“The change in leadership will take Swedbank Estonia forward. Olavi Lepp and Anna Kõuts are both experienced banking leaders and have contributed strongly to the development of Swedbank”, says Björn Elfstrand, Council Chair of Swedbank Estonia.

“Our commitment to develop Swedbank in Estonia with our customers and society in focus is strong and does not change. And as the leading bank of Estonia, we are fully dedicated to continuing developing our anti-money laundering processes”, says Charlotte Elsnitz, Head of Baltic Banking, Swedbank.

The three persons leaving the bank and the Management Board of Swedbank Estonia are Robert Kitt, former CEO, Vaiko Tammeväli, former CFO, and Kaie Metsla, current head of the Private Customer Division. The first two have been suspended from their positions since June 17, 2019.

“Removing three appreciated leaders from their positions is a tough decision to make. However, it is a consequence of the bank’s ongoing internal investigation. The decision is based on information concerning historical shortcomings connected to anti-money laundering work”, says Björn Elfstrand, Council Chair of Swedbank Estonia.

At this point of time, no criminal activities have been identified or reported.

Tarmo Ulla will step in as a new Head of the Private Customer Division.

Contact:
Unni Jerndal, Head of Press Office, Swedbank +46 730 92 11 80