February 8, 2017 / 8:44 AM / 6 months ago

UPDATE 1-Swedish bank SEB appoints Johan Torgeby as new CEO

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STOCKHOLM, Feb 8 (Reuters) - Swedish bank SEB has appointed its corporate banking chief Johan Torgeby as its new CEO to replace Annika Falkengren, who announced her resignation last month after 11 years in the role.

Johan Torgeby, 42, is currently co-head of the Large Corporates and Financial Institutions division and a member of the executive committee at SEB, the Nordic region's top corporate bank.

"In his capacity as co-head of Large Corporates & Financial Institutions he has taken important steps to transform and develop the business as a response to a rapidly changing regulatory and banking landscape," Chairman Marcus Wallenberg said in a statement on Wednesday.

Torgeby had been seen as a front-runner for the job following Falkengren's decision to step down.

He joined SEB in 2009 after spending the previous nine years in London working for investment bank Morgan Stanley with leveraged buy-outs and debt coverage. Before that he spent three years as a fixed income portfolio manager at Swedbank.

"Together the strong SEB team will deliver on our growth and transformation agenda," Torgeby said in the statement.

SEB, which focuses on corporate customers in the Nordics, Germany and UK and private customers in the Nordics and the Baltics, is one year into its three-year business plan to improve their technology.

The appointment is effective as of March 29. Annika Falkengren will continue in an advisory role until she leaves SEB in July 2017. Falkengren is quitting to join Swiss wealth and asset manager firm Lombard Odier Group. (Reporting by Johan Ahlander; editing by Niklas Pollard and Louise Heavens)

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