Nordea risk management head resigns

Nordea risk management head resigns | Insurance Business

Nordea risk management head resigns

Nordea’s head of business risk management Julie Galbo is to leave at the end of May.

Galbo will immediately step down from the management board of the Nordic region’s largest bank, Reuters reported. A bank spokesman in Helsinki said Galbo’s departure was not connected to the bank’s handling of anti money-laundering measures, for which Galbo had oversight and responsibility. Meanwhile, a spokeswoman for Nordea in Denmark reportedly said Galbo had already resigned.

Galbo joined Nordea’s asset management team in 2014 and was chief risk officer and head of group risk management and control from 2017 to 2018 before assuming her current role in January. She has reportedly been Nordea’s public face for dealing with money laundering scandals, fielding questions when the Panama Papers tax scandal broke and appearing in the Danish Parliament when questions were asked about the bank and money laundering.

“I have been very, very focused on Nordea for the past five years so now I have to breathe, and then I have to start doing something else, and what it exactly will be is too early to say anything about,” Galbo told Danish newspaper Borsen.

Galbo declined Reuters’ request for an interview.

Last week, Nordea reportedly made a 95 million euro ($106 million) provision for a possible fine related to alleged money-laundering. This follows a Russian-linked scandal stemming from the Baltics, which has shaken fellow Nordic banks Danske and Swedbank.

Read more: Deutsche Börse to acquire risk management provider

Nordea is the subject of an ongoing investigation by Danish police, while Finland and Norway have not yet decided whether to proceed with criminal complaints filed against the bank.

The publication added Nordea head of commercial and business banking Erik Ekman would take on Galbo’s role on an interim basis and that it had started the search for a permanent replacement.