Swedbank dives 7% on money laundering report

Thursday, 21. February 2019 09:33

Swedish lender Swedbank AB plunged over 7% on Thursday, continuing a decline from yesterday that was set off by a report on a local TV program that alleged its connections to the money laundering scandal with Danske Bank.

The bank reportedly had at least 40 billion Swedish crowns ($4.30 billion) in transfers with suspicious accounts in the Baltic countries that Danske Bank was involved with. The transactions took place from 2007 to 2015.

Swedbank shares were down 7.33% at 9:27 am CET. The bank lost 17.75% in the last week, falling to the lowest point since July 8, 2016.

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