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 stockbroker 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.
Famous quotes containing the word erik:
“In any case, raw aggression is thought to be the peculiar province of men, as nurturing is the peculiar province of women.... The psychologist Erik Erikson discovered that, while little girls playing with blocks generally create pleasant interior spaces and attractive entrances, little boys are inclined to pile up the blocks as high as they can and then watch them fall down: “the contemplation of ruins,” Erikson observes, “is a masculine specialty.””
—Joyce Carol Oates (b. 1938)