CEO change for SBAB

Carl-Viggo Östlund, CEO of SBAB since 2012, today leaves SBAB and is replaced by
Per Anders Fasth as acting CEO.
SBAB's strategy is to expand and develop its banking business to, in addition to
mortgage loans and savings products, offer its customers everyday banking
services such as payment services, cards and current accounts. The Board and
Carl-Viggo Östlund have differing views regarding implementation of the strategy
in connection with, among other things, SBAB’s cost development. Therefore, the
Board of Directors today has decided to dismiss Carl-Viggo Östlund from his
position as CEO of SBAB, and appointed Per Anders Fasth as acting CEO.
"Carl-Viggo Östlund has successfully developed SBAB’s business and customer
orientation, which the bank will benefit from in the future. However, costs of
implementing the strategy has increased more than expected, while the
competitive mortgage market puts further pressure on margins. In addition,
capital and liquidity requirements for banks have increased. The situation
requires that the strategy implementation is carried through with an increased
focus on cost efficiency and balance sheet management. Given this, the Board of
Directors concludes that SBAB needs a change of leadership. The process of
finding a successor is initiated promptly," says Bo Magnusson, Chairman of the
Board.
Pending a new CEO, acting CEO Per Anders Fasth is assigned to continue the
strategic development of the bank. Per Anders Fasth has been a non-executive
director of SBAB since 2011, and up until today he was a partner of the
management consulting firm Quartz + Co., primarily responsible for banking and
insurance. In connection with the appointment as acting CEO, Per Anders Fasth
will leave these assignments. His previous experience includes 15 years as
Senior Vice President of SEB Group and President of the ERC, a company
specialized in bank restructuring.
Carl-Viggo Östlund will receive salary and pension during a six months' notice
period, as well as severance pay for 18 months with settlement against any new
salary. The compensation scheme is in line with the Swedish government’s
guidelines for terms of employment for senior executives in state-owned
companies.
For further information, please contact:
Bo Magnusson, Chairman of SBAB, mobile +46 70-332 37 07
SBAB offers residential mortgages and saving products through the Internet and
telephone, and also grants loans to the corporate sector and housing
associations. By offering products and services that challenge and simplify,
SBAB contributes to increased competition in the Swedish market. The company was
founded in 1985 and is wholly owned by the Swedish Government. In 2012, the
company’s lending volume amounted to SEK 255.9 billion and the deposit volume to
SEK 27.7 billion. SBAB Bank has about 470 employees, of whom approximately 200
work at the headquarters in Stockholm. Learn more at www.sbab.se/english