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Swedbank expects an extended US investigation

2019-10-23T08:36:40.455Z

The American investigation into suspected money laundering in Swedbank risks dragging on time, says the company's newly-appointed CEO Jens Henriksson to TT. - When I was in the US, I talked to other banks that have been the subject of US government and it can take anywhere from one to five years, he says.



It was in February this year that Assignment Review together with SVT Nyheter revealed that the equivalent of SEK 40 billion was locked by 50 customers in Swedbank's office in the Baltic region between 2007 and 2015 - all 50 customers, according to SVT's analysis, showed clear signals of suspicion laundering.

Swedbank estimates the year's investigation costs related to money laundering charges to SEK 1 billion. Jens Henriksson does not want to speculate on what amount of money laundering fines could end up in - in Sweden, the Baltics and / or the US. He refers to current regulations, which do not allow him to speculate on this without a "reliable analysis".

- We need to have a reliable analysis before we do this, he tells TT.

- We follow this continuously and if we arrive at something new we will tell it, he adds.

"Extraordinary costs"

Swedbank's interim report for the third quarter was published on Wednesday, stating that the bank is just reaching its target of return on equity by 15 percent.

- I would briefly summarize it as a stable quarter, but with extraordinary costs, says Jens Henriksson, who took office on October 1 - the day after the third quarter ended.

Swedbank's operating profit in the third quarter fell 11 percent compared to a year earlier, to SEK 5.84 billion. Net profit was SEK 4.66 billion, which was slightly worse than expected. Analysts had averaged $ 4.81 billion, according to a compilation of forecasts from Refinitiv.

After the report was published, Swedbank's share fell by just over five percent, according to TT.

Source: svt

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