Persson was succeeded by Hans Cavalli-Björkman, a CEO at Skandinaviska Enskilda Banken, a major Swedish banking group. Cavalli-Björkman continued where Persson had left off; the club continued winning league and cup honours. One of the largest achievements of the club during Cavalli-Björkman's reign as chairman was the club's performance in the 1978–79 European Cup, where Malmö FF reached the final of the competition. In the final at the Olympiastadion in Munich, West Germany, Malmö FF were defeated 1–0 by the English side Nottingham Forest, but the side's achievement in reaching the final is still the club's most prominent in European football. The club also became runners-up in the 1979 Intercontinental Cup, taking part after Forest forfeited their place in the competition; pitted against Olimpia of Paraguay, Malmö lost 3–1 on aggregate.