Sweden to announce Carnegie buyer

Sweden is reported to have found a buyer for Carnegie, the embattled investment bank that was nationalized towards the end of last year.

Newspaper Dagens Nyheter said a deal for the business may be presented later on Monday, adding its sources did not disclose the name of the buyer.

It said the Swedish National Debt Office had also found a buyer for Carnegie’s insurance brokerage Max Matthiesen, citing one source.

Sweden’s Financial Supervisory Authority removed Carnegie’s licence in November due to management lapses, before immediately reinstating it when a deal was thrashed out under which the debt office took on ownership of the company.

The Swedish central bank had previously extended a credit facility to Carnegie for as much as 5 billion Swedish crowns ($607 million) and Carnegie’s investment banking arm and its insurance brokerage were pledged as collateral.

Carnegie said in December it was withdrawing its shares from the Stockholm stock exchange. In January, Carnegie said its board was working on a new share sale and would aim to pay back money owed to the debt office with proceeds from the offering.