Former Swedish Prime Minister,Goran Persson, has been appointed chairman of the Swedbank and immediately made known his intentions to “clean the house” after a money-laundering scandal.
Persson, 70, who is regarded as an expert in addressing situations, is known for playing a critical role reviving Sweden’s economy after a financial crisis in the 1990s.
The bank is striving to regain confidence from both markets and the public after a major money-laundering scandal.
A Social Democrat, Persson served as Prime Minister of Sweden from 1996 to 2006 and was leader of the Swedish Social Democratic Party from 1996 to 2007.
He has served as board member in several companies, including bank Alandsbanken.
Sweden’s oldest retail bank, parted ways with its chief executive and chairman earlier this year after being drawn into a money laundering scandal at Danske Bank, and is being investigated in the United States, Sweden and the Baltics.
The most recent allegations said that Swedbank processed gross transactions of up to 20 billion euros ($22.4 billion) a year from high-risk, mostly Russian non-resident clients, through Estonia from 2010 to 2016.