Word: enskilda
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Dates: during 1970-1979
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...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...