Henrik Normann: NIB’s role elevated during hard times
Henrik Normann, 58, has been appointed President and CEO of NIB. Mr Normann will take up his new position on 1 April 2012 (see the press release). NIB Newsletter interviewed the incoming president who is currently working as the Managing Director of Danske Markets. Mr Normann is looking forward to join NIB which can make a real impact on economic development in the Nordic-Baltic region, combined with an emphasis on sustainability.
How would you describe your current position?
“Exciting. My job has been to formulate Danske Markets’ strategy and ensure that Danske Markets is the most customer oriented and profitable investment bank in the Nordic region. I’m responsible for fixed income, derivatives, foreign exchange, equities, sales, trading and research. I have 800 highly motivated and skilled staff.”
What was your first contact with NIB during your long banking career?
“That dates back to the 1980s when I was a bond salesman trading Danish government bonds with NIB. I had good contacts with a number of NIB people, such as Eigil Nyberg and Birgitta Kantola.”
What in particular attracted you to the NIB presidency?
“It was not just one thing that attracted me to the job. NIB is a very reputable organisation and it’s very interesting to work in a multicultural organisation with a talented staff. But first and foremost what attracted me was that NIB has an opportunity to make a real impact on economic development in the Nordic-Baltic region, combined with an emphasis on sustainability.”
How do you see the role of NIB in the current economic situation?
“We are all aware of the crisis in the euro area. Under these circumstances an organisation that is AAA rated can ensure long-term funding and really make a difference in a period where banks’ balance sheets are constrained. NIB`s role is elevated during hard times.”
How do you see the role of NIB in the future? Do you already now foresee some changes?
“I see the future role of NIB to be broadly as it is today. But as the political and economic environment changes, so must NIB. Therefore, change simply has to be part of the fabric, or should we say the DNA, of the organisation. Not dramatic change but constant adjustment to a new environment. Nevertheless, the core strategy of NIB as a mandate-driven financial institution will not change. So I have no specific organisational changes in mind.”
How are you going to spend your first weeks in the new position?
“Listening.”
How do you explain that the Nordic region has performed relatively well during the financial crisis?
“To a certain degree, we can thank the crisis at the beginning of the 1990s, which forced the banks and public sector to renew themselves and the governments to get budget deficits under control. When the Nordic region entered the economic crisis, the governments in the region had ample room to expand their fiscal policy. The Baltic countries have made adjustments which improve their long-term growth potential. So, in my view, sound public finances are a key factor in the region’s performance.”
Do you look forward to moving to Helsinki?
“Definitely. This was also one of the attractions of the job-to have the privilege to work in another country and another culture.”
You are interested in history, literature and art. What is your favorite book and why?
“Tough question. But I think I will pick one of the first major novels that I read as a teenager: The Count of Monte Cristo by Alexander Dumas. It has passion, crime, revenge, love and retribution as key themes. It’s well written, has a lot of intriguing sub-plots and the moral of the book is one I can subscribe to: love conquers all.”