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Banking giant probed over 'hunting trips'

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Banking giant probed over 'hunting trips'
Nordea's CEO Christian Clausen. Photo: Henrik Montgomery/TT
17:39 CET+01:00
The CEO of Swedish banking giant Nordea is under investigation for taking free hunting trips, weeks after a similar scandal forced the resignation of another leading Swedish businessman.

Swedish financial supervisory authority ‘Finansinspektionen’ (FI) has launched a probe into Nordea and its manager Christian Clausen’s hunting trips.

The revelation comes just weeks after another businessman, Sverker Martin-Löf, was forced to resign as chairman of industry giant Industrivärden after reports of “excessive” use of private jets and families accompanying executives on foreign business trips. It was also claimed that managers’ families had been taken to a hunting lodge owned by a forestry and paper firm (SCA), which the investment company owns a large chunk of.

Christian Clausen has for several years also allowed himself to be invited on trips funded by SCA, a big client of Nordea.

Nordea is one of the biggest banks in Scandinavia with 11 million customers.

How private jets took down a Swedish banking giant

An FI spokesman told The Local on Monday: “It is important that banks follow the ethical guidelines. There are still some question marks that need to be straightened out and it is important to find out what has actually happened.”

Christian Clausen told Swedish news agency TT: “We have followed our rules and it’s all within the boundaries of the law. Of course there is a line somewhere, but it is debatable if this crossed that line.”

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