Mats Qviberg
Encyclopedia
Mats Qviberg is a Swedish
businessman. Together with his close business partner Sven Hagströmer
, Qviberg is in control of a group companies which, among others, include Hagströmer & Qviberg
and Investment AB Öresund
.
. Qviberg went to school in Bromma outside the city centre and completed his military service in Strängnäs
.
He graduated with a degree in business from Stockholm School of Economics
.
, where he became a stock broker
in 1981. He was incredibly successful and in 1984 he joined Carnegie Investment Bank
, a major player on the Swedish financial markets.
in 1992. Through partly unconventional methods many companies were taken over, sometimes upsetting traditionalist Swedish businessmen like Percy Barnevik
. Barnevik served on the Board of Directors of AB Custos
, an ancient investment company, which Qviberg and Hagströmer gradually took over.
Today, they control a number of companies. Qviberg is the Vice Chairman of Öresund and Chairman
of
Hagströmer & Qviberg, while Hagströmer is Chairman of Öresund.
At the end of August 2010, it turned out that HQ Bank didn't have enough money to operate as a bank according to Swedish law, due to risky and failed speculation at the internal trading department at the bank. Sunday the 29th of August 2010, the Swedish "Finance Inspection" (FI, Finansinspektionen) withdrew their permission to operate as a bank. The bank was closed for several days after the 29th. According to Swedish media, approximately 900 customers had money on their accounts which exceeded the Swedish bank guarantee of 500,000 SEK. A report written by FI says that HQ Bank's department for risk control had a weak position at the bank.
.
He caused some controversy during the campaign preceding the referendum on the Euro in 2003. He first came out in support of the Euro
, even taking part in advertisements for Sweden in Europe
. Meanwhile, Sven Hagströmer was an outspoken opponent of the euro. Close to the referendum, Qviberg changed his mind and joined the no side. When Prime Minister
Göran Persson
was asked to comment upon Qviberg's defection, Persson claimed that he did not know who Qviberg was. Qviberg replied by saying that Persson was a bully and that he was probably lying.
In early 2006, Qviberg drew attention to himself again by writing a series of articles in Svenska Dagbladet
attacking the trend of corporate social responsibility
and stated Ayn Rand
as a major inspiration for his own ethics.
In late 2010, Qviberg again drew attention to himself after saying that he won't vote for the Christian Democrats (KD), which he claims to have done in the past. The reason for not voting on KD in the September 2010 election would, according to Mr Qviberg, be that the minister of the finance markets (who is a Christian Democrat) had made a statement that it was correct to withdraw the permission for HQ to operate as a bank.
. He is the richest individual in that municipality. His son, Johan, sits on the Board of Directors of one of the companies which Qviberg is connected to. His other children are Anna and Jacob, Jacob being the youngest.
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....
businessman. Together with his close business partner Sven Hagströmer
Sven Hagströmer
Sven Johan Gösta Barthen Hagströmer is a Swedish financier and businessman. Together with his business partner Mats Qviberg, he controls a group of companies including HQ Bank, Avanza Bank and Investment AB Öresund....
, Qviberg is in control of a group companies which, among others, include Hagströmer & Qviberg
Hagströmer & Qviberg
HQ AB is a Swedish finance and banking corporation founded by Sven Hagströmer and Mats Qviberg, and which is currently being liquidated after having had its banking licence revoked on August 28, 2010.-History:...
and Investment AB Öresund
Investment AB Öresund
Investment AB Öresund is a Swedish investment company controlled by Mats Qviberg and Sven Hagströmer.-History:The original company was founded in 1890 as Sjöförsäkringsaktiebolaget Öresund. In 1956 the company was reorganised and AB Sjö-Öresund became the main company in a group of insurance...
.
Youth and Education
Mats Qviberg was born in central Stockholm. His father worked at a factory owned by General MotorsGeneral Motors
General Motors Company , commonly known as GM, formerly incorporated as General Motors Corporation, is an American multinational automotive corporation headquartered in Detroit, Michigan and the world's second-largest automaker in 2010...
. Qviberg went to school in Bromma outside the city centre and completed his military service in Strängnäs
Strängnäs
Strängnäs is a locality and the seat of Strängnäs Municipality, Södermanland County, Sweden with 12,296 inhabitants in 2005. It is located by Lake Mälaren and is the episcopal see of the Diocese of Strängnäs, a former Roman Catholic and present Lutheran Diocese, with the Strängnäs Cathedral, built...
.
He graduated with a degree in business from Stockholm School of Economics
Stockholm School of Economics
The Stockholm School of Economics or Handelshögskolan i Stockholm is one of Northern Europe's leading business schools. Its Masters in Management program is ranked no. 2 in Northern Europe and no. 13 in Europe by the Financial Times...
.
Early career
Qviberg started his career with Swedish bank SEBSkandinaviska Enskilda Banken
Skandinaviska Enskilda Banken AB is a Swedish financial group for corporate customers, institutions and private individuals with headquarters in Stockholm, Sweden. Its activities comprise mainly banking services, but SEB also carries out significant life insurance operations and also owns Eurocard...
, where he became 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...
in 1981. He was incredibly successful and in 1984 he joined 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....
, a major player on the Swedish financial markets.
