Swedbank will continue to be a well-capitalised, low risk bank. The new financial targets will give us even better possibilities to continue to contribute positively to societies where we have operations.
Despite global uncertainty, we saw increased customer activity in all our home markets in the quarter.
We want to be able to offer our customers a good range of different digital and mobile services. Google Pay is a good example of a payment service that many of our customers want to make use of. This gives our customers yet another opportunity to a safe and mobile payment alternative.
Today’s decision is a consequence of the ongoing internal investigation. We are fully committed to the Estonian market and to all our employees, customers and other stakeholders. Estonia is one of four home markets of Swedbank. We will continue developing Estonian’s leading bank with society and customers in focus.
There is a high demand for innovative, flexible and smart payment solutions from both merchants and consumers. This contributes to both increased sales and higher customer satisfaction. Through the investment and cooperation with KACHING Retail, we can now continue to drive this development forward, so that mobile solutions for payments can become even more flexible and efficient.
Heidi Schauman is one of Finland’s most experienced economists and a highly influential figure in the public financial debate. I am very pleased to welcome Heidi to Swedbank in general and to the role of Chief Economist in Finland in particular.
I am truly looking forward to joining Swedbank. Swedbank is deeply engaged in society and strongly emphasises its values in corporate leadership – which is important to me on a personal level. On top of that, Swedbank’s analysis holds the highest standard. My ambition is to deliver analysis that generates value to our customers and actively contributes to spreading financial insight to a broader audience.
We see very great potential in our innovation partner Minna Technologies, and are very pleased to be part of their continued expansion and growth ahead.
Today I have spoken to the Swedbank’s Chairman of the Board and requested an EGM to be held before Midsummer. I am pleased to propose, on behalf of the Nomination Committee, a strong Board of Directors, which includes a number of new elections. Göran Persson is proposed as Chairman of the Board. Bo Magnusson is proposed to be appointed Vice Chairman of the Board. Additionally, we propose a new election of Josefin Lindstrand.
The Green Bond business is constantly evolving, which we fully embrace since we see the great potential of Green Bonds to leverage the transition to a low-carbon economy and enhance the contribution to the Sustainable Development Goals. We will continue to engage in close dialogue with our customers and help accelerate their ambitions in the transition to a more sustainable society.
It is a very honourable assignment and I am happy to be given the opportunity to work with this investigation. Labor law and competence development are central issues for the development of the Swedish economy.
The recruitment of Henrik and Marcus strengthens our global fund management in general and the Nordic fund management in particular. Their solid experience, expertise and investment philosophy will be important building blocks in Swedbank Robur's work in fulfilling the vision to become a world leader in sustainable value creation
Swedbank’s Nomination Committee has been working intensely and constructively. I called for our first meeting already on the day after our previous Annual General Meeting. We are happy to be able to propose former Prime Minister Göran Persson as Chairman of the Swedbank Board of Directors.Göran has an impressive track record, a broad international network and experience from financial business. In addition, Göran has a large societal involvement, which fits well into Swedbank’s culture. His experience from the Savings Banks, is an extra bonus
Our capital and liquidity position is strong, with a good buffer to the minimum requirements stated by the Swedish Financial Supervisory Authority.
By forming the AFC, we are creating a strong unit focusing on different aspects of financial crime. The unit will have the overall responsibility for the bank’s AML processes including framework and processes for KYC, risk classification, transaction monitoring and reporting to authorities. We are now gathering all relevant resources and competences in the bank to make sure that we secure robust capabilities and we will continue to invest in this area.
It will be very exciting to support and work to ensure that Swedbank Robur achieves its vision of becoming a world leader in sustainable value creation
Following recent strong debate about Swedbank and questions about the bank’s control of suspicious money laundering in the Baltics, I have concluded that the media attention is not compatible with my CEO role at Södra. Therefore, I have decided that the best alternative is to leave the position as Chair of Swedbank with immediate effect.
We have been informed about the EBM decision, and see that it contributes in providing answers to some of the current questions raised about the bank's business operations
After reviewing the FRA Update, the Board confirms its continued confidence in the CEO and her ability to lead and manage the Bank's work in the fight against money laundering.
Swedbank is committed to high ethical standards and we acknowledge that the risk of financial crime is a major challenge to society. We will continue to invest in our processes and technology and ensure that improvements are integrated into effective and sustainable day-to-day risk management practices.
As we have repeated many times, we act on different signals. Therefore, it was natural for us to act when the disclosures about Danske Bank came out on the market. That was the background to our analysis.
It feels inspiring to supplement our existing fund offering, and be able to offer clients a possibility to invest in small companies in emerging markets. This is a sector that previously has been quite difficult to access and invest in.
We take the report presented on Uppdrag granskning very seriously. Preventing and averting money laundering is one of the bank’s most important responsibilities. Therefore, I have given EY a broad mandate to independently and thoroughly investigate the information that was presented on the TV programme.
The Board of Directors welcomes Birgitte Bonnesen’s decision to initiate an external investigation. We have complete confidence that Birgitte Bonnesen, together with the Group Executive Management, will put their full focus into solving this issue.
We are confident with our systems and processes we have to prevent and avert money-laundering. When we get signs, we take action. At the same time, we recognise that this kind of serious crime is one of the toughest challenges that our industry faces today
Working with other fast-paced digital players to simplify Swedbank's customers' everyday life, is the approach we have chosen when developing our business further.
Despite increased market uncertainty, Swedbank stayed the course and continued to deliver solutions that add customer value.
