Swedbank dismissed Chief Executive Birgitte Bonnesen on Thursday just before its...
STOCKHOLM - Swedbank dismissed Chief Executive Birgitte Bonnesen on Thursday just before its annual shareholder meeting, after mounting investor criticism over allegations the bank was involved in money laundering in the Baltics.
The allegations against Swedbank first came to light in a media report last month and have sparked fears that the largest bank in the Baltic region will become embroiled in a scandal already engulfing rival Danske Bank, and face the threat of lawsuits, fines and other sanctions. But in the past few days, investors have become critical of Swedbank’s handling of the issue, putting them on course for a showdown with management at the annual general meeting later on Thursday.
“The developments during the past days have created an enormous pressure for the bank. Therefore, the board has decided to dismiss Birgitte Bonnesen from her position,” Swedbank Chairman Lars Idermark said on Thursday.Swedbank’s announcement of Bonnesen’s dismissal came just an hour before the bank holds its annual general meeting.
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