Dane Christian Clausen to head Nordea Group

Current President and Group CEO Lars G Nordström of Sweden to retire in April

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The Nordic financial services group Nordea announced on Wednesday the retirement of its current President and Group CEO Lars G Nordström in April 2007. Christian Clausen, 51, who currently acts as the head of Asset Management & Life and who is also a member of Group Executive Management in Nordea, was appointed as Nordström’s successor by the Group Board of Directors.
      In a Stockholm press conference Clausen, a Dane, announced that Nordea's primary goal would be the continuing execution of the group’s organic growth strategy without any major changes.
      Still, Clausen also reckoned that mergers are to be expected in the European banking market, some of which may affect Nordea as well.
     
Clausen will step up to the helm of a bank which is doing quite well. This was not the case in 2002, when Nordström took over as CEO.
      Nordström’s predecessor, Danish Thorleif Krarup, only headed Nordea for two years before he was replaced. At first Nordström was expected to be merely transitional CEO, but the results he achieved soon proved him to be an apt choice and Nordea extended his contract.
      Nordström, who was born in 1943, is widely credited with turning Nordea, the result of a merger of smaller Nordic banks, into a coherent Scandinavian banking powerhouse.
     
There had been speculation that Nordström’s successor would come from within the group. According to analyst Paavo Ahonen from FIM Investment Group, other possible candidates included Denmark’s Peter Schütze, Head of Retail Banking, his deputy Frans Lindelöw of Sweden, and Tom Ruud of Norway, Head of Corporate and Institutional Banking at Nordea.
      Nordea Board of Directors Chairman Hans Dahlborg later admitted that the possibility of finding the Group CEO from outside Nordea had not been ruled out, but that the bank finally ended up choosing Clausen.
      In Finland estimates of Clausen’s abilities are two-fold. Some consider him an extremely capable strategist, who can handle even straight talk from the Finns.
      Others fear that with his background primarily in asset management, Clausen may lack experience in retail banking, which remains the core of Nordea’s banking activities.
      The International credit rating company Standard & Poors issued a similar valuation, according to which Clausen was perhaps even too young for the post.
     
In a telephone interview with Helsingin Sanomat Clausen said that in recent years he has visited Finland regularly, and was familiar with the situation in this country.
      "Heading Nordea, there will be representatives from different countries in the future as well. In Finland we have several extremely good candidates", Clausen said.


Previously in HS International Edition:
  Nordea to obtain majority share in Russian bank (8.11.2006)

Links:
  Nordea Press Release

Helsingin Sanomat