Nordea and DNB appoints Erkki Raasuke as the CEO and proposes Nils Melngailis as the Chairman of the Board of Nordea’s and DNB’s proposed combined bank in the Baltics. This is another milestone in setting up the new organization, and the transaction is on track to close around Q2 2017, reaching several key milestones on the way such as presenting the new management team as well as the new brand for the bank. The ambition is to create a leading customer centric primary Baltic bank, featuring service and operational excellence.
“I am very excited to take on the role of CEO of the future combined bank. The way I see it, this is not just a combination, it is the starting point for a more focused and a faster moving bank. I look forward to meeting all employees and start working on creating a new bank with a strong local focus that brings our business closer to the customers,” says Erkki Raasuke, CEO of the proposed combined bank
“It is an honour to be selected as Chairman of the Board and I look forward to working with Erkki Raasuke and the DNB and Nordea teams to build the organization and to develop and strengthen banking services to customers in the Baltic region. Erkki Raasuke is a proven CEO with more than 20 years of extensive cross-border retail banking experience in the Baltics which makes him a great CEO of the new organization,” says Nils Melngailis, proposed Chairman of the proposed combined bank.
Nils Melngailis is currently Operating Executive at Centerbridge Partners in London. Prior to joining Centerbridge, Mr Melngailis worked four years as Co-Head of Financial Services at Alvarez & Marsal. Before moving to London, Mr Melngailis worked for two years as President and Chairman on the transformation of Parex Bank into Citadele Bank and Reverta in Latvia and four years as the CEO and Chairman of the telecom operator Lattelecom. He has also held senior executive positions at IBM and PriceWaterhouseCoopers. Mr Melngailis has been appointed as an independent Chairman of the Board with regards to Nordea and DNB.
Erkki Raasuke is currently Managing Director of the LHV Group in Estonia. Prior to joining LHV Group, Mr Raasuke worked as Counsellor to the Minister at the Ministry of Economic Affairs and Communications in Estonia. Mr Raasuke has extensive retail banking experience from his 18 year tenure at Swedbank and Hansabank, most recently as Swedbank’s Group CFO and Member of the Group Executive Committee. Mr Raasuke has been appointed as an independent CEO with regards to Nordea and DNB.
Erkki Raasuke will assume the position of CEO of the holding company of the proposed new bank by January 2017 at the latest. Nils Melngailis is proposed as Chairman of the holding company of the proposed combined bank and will be operating as a working chairman. Up until closing of the proposed combined bank, Mr. Raasuke and Mr. Melngailis will assume their respective roles and lead the planned transformation process into the future combined bank. Upon closing, Erkki Raasuke and Nils Melngailis will take up their positions as CEO and Chairman of the proposed combined bank.
The transaction is conditional upon regulatory approvals and conditions, and is expected to close around Q2 2017. The banks will operate independently under current management until all necessary approvals have been received.