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Swedbank Made $104 Million Via Questionable Non-Resident Clients

Nov. 7, 2019, 12:19 PM

Swedbank AB made about 1 billion kronor ($104 million) before tax on transactions done via its Baltic non-resident business, which is now the target of multiple money-laundering investigations.

Unni Jerndal, a spokeswoman for the Stockholm-based bank, provided the krona figure by email after Swedbank said its profit from the non-resident business represented less than 1% of the total amount the bank made in 2012-2018.

Sweden’s oldest bank and biggest mortgage lender was engulfed by a dirty-money scandal earlier this year, amid allegations it may have handled over $100 billion in potentially suspicious transactions via its non-resident business in the ...

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