Swedbank AB (publ)'s Estonian unit, Swedbank AS, appointed Olavi Lepp and Anna Kõuts as CEO and CFO, respectively, on a permanent basis.
Lepp replaces former CEO Robert Kitt, while Kõuts takes over from Vaiko Tammeväli. In June, the Swedish lender suspended both Kitt and Tammeväli as part of an internal investigation into money laundering allegations.
The bank said that Kitt and Tammeväli have also left the Estonian unit's management board.
Kaie Metsla, head of the Estonian subsidiary's private customer division, has also departed and will be succeeded by Tarmo Ulla.
Björn Elfstrand, council chair of Swedbank Estonia, said the decision to remove Kitt, Tammeväli and Metsla from their posts was based on information regarding shortcomings related to anti-money laundering work. However, the lender said that no criminal activities have been identified or reported as of yet.
