By Dominic Chopping

STOCKHOLM--Skandinaviska Enskilda Banken AB's (SEB-A.SK) Chief Executive Annika Falkengren will step down from the bank this year after 11 years at the helm, teh bank said Monday.

Ms Falkengren, a 30-year veteran of the bank, will leave no later than July 2017 to join Swiss wealth and asset management firm Lombard Odier Group as managing partner.

"I have spent my entire professional life in SEB," she said. "After all my years at the helm of SEB, it was not easy to take a decision to pursue a new career and role. However, I have come to the conclusion that now is the right moment."

The Stockholm-based bank said it will now initiate the search process for a replacement. The annual accounts will be presented on Feb. 1 as previously planned and the bank remains committed to the current business plan and financial targets, it said.

-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @domchopping @WSJNordics

(END) Dow Jones Newswires

January 16, 2017 02:10 ET (07:10 GMT)

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