HELSINKI, May 8 (Reuters) - Nordea’s head of business risk management Julie Galbo is to leave at the end of May and will immediately step down from its management board, the Nordic region’s largest bank said on Wednesday.
Nordea gave no reason for the unexpected departure, although a spokesman said it was not connected to the bank’s handling of anti money-laundering measures, for which Galbo had oversight and responsibility.
Last week Nordea made a 95 million euro ($106 million) provision for a possible fine related to alleged money-laundering. This follows a Russian-linked scandal stemming from the Baltics which has shaken fellow Nordic banks Danske and Swedbank.
Galbo joined Nordea’s asset management team in 2014 and was Chief Risk Officer and Head of Group Risk Management and Control from 2017 to 2018 before assuming her current role in January.
During her tenure, the bank said Galbo led the merging of Nordea’s four banking units into one entity and played an “instrumental” role in its domicile move to Finland from Sweden.
“The past five years in Nordea have been very rewarding times professionally... I feel that Nordea – and I personally – have accomplished a lot and the time is right for a change and for new opportunities,” Galbo said in a statement.
Between 2010 and 2014, Galbo held the role of Deputy Director General of the Danish Financial Supervisory Authority, the regulator overseeing Danske Bank, which said last year some 200 billion euros of suspicious money flowed through its Estonian unit between 2007 and 2015.
A media report in March alleged that Nordea handled 700 million euros in suspicious transactions between 2005 and 2017. Nordea said then that the allegations were covered in past reports and that it was working with authorities.
Nordea said that Erik Ekman, its head of commercial & business banking, would take on Galbo’s role on an interim basis and that it had begun the search for a permanent replacement. ($1 = 0.8929 euros) (Reporting by Tarmo Virki; Editing by Alexander Smith)