Swedish bank Handelsbanken has named Anders Bouvin as its new president and group CEO, replacing Frank Vang-Jensen.

Bouvin most recently served as head of Handelsbanken in the UK.

Since 2002, he has been serving as executive vice president at Handelsbanken. His other roles include that of branch manager in New York and general manager at Handelsbanken Denmark.

Handelsbanken chairman of the board Paer Boman said: “Anders Bouvin has worked at Handelsbanken for more than 30 years and is totally familiar with the Bank’s working methods, culture and values. For the past ten years, he has worked at Handelsbanken in the UK, where he has built up a national branch network with stable finances, good profitability – and by far the most satisfied customers in the market.”

The decision to dismiss Vang-Jensen after less than 18 months in the job has been taken after an extensive analysis, and “is purely related to the individual”, Boman said.

“All managers at Handelsbanken – particularly the branch managers – must have a very high degree of autonomy. Being the most senior manager at the bank therefore requires a special type of leadership – considerably more complex than traditional management. Thus, it is possible to be an excellent leader and manager – as Frank Vang-Jensen has been – but not fulfill the requirements of CEO of Handelsbanken,” Boman stated.

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By GlobalData