Swedbank has dismissed its chief executive Birgitte Bonnesen amid money laundering allegations.
The Stockholm-based bank announced Bonnesen’s departure ahead of its Annual General Meeting on Thursday.
She is set to be temporarily succeeded by Anders Karlsson as it sees out the fallout from the allegations.
The decision came after “enormous pressure” had been put on the bank in the wake of the scandal.
“The developments during the past days have created an enormous pressure for the bank,” the Swedbank chairman, Lars Idermark, commented.
He continued: “Therefore, the board has decided to dismiss Birgitte Bonnesen from her position. With that said, Birgitte Bonnesen has during her three years as CEO made an important contribution by creating a leading digital bank with physical presence.”
Swedbank was raided on Wednesday by Swedish authorities over allegations of aggravating fraud and violating law relating to insider information. It is also set to face an investigation by US regulators over the claims.
Swedbank is a Nordic-Baltic bank which is based in the Swedish capital of Stockholm.
It was founded back in 1820, nearly 200 years ago, it now one of Sweden’s largest lenders.
Shares in the embattled bank (STO: SWED-A) are currently down -3.70% was of 13:54PM (GMT) on the back of the announcement.