Changes in the management of Swedbank LC&I and First Securities

Sindre Støer has been appointed new Global Head of Investment Banking in Swedbank and Ulf Hedendahl has been appointed new CEO in First Securities. Jörgen Ulvness will step down as CEO of First Securities and Global Head of Investment Banking. The changes take place with immediate effect.

The Investment Banking market has undergone significant changes. To strengthen the bank’s position in this area, Swedbank needs to adapt its organisation to the changing market conditions. With the new management for Investment Banking, Swedbank gets in place new competence and skills that will ensure that the bank is well prepared to deliver quality solutions to the bank’s customers in a profitable way.

- The Investment Banking market has changed dramatically and Swedbank needs to strengthen its position in the area. I’m therefore happy that Sindre Støer has accepted to take over as head of our global Investment Banking-operation, commented Magnus Geeber, Head of Large Corporates & Institutions at Swedbank.

He continued:
- Sindre has during his time in Swedbank showed very good management skills, in line with Swedbank’s values and culture. I’m convinced that Sindre with his background and competence has what it takes to restructure and develop our Investment Banking-operation going forward.

Sindre Støer continues as responsible for Swedbank’s global analysis operations, a position he has held since December 2010. Støer has previously worked for First Securities during two periods, and has previously also been a top ranked analyst at Platou Securities and Head of Equities at DnB Investor. Prior to taking over the job as global head of analysis 2010, Støer worked in First Securities’ Corporate Finance-unit.

Ulf Hedendahl takes over as CEO of First Securities until the merger with Swedbank in Norway is fully completed. Hedendahl are Head of Swedbank’s Norwegian operation, comprising First Securities.

For further information, please contact:
Thomas Backteman, Head of Corporate Affairs, Swedbank, phone: +46 708 311 166
Anna Sundblad, Press Manager, Swedbank, phone: +46 70 321 39 95

Swedbank promotes a sound and sustainable financial situation for the many people, households and companies. Our vision is to contribute to a development “Beyond Financial Growth”. As a leading bank in the home markets Sweden, Estonia, Latvia and Lithuania, Swedbank offers a wide range of financial services and products. Swedbank has 9.4 million retail customers and around 650,000 corporate customers with 321 branches in Sweden and over 200 branches in the Baltic countries. The group is also present in other Nordic countries, the U.S., China, Russia and Ukraine. As of 30 June, 2011 the group had total assets of SEK 1,758 billion. Read more at www.swedbank.com