Handelsbanken picks new chief

Tim Wallace
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Frank Vang-Jensen has spent 17 years at the bank
SWEDISH banking group Handelsbanken promoted Frank Vang-Jensen to head the firm, replacing Par Boman who will become chairman.

Vang-Jensen is moving up from his current role as head of Sweden for the lender.

The group’s post-tax profits rose six per cent on the year to SEK15.2bn (£1.2bn) for 2014, although profits in the final quarter were down 3.4 per cent on the year.

Handelsbanken’s model of local decision-making and service continued to gain favour in the UK – its British operating profits jumped 41 per cent on the year to SEK1.61bn, while its loan book grew to £13.94bn.