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Days of Fear and Surprise as Nordic Laundering Scandal Widened

Bloomberg business news
Swedbank Money Laundering Scandal

The money laundering scandal that’s swamped banks in the Nordic region escalated as Swedbank AB’s CEO was forced out and a financial regulator in New York joined the authorities demanding answers.

Swedbank, Sweden’s oldest lender and the main financial presence in the Baltic region, dominated headlines again. CEO Birgitte Bonnesen was fired by the board amid claims she misled the public and regulators over the bank’s involvement in the $230 billion Danske Bank A/S Estonian laundering scandal. Swedbank’s share price has plunged by about one-third since the case erupted on Feb. 20.