Erik Penser
Encyclopedia
Nils Wilhelm Erik Penser (born August 22, 1942, in Eslöv
, Skåne) is a Swedish
financier
and businessman.
After having studied law at Lund University
, Erik Penser commenced a career as a stock broker
at Bankirfirman Langenskiöld, which later became Carnegie Investment Bank
. Together with Thomas Fischer he worked intensively to develop the firm’s business, laying the foundation for his private wealth. Penser's strategy was risky; he bought shares, used them as collateral and borrowed even more money to leverage his holdings. Eventually he gained the controlling interest of several large companies on the Stockholm Stock Exchange
.
During the 1980s Penser was one of Sweden's most influential businessmen. Through his holding company, Yggdrasil
, he controlled both Nobel Industrier and Finans AB Gamlestaden. His massive financial leverage and the harsh business environment experienced during the Swedish banking crisis in 1990-1994
forced Penser to cease control of his holdings, which were sold to Nordbanken (which became Nordea
) for the symbolic sum of SEK 1 each. At a press conference Björn Wahlström, the chairman of Nordbanken, said that Erik Penser was 'destitute and finished as a businessman'. The transaction resulted in a prolonged legal dispute between Penser and Nordbanken.
In 1992 Penser regained control of Yggdrasil, the consideration was once again SEK 1. The vice Chairman of Nordbanken, Jacob Palmstierna, admitted that Penser had been under extreme pressure when he was forced to sign the agreement with Nordbanken. Since then Penser has rebuilt an estimated net worth of SEK 1 billion, with interests in both Sweden and abroad. In Sweden, his main holdings includes Erik Penser Bankaktiebolag, with activities in corporate finance, trading, research and private wealth management and Pensum, an insurance and pension advisory firm. Erik Penser resides, since 1976, in Compton Beauchamp
, England.
Erik Penser is known as a distinguished collector
, collecting - amongst many objects - old share certificates, film posters, magazines and bank notes.
Eslöv
Eslöv is a city and the seat of Eslöv Municipality, Skåne County, Sweden with 16,551 inhabitants in 2005.Eslöv is part of the Øresund Region and is today largely serving as a suburb of Malmö and Lund.-History:...
, Skåne) is a Swedish
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
financier
Financier
Financier is a term for a person who handles typically large sums of money, usually involving money lending, financing projects, large-scale investing, or large-scale money management. The term is French, and derives from finance or payment...
and businessman.
After having studied law at Lund University
Lund University
Lund University , located in the city of Lund in the province of Scania, Sweden, is one of northern Europe's most prestigious universities and one of Scandinavia's largest institutions for education and research, frequently ranked among the world's top 100 universities...
, Erik Penser commenced a career as a stock broker
Stock broker
A stock broker or stockbroker is a regulated professional broker who buys and sells shares and other securities through market makers or Agency Only Firms on behalf of investors...
at Bankirfirman Langenskiöld, which later became Carnegie Investment Bank
Carnegie Investment Bank
Carnegie Investment Bank AB is a Swedish financial services group with activities in securities brokerage, investment banking and private banking....
. Together with Thomas Fischer he worked intensively to develop the firm’s business, laying the foundation for his private wealth. Penser's strategy was risky; he bought shares, used them as collateral and borrowed even more money to leverage his holdings. Eventually he gained the controlling interest of several large companies on the Stockholm Stock Exchange
Stockholm Stock Exchange
The Stockholm Stock Exchange is a stock exchange located in Stockholm, Sweden. Founded in 1863 it is the primary securities exchange of the Nordic Countries....
.
During the 1980s Penser was one of Sweden's most influential businessmen. Through his holding company, Yggdrasil
Yggdrasil
In Norse mythology, Yggdrasil is an immense tree that is central in Norse cosmology. It was said to be the world tree around which the nine worlds existed...
, he controlled both Nobel Industrier and Finans AB Gamlestaden. His massive financial leverage and the harsh business environment experienced during the Swedish banking crisis in 1990-1994
Swedish banking rescue
During 1991 and 1992, a housing bubble in Sweden deflated, resulting in a severe credit crunch and widespread bank insolvency. The causes were similar to those of the subprime mortgage crisis of 2007-2008...
forced Penser to cease control of his holdings, which were sold to Nordbanken (which became Nordea
Nordea
Nordea Bank AB is a Stockholm-based financial services group operating in Northern Europe. The bank is the result of the successive mergers and acquisitions of the Swedish, Finnish, Danish and Norwegian banks of Nordbanken, Merita Bank, Unibank and Kreditkassen that took place between 1997 and 2000...
) for the symbolic sum of SEK 1 each. At a press conference Björn Wahlström, the chairman of Nordbanken, said that Erik Penser was 'destitute and finished as a businessman'. The transaction resulted in a prolonged legal dispute between Penser and Nordbanken.
In 1992 Penser regained control of Yggdrasil, the consideration was once again SEK 1. The vice Chairman of Nordbanken, Jacob Palmstierna, admitted that Penser had been under extreme pressure when he was forced to sign the agreement with Nordbanken. Since then Penser has rebuilt an estimated net worth of SEK 1 billion, with interests in both Sweden and abroad. In Sweden, his main holdings includes Erik Penser Bankaktiebolag, with activities in corporate finance, trading, research and private wealth management and Pensum, an insurance and pension advisory firm. Erik Penser resides, since 1976, in Compton Beauchamp
Compton Beauchamp
Compton Beauchamp is a hamlet and civil parish southeast of Shrivenham in the Vale of White Horse. It was part of Berkshire until the 1974 boundary changes transferred it to Oxfordshire.-Location:...
, England.
Erik Penser is known as a distinguished collector
Collecting
The hobby of collecting includes seeking, locating, acquiring, organizing, cataloging, displaying, storing, and maintaining whatever items are of interest to the individual collector. Some collectors are generalists, accumulating merchandise, or stamps from all countries of the world...
, collecting - amongst many objects - old share certificates, film posters, magazines and bank notes.
External links
- Erik Penser Bankaktiebolag, investment banking
- Pensum, insurance and financial advisory