According to the newspaper, the process is being pushed along by SEB's largest shareholder, the Wallenberg family holding company Investor. Swedbank CEO Michael Wolf is also a driving force in trying to bring the two banks together.
At the same time, however, the Nordea bank is also courting Swedbank for a possible merger. According to DI, Björn Wahlroos, CEO of the Sampo insurance conglomerate and Nordea's largest shareholder, has offered both the finance and enterprise ministries figures about various merger possibilities.
But Swedbank spokesperson Thomas Backteman was quick to refute reports of the bank carrying any discussions about a merger with either SEB or Nordea.
"The information is totally false. There are absolutely no merger talks. I can't for the life of me figure out where the newspaper got its information from," he said.
"No discussions are taking place about a merger with anyone."