Money Laundering Scandal at Swedbank Deepens; Offices Raided by Swedish Crime Unit
The frequency of negative headlines is accelerating at the Swedish lender Swedbank. On March 27, the Swedish Economic Crime Authority raided the lender’s headquarters in relation to potential insider information violations and police investigations of aggravated fraud. On March 28, CEO Birgitte Bonnesen was released of her duties as it became apparent that major shareholders would vote against releasing her of her liabilities at the annual general meeting. Additionally, Swedish, Estonian, and U....Swedbank provides financial services and products in its home markets of Sweden, Estonia, Latvia and Lithuania. Co. has four segments: Swedish Banking, which is responsible for all its Swedish customers except corporates and financial institutions; Large Corporates and Institutions, which is responsible for large corporates, financial institutions and banks as well as for trading and capital market products; Baltic Banking, which operates in Estonia, Latvia and Lithuania; and Group Functions and Other. At Dec 31 2013, Co. had 731 branches and 1,396 automated teller machines. Also as of such date, Co. had total assets of SEK1.82 trillion and deposits of SEK620.85 billion.
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