Word: enskilda
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DIED. Marcus Wallenberg, 82, head of the most powerful banking and industrial dynasty in Sweden and co-founder in 1972 of the Skandinaviska Enskilda Bank, now the most influential commercial bank in Sweden; of a viral infection; in Djurgården, Sweden. Part of the third generation of Wallenberg bankers who have been synonymous with Swedish business for more than a century, Marcus and his brother Jacob (who died two years ago) rebuilt Sweden's industrial strength after the Kreuger crash in 1932. Eventually taking control of such multinational giants as Electrolux, L.M. Ericsson and Saab-Scania, Wallenberg also...
...country where socialism is as familiar as smorgasbord, the 202-year-old dynasty retains a remarkable grip: complete or partial control of 30 major Swedish firms, including nine of the country's 15 largest. For all the Wallenbergs' influence, the family bank, Stockholms Enskilda, is relatively small...
Last week the Wallenbergs announced the creation of a bank befitting the rest of their empire. On Jan. 1, Stockholms Enskilda will merge with Sweden's second largest commercial bank, Skandinaviska Banken, to form Skandinaviska Enskilda Banken. The new bank will have assets of $4.2 billion, not quite large enough to rank among FORTUNE'S top 50 foreign banks but supreme in a country of 8,000,000 people. The two merging banks will disappear; Marcus Wallenberg, 72, will be chairman of the new enterprise, and his 47-year-old son Marc will be assistant managing director. Lars...
Despite the presence of Wallenbergs for top posts, the new bank's creation may signal a voluntary withdrawal of older members of the family from financial prominence. In dissolving 115-year-old Enskilda, the Wallenbergs will be dismantling the institution upon which their empire was founded. Only 7.3% of the stock of the new bank will be theirs; the rest will go to Skandinaviska and other Enskilda shareholders...
...Columbia Broadcasting's William S. Paley, President Orville Beal of Prudential Insurance, and Texaco Chairman Howard Rambin Jr. Among the foreign bankers: Director Otmar Emminger of West Germany's Deutsche Bundesbank, Governor Louis Rasminsky of the Bank of Canada, Vice Chairman Marcus Wallenberg of the powerful Stockholms Enskilda Bank...