Hagströmer & Qviberg
In 1990, Qviberg became a partner in Hagströmer's company and it was renamed to reflect that. Together with Hagströmer, Qviberg built a financial empire beginning with the acquisition of Investment AB ÖresundInvestment AB Öresund
Investment AB Öresund is a Swedish investment company controlled by Mats Qviberg and Sven Hagströmer.-History:The original company was founded in 1890 as Sjöförsäkringsaktiebolaget Öresund. In 1956 the company was reorganised and AB Sjö-Öresund became the main company in a group of insurance...
in 1992. Through partly unconventional methods many companies were taken over, sometimes upsetting traditionalist Swedish businessmen like Percy Barnevik
Percy Barnevik
Percy Nils Barnevik is a Swedish business executive, best known as CEO and later Chairman of Asea Brown Boveri 1988–2002, and for being the centre of a giant pension dispute that shook Sweden in 2003.-Background:...
. Barnevik served on the Board of Directors of AB Custos
AB Custos
AB Custos is a Swedish investment company. It came under the control of investors Mats Qviberg and Sven Hagströmer and was merged with their investment company Investment AB Öresund in 2004. Later, it was separated from Öresund again. Today Öresund is the second largest shareholder with 17 % of the...
, an ancient investment company, which Qviberg and Hagströmer gradually took over.
Today, they control a number of companies. Qviberg is the Vice Chairman of Öresund and Chairman
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
of
Hagströmer & Qviberg, while Hagströmer is Chairman of Öresund.
At the end of August 2010, it turned out that HQ Bank didn't have enough money to operate as a bank according to Swedish law, due to risky and failed speculation at the internal trading department at the bank. Sunday the 29th of August 2010, the Swedish "Finance Inspection" (FI, Finansinspektionen) withdrew their permission to operate as a bank. The bank was closed for several days after the 29th. According to Swedish media, approximately 900 customers had money on their accounts which exceeded the Swedish bank guarantee of 500,000 SEK. A report written by FI says that HQ Bank's department for risk control had a weak position at the bank.
Political Views
Mats Qviberg has been known to make comments on current affairs. He has defined himself as allmänborgerlig, which means he is a supporter of Sweden's right wing partiesAlliance for Sweden
The Alliance , formerly Alliance for Sweden , is a political alliance in Sweden. It consists of the four centre-right parties in the Riksdag...
.
He caused some controversy during the campaign preceding the referendum on the Euro in 2003. He first came out in support of the Euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
, even taking part in advertisements for Sweden in Europe
Sweden in Europe
Stiftelsen Sverige i Europa was the main campaign organisation on the yes side in the 2003 referendum on the euro. Sweden in Europe involved all political groups supporting the euro, including Social Democrats, in the campaign and published leaflets arguing for the euro from a left-wing point of...
. Meanwhile, Sven Hagströmer was an outspoken opponent of the euro. Close to the referendum, Qviberg changed his mind and joined the no side. When Prime Minister
Prime Minister of Sweden
The Prime Minister is the head of government in the Kingdom of Sweden. Before the creation of the office of a Prime Minister in 1876, Sweden did not have a head of government separate from its head of state, namely the King, in whom the executive authority was vested...
Göran Persson
Göran Persson
Hans Göran Persson was the Prime Minister of Sweden from 1996 to 2006 and the leader of the Swedish Social Democratic Party from 1996 to 2007. Conceding defeat in the September 2006 general election, he announced that he would resign as party leader, and Mona Sahlin was elected to succeed him as...
was asked to comment upon Qviberg's defection, Persson claimed that he did not know who Qviberg was. Qviberg replied by saying that Persson was a bully and that he was probably lying.
In early 2006, Qviberg drew attention to himself again by writing a series of articles in Svenska Dagbladet
Svenska Dagbladet
Svenska Dagbladet is a daily newspaper in Sweden. The first issue appeared on 18 December 1884. Svenska Dagbladet is published in Stockholm and provides coverage of national and international news as well as local coverage of the Greater Stockholm region...
attacking the trend of corporate social responsibility
Corporate social responsibility
Corporate social responsibility is a form of corporate self-regulation integrated into a business model...
and stated Ayn Rand
Ayn Rand
Ayn Rand was a Russian-American novelist, philosopher, playwright, and screenwriter. She is known for her two best-selling novels The Fountainhead and Atlas Shrugged and for developing a philosophical system she called Objectivism....
as a major inspiration for his own ethics.
In late 2010, Qviberg again drew attention to himself after saying that he won't vote for the Christian Democrats (KD), which he claims to have done in the past. The reason for not voting on KD in the September 2010 election would, according to Mr Qviberg, be that the minister of the finance markets (who is a Christian Democrat) had made a statement that it was correct to withdraw the permission for HQ to operate as a bank.
Personal
He lives with his wife in LidingöLidingö
Lidingö is an island in the inner Stockholm archipelago, located north east of central Stockholm, the capital of Sweden. It is also the seat of Lidingö Municipality, Stockholm County, Sweden with 44,000 inhabitants in 2011....
. He is the richest individual in that municipality. His son, Johan, sits on the Board of Directors of one of the companies which Qviberg is connected to. His other children are Anna and Jacob, Jacob being the youngest.