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BANK

Nordea stock rises amid SEB share speculation

The price of shares in Nordea bank rose by 11 percent on Thursday morning following speculation that SEB bank may be preparing a bid for the state's share in the company.

The Swedish state’s 19.9 percent shareholding grew in value by 6.2 billion kronor during early trading following revelations in Dagens Industri that SEB would be prepared to pay 30 percent above the odds for the state’s share.

It was not clear whether SEB had presented a concrete proposal to Fredrik Reinfeldt’s government but the bid was thought to be worth 138 kronor per share.

According to Dagens Industri, SEB has been preparing a bid for its competitor for the last six months.

The entire banking sector received a lift on Thursday morning as a result, with SEB, Handelsbanken and Swedbank each rising by around 3 percent.

BANK

Police to investigate Nordea bank over money laundering

Danish police will investigate the Swedish bank Nordea after a year-long probe by regulators into money laundering led to "criticism" of its procedures, the bank said Friday.

Police to investigate Nordea bank over money laundering
Photo: Marcus Ericsson / TT

Detectives will examine how money laundering rules were followed at the bank's Danish subsidiary and could result in “sanctions”, Nordea said in a statement.

“We realize that we initially underestimated the complexity and the time it takes to change our procedures,” said Nordea chief executive Casper von Koskull.

The bank added that 850 Nordea employees are currently involved in the fight against money laundering which the bank plans to increase to 1,150 by the end of the year.

In May 2015 the bank was fined 50 million kronor (€5.4 million euros) – the maximum possible – by Swedish regulators who accused Nordea of “not following money laundering rules for several years” and failing to “evaluate the risks of (doing business with) certain clients”.