Nordea is building up its management team in the only unit to have delivered profit growth at Scandinavia’s biggest bank last quarter.
Casper von Koskull, who became chief executive officer on Nov. 1, is appointing Snorre Storset, 43, as his new deputy head of wealth management at the Stockholm-based bank. Storset will also be responsible for the newly consolidated private banking unit. He is currently head of Nordea Life & Pensions.
Gunn Waersted, head of wealth management at Nordea, says the move will help the unit continue its expansion even if markets stay unaccommodating. “Our continued new inflow in all segments, even in the difficult third quarter, shows that we are well on track” to meet targets, she said in an e-mailed response to questions.
Nordic banks are pouncing on profitable business lines as negative or record-low central bank rates depress interest income. Wealth management, while the smallest of Nordea’s three main divisions, was the only one to report a rise in operating profit in the third quarter. The unit saw its result surge 18 percent from a year earlier, and drew in a net 2.8 billion euros ($3.1 billion) in funds across product lines.
Nordea’s retail banking unit saw profit slip 2 percent, while its wholesale banking operation delivered at 26 percent loss.