CEO blog: In delivery mode

Frank Vang-Jensen, President and Group CEO.
20-01-07 14:43 | About Nordea | Frank Vang-Jensen

The holiday season is over, and the business year 2020 has started. 

Our starting point for this year is clear. We are one of the few truly diversified banks in Europe and the only one with market-leading positions in all Nordic markets. We have a solid foundation, but we also recognise that our recent business performance has not been at the level we want it to be.

As CEO, I am, together with the entire organisation, determined to turn this development around. Now our job is all about delivering. I’m confident that we will regain our lost ground in business. That is the mindset that we are building – a humble but determined mood to deliver.

Our focus is on striking the right balance between cost and income. We will continue to lower our costs, while driving new business and income growth, increasing efficiency and delivering great customer experiences.

Last year we increased our market share of new mortgage sales in all Nordic countries. We improved our customer satisfaction ratings among large corporate customers and saw some positive development in business banking and personal banking.

That is a good starting point, but our customers have every right to demand more from us. 

The recent acquisition of SG Finans is a great example of how we can grow our core businesses through tactical acquisitions. SG Finans runs a successful business with very satisfied customers within the core of our business segments in three of our four home markets. This acquisition strengthens our ability to advise and help small and medium-sized corporates with their financial needs and it gives us more income and potential cost synergies in the merged business.

We also start 2020 with an updated organisational structure, which gives our business areas more accountability and a stronger mandate to take actions to meet our targets.

The change is not dramatic as such, but it truly is important. It means even clearer roles for the business areas and group support functions. Less complexity – and faster, simpler and leaner operational decisions. More time to focus on our income growth initiatives and, most importantly, to create great customer experiences. 

We have started the new business year, building on our great expertise and passion. Together, we help our customers realise their dreams and fulfil their aspirations, for a greater good. This is what Nordea has been doing for 200 years this year and will continue to do – as your strong and personal financial partner.

/Frank Vang-Jensen, President and Group CEO

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