HQ Bank close to deal: liquidator

Björn Riese, who is leading the liquidation of HQ Bank, has said that a deal to resolve the future of the finance firm is close, with the bank likely to be able to re-open its doors on Friday.

HQ Bank close to deal: liquidator

“This issue is set to be considered and decided on in the boards concerned during the day (Wednesday),” Riese said in a statement.

The Financial Supervisory Authority (Finansinspektionen – FI) will also deal with the issue on Wednesday.

The bank’s offices will remain closed on Wednesday but plans are under development to open the bank again on Friday morning.

HQ Bank confirmed on Monday that the process of involuntary liquidation had been set in motion following the failure to find a suitable buyer over the weekend after the bank’s trading licences were revoked by FI on Saturday.

FI had concluded that HQ Bank had seriously overvalued its trading portfolio and had taken risks that threatened its survival, was in breach of Swedish accounting and capital requirement regulations and had been undercapitalized since 2008.

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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”.