Swedbank rocked by report on probe over possible US sanction violations

first_imgSwedish public broadcaster SVT is reporting that US authorities were probing whether the lender’s Baltic unit had breached sanctions against Russia. Read more: HSBC’s investment banking boss is set to move aside whatsapp “It’sthe kind of bombshell report investors can’t prepare for,” saidJasper Lawler, head of research at London Capital Group. A picture taken on March 27, 2019 shows the headquarters of Swedbank AB, located in Sundbyberg, outside Stockholm. – The Swedish Economic Crime Authority (EBM) reported it started a raid at the offices of Swedbank, one of the country’s most major banks, over a money-laundering scandal. (Photo by Jonathan NACKSTRAND / AFP) (Photo credit should read JONATHAN NACKSTRAND/AFP via Getty Images) The group’s share price has slipped more than four per cent in morning trading. Swedbank has beenrocked this morning by reports that the group is under investigationfor possibly breaching US sanctions. Read more: Can central bankers fight the next downturn? “Swedbank has denied any OFAC (Office of Foreign Assets Control) violations and that seems to have put a floor under share price declines.” Henriksson, who took charge last month after his predecessor was ousted over the scandal, also said that an internal investigation into the alleged money laundering would be concluded by early 2020. He added: “Swedbank shares were down over three per cent in early trading and leading the declines on the OMX Stockholm 30 index. SVT reported that €135bn of “high-risk, non-resident” money passed through the group’s Estonian operation over the course of a decade. Chief executive Jens Henriksson said he was unaware of any breaches of US sanctions. Swedbank rocked by ‘bombshell’ report on probe over possible US sanction violations Wednesday 20 November 2019 11:23 am Swedbank has been engulfed in a money-laundering scandal which first erupted in February and has since pushed down shares by roughly a third. In October a trio of senior executives at the Estonian branch of Swedbank were fired amid an ongoing probe into the scandal. Sebastian McCarthy by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyzenherald.comDolly Finally Took Off Her Wig, Fans Gaspedzenherald.comMisterStoryWoman files for divorce after seeing this photoMisterStoryPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past Factorybonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comJournalistateTeacher Wears Dress Everyday, Mom Sets Up CamJournalistateThe Chef PickElisabeth Shue, 57, Sends Fans Wild As She Flaunts Age-Defying FigureThe Chef PickBetterBe20 Stunning Female AthletesBetterBe He added in a statement: “If there has been unethical behaviour … we should of course get the bottom of it.” whatsapp Sharelast_img

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