SHARE
COPY LINK

NORDEA

Sweden may delay privatization drive

Sweden's financial markets minister Mats Odell said the government is reviewing its privatization programme in light of the subprime crisis, reported the Financial Times.

“We are evaluating timing and price. It is possible that subprime events will have repercussions on our agenda,” said Odell.

In particular Odell said the government’s plans to sell its 100 percent stake in SBAB, a mortgage lender, might have to be put on hold as “mortgage lenders are not exactly the top of everyone’s list”.

The government is in the process of selling stakes in six companies, including, Nordea AB, SBAB AB, TeliaSonera AB.

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”.