In a statement, the bank said the decision to remove Vang-Jensen from his post followed an “extensive analysis”, and that the assessment of a unanimous board was that “there should now be a change” of group CEO. Vang-Jensen was only appointed to the post in March last year.

Anders Bouvin, who has been executive vice president at Handelsbanken since 2002, has been appointed as Vang-Jensen’s successor, with immediate effect. Bouvin, who has worked at the bank for more than 30 years, was most recently head of the UK business, having previously served as branch manager in New York and general manager of Handelsbanken Denmark.

“This decision is purely related to the individual. Handelsbanken remains strong and our long-term goals stand firm,” said Pär Boman, chairman of the board. “All managers at Handelsbanken – particularly the branch managers – must have a very high degree of autonomy. Being the most senior manager at the bank therefore requires a special type of leadership – considerably more complex than traditional management. 

“Thus, it is possible to be an excellent leader and manager – as Frank Vang-Jensen has been – but not fulfil the requirements of CEO of Handelsbanken,” added Boman. 

Earlier this year, Handelsbanken agreed to acquire the Dutch wealth management company Optimix Vermogensbeheer. It considers Sweden, the Netherlands, the UK, Denmark, Finland and Norway its six "home markets".