* ...... the chairman of the region’s largest banking group, Hansabank, warned this week. Jan Liden, president and CEO of Swedbank, owner of the Hansabank group, rejected any suggestion that the inevitable wage increases should be initiated by businesses in order to “take care” of their employees, who have begun to feel the pinch of inflation and rising property prices.
“Wages will rise faster than you think. Many people have tried to describe the exact timeframe. I can’t, but it will be a very short time,” said Liden, who is also chairman of the supervisory council of the Hansabank Group.
He said his own business, one of the larger employers in the region, understood the need to remunerate its staff well. But he said wage increases should be market-driven, not business-led.
“I don’t think it’s a single corporation’s responsibility for the economic development of a country,” Liden told The Baltic Times. “We want the very best from our employees, and we have to remunerate them well. But it’s not our responsibility to see that the Estonian people have higher salaries,” he added.
As Liden explained, the market economy is supply-and-demand driven, and in Estonia there are “talented, well-educated people in a growing economy.”
“That is where we will see the market mechanics at work,” he told members of the Swedish Chamber of Commerce at Tallinn’s Hotel Olympia on Aug. 21.
He told local business leaders that Hansabank had no intention of changing its name to match that of its Swedish parent company, Swedbank.
“We want to make it clear that the two banks are the same bank, but we have no goals of changing the name any time in the near future. Hansabank will merely be seen as part of Swedbank,” Liden said.
Hansabank became a fully-owned subsidiary of Swedbank last year, although the company has held a 50 percent stake in the Baltic bank since 1998.
In other regions, such as Russia, the company’s subsidiaries will soon begin adopting the Swedbank brand. But as Liden explained, the name Hansabank – or Hansapank in Estonia and Hansabanka in Latvia – was already recognized as a strong and trustworthy brand in the Baltics and should therefore remain.
Speaking about his company’s ......
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