Thursday 24 October 2019

Swedbank to rebuild board after scandal

Swedbank will take board vote
Swedbank will take board vote

Anna Ringstrom

Swedbank has called an extraordinary general meeting on June 19 to vote on three new board members as it tries to rebuild its scandal-hit reputation.

The Swedish lender has endured a turbulent few months since it was linked to money laundering at Danske Bank, which has said that its Estonia branch was used to move €200bn of suspicious funds between 2007 and 2015.

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With both its chairman and CEO having left, Swedbank's proposed new board members include former prime minister Goran Persson as chairman.

The bank is being investigated by Swedish, Baltic and US authorities.

It admitted in April to failings in combating money laundering and said an internal investigation was reviewing current and historic customer relationships through its Baltic operations.


Irish Independent

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