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Saudi Hollandi Bank’s strategy to surprise bank analysts – Dagens PS

Handelsbanken formed a special board committee for its British operations. Thus in the UK the local council received a Swedish coat. At the same time, many bank analysts were surprised by the actions of the major banks.

Handelsbanken set up a special British operation, “British Commission”, at the end of last year.

It consists of the president Bowman’s Bar, Vd: n Karina Schkerstrom And a veteran warrior in the Saudi Hollandi Bank Ulf Reese Who was CFO between 2007 and 2016.

Not clear with the working group

However, it is unclear why Handelsbanken’s board of directors would need a special UK working group.

The British company is already running as a local subsidiary, and has its own board of directors, but is now acquiring a coat in Stockholm.

While bank analysts are skeptical of the measure, the bank says the formation of the UK commission is linked to Brexit.

“The UK Commission was established prior to the UK’s exit from the European Union, whereby the subsidiaries of Handelbanken are subject to a different set of rules than the rest of the bank. To ensure that the parent company’s board of directors is aware of the UK legislation and oversight as well as how to conduct the business, a committee has been formed to be convened by Four to five meetings a year Victoria Astrup, Handelsbanken Press Director, to Di.

Other banks are criticized

It also refers to the money laundering scandal in the Baltic states where “other banks have been criticized by the Swedish Financial Supervision Authority for their lack of insight into their overseas operations.”

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“The commission is a way for us to ensure effective corporate governance and regulatory compliance in both Sweden and the United Kingdom,” explains Victoria Aastrup.

However, Handelsbanken has previously received criticism from UK supervisory authorities against routine bank measures to prevent financial crimes such as money laundering.

With Mikael Sorensen, Who heads the British operations at Handelsbanken, says they now have a “good view” of the money laundering issue.

Read more: Intensifying cooperation in the field of money laundering