Part 1 // Articles
Jhon Mortensen, the Nordic Luxembourger. The CEO of Nordea Bank, who has held his post since 1991, is about to pass on the torch and retire. The man who fell in love with Luxembourg embarks on a new phase of his life and exciting new projects. EN
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ithin seconds of greeting Jhon Mortensen, the CEO of Nordea Bank in Luxembourg, and being welcomed with respect and lack of pretension, the Nordic tone of our meeting is set. The 62-year-old boss of the longest established Nordic bank in Luxembourg (since 1976) and an employer of some 420 people is a proud representative of his native country of Denmark in the Grand Duchy. “We are often asked what characterises the Nordic temperament. I would say it is, above all, a commitment to honesty and integrity,” says Jhon Mortensen. “This is as valid in Denmark as it is in relation to the rest of the world, and therefore, of course, in the banking sector.” And Mortensen, the man who came to Luxembourg in 1990, knows what he is talking about. Before heading Nordea Bank, he was the deputy CEO of Unibank, one of the four institutions (along with Nordbanken, Merita Bank and Kreditkassen) that gave birth to Nordea after merging. His career has also taken him to Singapore as a general manager of Sparekassen. That was back in 1987. “I helped establish the local branch of the bank,” recalls Jhon Mortensen. “It was at this time that I began to learn about Luxembourg, largely because my neighbour at the time worked for the offices of the BIL. I was intrigued and curious to find out more about the country when the opportunity presented itself.” Like many expatriates, Jhon Mortensen never imagined he would spend such a long part of his career in Luxembourg, and even less that he would settle down permanently and become so integrated into the country’s social life. “My wife is a dentist who has been practising here for 20 years and our son was born in
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“ Denmark has just started to accept dual nationality, so I am going to take advantage of that and begin the application process to hold Luxembourg nationality as well” the Grand Duchy,” he explains with a hint of satisfaction. Staying on course From his arrival on Luxembourg soil to his departure from Nordea on April 30, Jhon Mortensen has been at the forefront of major developments in the banking sector, most notably as a result of the 2008 crisis. “This period was a very delicate one for everyone involved but we managed to keep our double A-rating and were even designa ted best private bank in Europe in 2009. I think this was not only down to our products and the expertise of our teams, but also due to our respectful and transparent approach vis-à-vis our customers.” Aimed largely at Nordic expatriates, Nordea Bank has anchored its position in the private banking sphere by opening a special office dedicated to local clients in Luxembourg. An additional investment was also made last year in the Asian market. “The opening of our Singapore office – which was managed from Luxembourg – is an important investment that shows our commitment to being connected to our customers in this region,” says Jhon Mortensen. Besides private banking, and more specifically asset management, investment funds form the second pillar of the bank’s activities. “We act as a hub for cross-border distribution of funds across our group. Given the positive growth of our activities in this area, I remain convinced that Luxembourg still has a bright future as a financial centre ahead of it, especially in the areas where it has built up such a good reputation.” Ceding his post to Thorben Sander (40), who is currently working for the Nordea Group in the Danish capital, Jhon
Mortensen expresses serenity and confidence in his appointed successor. “He has been part of our group for several years now and I am certain he will continue to meet the needs of our clients. Ambassador for Luxembourg These needs are becoming even more specific as a result of changes and developments in the bank’s customer base as well. “We are seeing the age of people using private banks dropping and these younger customers are often more informed about capital markets, more connected, which in turn means that we have to change the way we communicate with them. Internally, this has pushed us to train our staff to be able to respond to these new trends and to recruit employees who have the necessary skills to meet these market developments.” As banking enters its 2.0 phase, Jhon Mortensen continues to show a thirst to do things and learn. It’s Nordea Bank emploie quelque 400 personnes au Luxembourg, au sein de son siège, rue de Neudorf. Nordea Bank employs around 400 people in Luxembourg, at its HQ in rue de Neudorf.
not a surprise to find out, therefore, that the economist is getting ready to go back to university. “I am going to study history,” says Jhon Mortensen, who assures us that Luxembourg will remain his base. “Denmark has just started to accept dual nationality, so I am going to take advantage of that and begin the application process to become a Luxembourg national as well,” he continues. “The population of the Grand Duchy has fundamentally changed over the past 20 years. It has grown while at the same time opening up to different cultures. What’s on offer culturally has also grown a great deal, all of which puts Luxembourg in good stead when compared to other major cities, but without the drawbacks that living in those big cities entails.” The Grand Duchy can therefore count on yet another ambassador of choice to promote its image abroad, an ambassador who has experienced the country firsthand and for many years..