Swedbak, which is currently going under huge financial
crises, is now being investigated by the U.S. authorities and the European
Swedbank AB told the cost of dealing with probes into its handling of suspicious transactions to reach 1 billion kronor ($103 million) by the end of this year. The bank also stated that the investigations conducted by the U.S. authority may take more than a year to conclude.
While addressing the issue Chief Executive Officer Jens
Henriksson said it’s going to be harder for the bank to reach its targets for
returns and costs.
On Wednesday, the bank posted a bigger-than-expected drop in
3rd quarter net profit as it faced tough competition and higher
Recently, Swedbank formed an Anti-Financial Crime (AFT) unit to combat financial threats targeting AML, counter-terrorism financing, fraud prevention, cyber security, information security and physical security.
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