Euroclear Sweden Hires Jörgen Olofsson as New Chief Information Officer

Euroclear, a Belgium-based securities Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term firm, announced a new Chief Information Officer appointment for its Swedish branch. Jörgen Olofsson will take the lead of the IT department of the group after holding senior positions at tax authorities in Sweden, according to a press release.

Olofsson worked as CIO at Enento and Svenska Spel, as well as the Swedish Defense. “I am very pleased to welcome Jörgen to Euroclear. His digital transformation expertise and leadership in system modernization and change programs will be a true value-add for our business,” Roger Storm, Euroclear Sweden´s CEO, said in the announcement.

As part of its role in the securities clearing firm, Olofsson will be part of the Euroclear Sweden Executive Committee. As CIO, he will report to the Euroclear Sweden CEO. Additionally, the company said he would join Euroclear in November.

Founded in 1968, the Euroclear group includes Euroclear Bank, Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden, and Euroclear UK & Ireland. In March, Finance Magnates reported the securities clearing firm’s announcement of acquiring MFEX Group, a digital fund distribution platform, for an undisclosed amount.

The platform has as a majority stakeholder, the Nordic Capital.

Euroclear Business Figures in 2020

Furthermore, Euroclear had been reporting solid business income growth figures in its latest 2020 report. Its financial performance jumped by 12% in terms of business income, compared to 2019 figures. Also, business income rose to €1.28 billion, but interest, banking and other income dropped by nearly 48% to €150 million, which is mainly due to the negative impact of the lower interest rate environment.

On the other hand, the operating costs surged by 5% to €862 million due to investments in technology upgrades. Moreover, the net profit stayed flat at €432 million, according to the report released by the securities clearing firm, while business income operating margin rose 4.3 percentage points to 32.7%.