WASHINGTON, D.C., June 28 -- Lewis T. Preston, President of the World Bank Group, today announced the appointment of Jannik LindbÊk as Executive Vice President of the International Finance Corporation (IFC), effective January 1, 1994. Mr. LindbÊk will succeed Sir William Ryrie, who has led IFC since 1984 and is to retire in December. IFC is the preeminent multilateral institution promoting development through the private sector. Mr. LindbÊk, a Norwegian national, has been president and chief executive officer of the Nordic Investment Bank since 1986. NIB is a multilateral financial institution based in Helsinki and owned by the five Nordic countries (Denmark, Finland, Iceland, Norway, and Sweden). Previously, he was president and chief executive officer of Storebrand Insurance Group, Norway's largest insurance company, and executive vice president of Vesta Insurance Group. Mr. LindbÊk serves as a member of the board of directors for Capital Markets Insurance Corporation (New York), Aftenposten (Norway's leadi
ng daily newspaper), Vesta Insurance Company (of which he is vice chairman) and Det Norske Luftfartsselskap, the Norwegian partner in Scandinavian Airlines System (SAS). "Jannik LindbÊk's record of accomplishment and innovation in both the private and the public sectors will serve him well in leading IFC," stated Mr. Preston. "We are delighted that he has agreed to join the World Bank Group. In succeeding Sir William Ryrie, who has led IFC with great distinction, he will inherit a strong and dynamic organization."
In recent years IFC has secured two capital increases and grown strongly. This year the Corporation will invest more than $2 billion of its own resources in 170 projects whose total cost will exceed $16 billion. Further expansion is projected in the coming years. In addition to its project finance activities, IFC is heavily involved in capital markets development, privatization, and other advisory services. IFC operates profitably and achieved a net income of more than $180 million in 1992. The Corporation maintains a AAA credit rating. During Mr. LindbÊk's tenure at the NIB, the Nordic Environmental Finance Corporation was established to provide equity capital for joint ventures in Central and Eastern Europe. Mr. LindbÊk also played an important role in initiating the Baltic Investment Program, which supports the development of small and medium-sized enterprises in the Baltic states and is administered by the NIB. In 1992 the NIB had a net income of $61 million, disbursed a total of $747 million in loans, an
d had $5.1 billion in loans outstanding. The NIB finances projects of Nordic interest on commercial banking terms within the Nordic region and in 15 developing countries. It finances its operations by borrowing on international capital markets and has a AAA credit rating. Born in Oslo, Norway, in 1939, Mr. LindbÊk attended the Norwegian School of Business Administration and Economics and was a Fulbright Scholar. He is married with four children and presently resides in Helsinki.
Contacts: IFC Washington: Mark Constantine (1) 202-473-9331 Jeanne Segal (1) 202-473-0393 NIB Helsinki: Catarina Doepel Monica Lofgren (358) 0 1800 200 (358) 0 1800 202 WASHINGTON, D.C., June 28 -- Lewis T. Preston, President of the World Bank Group, today announced the appointment of Jannik LindbÊk as Executive Vice President of the International Finance Corporation (IFC), effective January 1, 1994. Mr. LindbÊk will succeed Sir William Ryrie, who has led IFC since 1984 and is to retire in December. IFC is the preeminent multilateral institution promoting development through the private sector. Mr. LindbÊk, a Norwegian national, has been president and chief executive officer of the Nordic Investment Bank since 1986. NIB is a multilateral financial institution based in Helsinki and owned by the five Nordic countries (Denmark, Finland, Iceland, Norway, and Sweden). Previously, he was president and chief executive officer of Storebrand Insurance Group, Norway's largest insurance company, and executive vice president of Vesta Insurance Group. Mr. LindbÊk serves as a member of the board of directors for Capital Markets Insurance Corporation (New York), Aftenposten (Norway's leadi
ng daily newspaper), Vesta Insurance Company (of which he is vice chairman) and Det Norske Luftfartsselskap, the Norwegian partner in Scandinavian Airlines System (SAS). "Jannik LindbÊk's record of accomplishment and innovation in both the private and the public sectors will serve him well in leading IFC," stated Mr. Preston. "We are delighted that he has agreed to join the World Bank Group. In succeeding Sir William Ryrie, who has led IFC with great distinction, he will inherit a strong and dynamic organization."
In recent years IFC has secured two capital increases and grown strongly. This year the Corporation will invest more than $2 billion of its own resources in 170 projects whose total cost will exceed $16 billion. Further expansion is projected in the coming years. In addition to its project finance activities, IFC is heavily involved in capital markets development, privatization, and other advisory services. IFC operates profitably and achieved a net income of more than $180 million in 1992. The Corporation maintains a AAA credit rating. During Mr. LindbÊk's tenure at the NIB, the Nordic Environmental Finance Corporation was established to provide equity capital for joint ventures in Central and Eastern Europe. Mr. LindbÊk also played an important role in initiating the Baltic Investment Program, which supports the development of small and medium-sized enterprises in the Baltic states and is administered by the NIB. In 1992 the NIB had a net income of $61 million, disbursed a total of $747 million in loans, an
d had $5.1 billion in loans outstanding. The NIB finances projects of Nordic interest on commercial banking terms within the Nordic region and in 15 developing countries. It finances its operations by borrowing on international capital markets and has a AAA credit rating. Born in Oslo, Norway, in 1939, Mr. LindbÊk attended the Norwegian School of Business Administration and Economics and was a Fulbright Scholar. He is married with four children and presently resides in Helsinki.
Contacts: IFC Washington: Mark Constantine (1) 202-473-9331 Jeanne Segal (1) 202-473-0393 NIB Helsinki: Catarina Doepel Monica Lofgren (358) 0 1800 200 (358) 0 1800 202
