Baltic, Banks, Financial Services

Berg mentioned two priorities: "My primary focus is to lead Baltic banking out of worsening macro-economic situation and also secure protection of the assets".

"I'm also focused on integrating Baltic banking more strongly into Swedbank Group," he added.

Berg pointed out that particular changes are necessary in Swedbank Baltics division.

"Our most challenging task is to manage the difficulties that rise from the economic recession. There is no doubt that tough times await us in the nearest years. I think that my experience from the 1990s financial crisis in Sweden where I was responsible for valuing loan portfolio will be very useful," Berg noted.

He added that Erkki Raasuke has put together a competent team. The new CEO noted that current economic situation in the Baltics is very similar to that in Sweden at the beginning of the 1990s.

"In addition there is currently a global economic crisis, so it's difficult to make forecasts about the future, since we do not know what developments take place in the world economy," Berg noted.

Worsening macro-economic climate puts sharper focus on the questions of risking and accommodation, emphasizing the importance of clear strategy and operating power on all markets, he noted.

Berg noted that Swedbank has leading position in the Baltics and plans to operate here for a long time: "As a leading player in the region it's inevitable we suffer more than others in the economic downturn".