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Swedbank ditches Baltic banking head

Swedbank, the largest financial institution in the Baltic states, announced December 9 it was getting rid of its head of Baltic banking, in the wake of recent Swedish TV reports on failures in anti- money laundering safeguards from the bank's Estonian operations.

In a statement released Monday morning, a variety of changes to the bank's organizational structure was announced including the information that:

"The current chief risk officer Helo Meigas and current head of Baltic Banking Charlotte Elsnitz leave the bank. As of today, Gunilla Domeij Hallros is acting chief risk officer. As of today, Jon Lidefelt is acting head of Baltic Banking."

Elsnitz had worked for Swedbank since 2007 and was appointed head of Baltic Banking in June 2017. In June this year Elsnitz herself oversaw the suspensions of CEO of Swedbank Estonia, Robert Kitt, and the CFO and Management Board Member of Swedbank Estonia, Vaiko Tammeväli, will both leave their positions in the Management Board following revelations of large-scale money-laundering through Swedbank's Estonian operation.

Lidefelt is Chief Financial Officer of Baltic Banking.

In addition an Anti Financial Crime unit, which was created in April to strengthen the bank’s work against various types of financial crime, will continue its work but responsibility for the ongoing internal investigation and various external investigations regarding historical shortcomings in the anti-money laundering work will be moved to the new Special Task Force unit headed by the bank’s former Head of Treasury Tomas Hedberg, who in this new role reports directly to the CEO.

The described the moves as "major organisational changes to create simpler and clearer decision-making structures, to facilitate the realisation of the bank’s strategy 

The number of members with Group Management responsibility was reduced from 17 to 14.

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