Krarup Resigns as Head of Nordea Group

Nordea, Scandinavia’s largest financial services and insurance group, announced that CEO Thorleif Krarup has resigned “for family reasons,” and will be succeeded by Lars G. Nordstroem.

Nordea, formed in 2000 by a merger between Finland’s Merita Bank and Sweden’s Nordbanken, has since taken over banks in Denmark and Norway to become the region’s largest financial services group. Nordstroem’s most recent post was head of retail banking operations.

The Group has over 1250 bank branches and 125 insurance offices in 22 countries, serving 10 million individual and one million corporate customers.