal at Swedbank

Vocabulary

chairperson – ordförande

money laundering – penningtvätt

billions – miljarder

the Baltics – Baltikum

regrettable – beklaglig

We're aiming to help our readers improve their Swedish by translating vocabulary from some of our news stories. Did you find this article useful? Do you have any suggestions? Let us know.

 

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