The supervisory board of Ukraine’s state-owned PrivatBank has appointed Swedish banker Mikael Björknert as its new chief executive officer (CEO), the bank announced in a press release on October 9. The decision, made on October 7 following a competitive international search, sees Björknert replacing outgoing CEO Gerhard Bösch.

Björknert’s appointment still requires approval from the National Bank of Ukraine (NBU), but until then, Larisa Chernyshova, the bank's Chief Risk Officer, will assume the role of acting CEO from November 2, 2024.

PrivatBank, Ukraine's largest bank, serves over 18mn customers and said Björknert will focus on enhancing its customer-centric approach, advancing digital banking initiatives, and ensuring long-term stability. The bank highlighted that his appointment reflects the strength of its corporate governance and Ukraine’s ability to attract top international talent despite the ongoing war with Russia.

Björknert brings more than 25 years of experience in the financial sector, having most recently led Swedbank’s banking operations, where he oversaw retail and corporate banking, digital transformation, and strategic planning. He has also advised senior executives of global banks on strategic issues.

Prior to Swedbank, Björknert served as chairman of the board at Sweden’s Bankgirot, as head of international transactions at SEB Bank in Estonia, and was a member of the board of directors at Nasdaq Sweden.

As of August 1, 2024, PrivatBank ranked first in Ukraine in terms of total assets, with UAH895.26bn ($21.7bn) among the 62 operating banks, according to the NBU. The bank posted a net profit of UAH37.16bn ($900mn) for the first seven months of this year.