Swedbank Says Multiple U.S. Authorities, ECB Are Probing Scandal

Oct. 23, 2019, 8:55 AM

Swedbank AB said investigations of its role in a giant money-laundering scandal now involve several U.S. agencies as well as the European Central Bank, and pledged to make tackling the affair its top priority.

The disclosure by Sweden’s oldest bank overshadowed earningsthat missed analyst estimates. Swedbank said it expects the cost of dealing with probes into its alleged handling of suspicious transactions to reach 1 billion kronor ($103 million) this year alone. It also said that the U.S. investigations may take years to conclude.

Chief Executive Officer Jens Henrikssondidn’t provide details of which U.S. agencies are looking into ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.