The Baltic Sea area is our home market, and we are very pleased to contribute to improving the environment with our investment
This is an important step in the futureproofing of Swedbank. Innovations and collaborations will build the future banking sector and we are well equipped to be in the forefront of the digital development. Open Banking gives us completely new opportunities to increase customer value in cooperation with third-parties, and this ensures that we are where our customers want to meet us.
In a time of rapid change, it is more important than ever to ensure that we develop in a customer-centric way. With a focus on customer service, proactivity and strong distribution regardless of channel, we are taking an important step forward in our Swedish retail operations.
Kerstin has an extensive experience of the banking sector and the savings area, which make her a very appropriate Head of Group Savings. Important focus areas for Kerstin will be to continue the work to evolve Swedbank´s market leading fund offering, and to accelerate the insurance business.
I am very pleased that Ulrika Lindén will take on the role as new Head of Fixed Income with us. She has a solid knowledge of the interest and credit markets, a personal commitment for sustainability issues that aligns with Swedbank Robur´s values and hands-on experience to integrate ESG issues in both investment processes and product development. With Ulrika, we get further power in our common working goal and ambition to become a world leader in sustainable value creation.
Climate change is one of today's most important issues, and it is crucial that all countries, as well as companies, are ambitious and take an active part in driving the needed changes and make them happen. At present there is no comprehensive scientific method for financial companies and banks, and we look forward to contributing to the methodology that can result in relevant and scientific goals for our entire industry. It is particularly important that we continue to enable more sustainable choices for our customers, but also understand its impact on the conversion to a more sustainable future.
We are very proud and happy to have been top ranked as Industry Best 2018. Our way of working with sustainability, and integrate it throughout our business, seems both clear to our customers and is also perceived as very positive. We all need to help increase the pace of the transition to a more sustainable society, and our customers' ever increasing interest in making sustainable choices inspires and drives us forward, and together we make a difference. We see this top placement as a receipt that we are on the right track
This partnership will enable our clients to enjoy an expanded range of services in additional geographies while continuing to benefit from our Nordic-Baltic client focus. State Street’s sophisticated and longstanding technical expertise in global custody and investment services will make it possible for our financial institutions clients to manage their business, investments and data more effectively.
We are delighted to enter this partnership with Swedbank. We look forward to offering the bank’s clients our broad set of capabilities within the Nordic countries. Combining our global expertise and technology with Swedbank’s deep knowledge of the local market gives us the platform to provide comprehensive solutions to institutional investors in the region.
I’m very pleased that Swedbank has chosen Carne as its preferred provider of fund management company solutions. We look forward to working in close partnership with them to ensure that their clients are the beneficiaries of our best-in-class oversight services.
With these key appointments, we are ready to take LC&I’s business to the next level. We have a fantastic organisation of more than 1 250 employees, serving our clients in the Nordic-Baltic region.
We are very proud to be ranked #1 in this survey, which is highly influential in the industry. It demonstrates that we are doing the right things and that our clients trust us. We have always had a strong position in real estate, with unique cutting-edge competence in the sector and a fantastic team. It’s especially great news that our focus on sustainability is paying off and that we’ve received a top ranking for advisory on sustainability.
Erik is a competent and experienced person with good leadership skills and an ability to build strong teams and effective partnerships. I am very pleased to welcome him to the management team, and to the new role as CIO. We continue our work of equipping Swedbank Robur for the future, and in that work, Erik gets a key role. Our goal is to be world leading in long-term value creation and sustainability, with Sweden's most satisfied customers.
Swedbank, as engaged believers in collaboration, stands behind this important initiative. Our aim is to be a contributing part in accelerating the transformation of the society towards a more sustainable future. This network could strengthen national and Nordic agendas towards fulfilling the SDGs, and together tackle some of the underlying barriers, especially within areas such as climate, sustainable finance, gender and equality, education and innovation.
The latest quarter again showed that we have a strong core business that contributes to stable financial results.
I am very pleased to welcome Andreas Wallström to Swedbank. Andreas has a very high level of expertise and solid experience of macro research. He has covered topics central for our customers, particularly the housing market and sustainability. Andreas is recognized for his ability to communicate complex matters to a broad audience, and he will complete the team in an excellent way.
For small and midsized corporates, it is vital to minimize time consuming administration without risking a decreased control and overview of the company´s financial planning. Our digital solution will target many of the customers´ pain points simultaneously, remove time- consuming administration and enable companies to focus on their core business and growth.
It is gratifying that the number of Fintech collaborations now continues to grow with us at Swedbank. Collaborating with other fast-paced digital players to simplify our customers' lives is the business model of the future.
Forty per cent of all energy comes from buildings. Together with our customers, we have a great opportunity to affect the community development by helping to make sustainable choices.
With the Green mortgage loan, we expand our product offering for customers who want to make, or already have made, more sustainable choices related to their housing. It feels right that we now can offer them encouragement and concrete support in that choice, which will affect their mortgages costs in a positive way.
The strategic and long-term work on Swedbank's societal engagement and relations is important to increase trust and appreciation for the bank. I am pleased that Josefine wants to lead the continued development of that work and welcomes her to the CEO Office management team. We at Swedbank need to become even clearer with what difference we make in the everyday lives of our customers and in society as a whole.
I really look forward helping raise Swedbank's societal engagement to the next level. In a time of rapid digitalization and customer needs that change at a high pace, companies that have clear values and strong societal engagement will be the winners.
By making this key investment, we are actively contributing to the work to fulfil the goals of securing access to clean water for a larger part of the world's population, as well as working towards a more sustainable use of our marine resources.