March 28, 2019 / 2:25 PM / 10 months ago

Investor Alecta says does not rule out Swedbank get new board soon

STOCKHOLM (Reuters) - Swedbank investor and nomination committee member Alecta said it did not rule out that the bank get a new board soon.

The pension fund said in a statement Swedbank’s board must take immediate actions to restore confidence in the lender damaged by recent allegations of money laundering.

Earlier on Thursday, Swedbank sacked Birgitte Bonnesen as CEO, only an hour before its annual meeting, after Alecta and several other disgruntled investors criticised her handling of a rapidly-growing money laundering scandal.

Alecta Chief Executive Magnus Billing said it would be wrong to demand that the entire board resign immediately, because the bank standing without a board would be directly harmful to our customers and the Swedish financial system.

“(But) I don’t rule out that an extra general meeting is called soon to get a new board in place,” said Billing, whose pension fund is Swedbank’s third largest shareholder.

Reporting by Esha Vaish in Stockholm, editing by Anna Ringstrom

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