President of Swedbank resigns for alleged money laundering

The resignation occurs three days after the Estonian Financial Supervisory Authority initiated a registration at the branch of the Swedish bank in Tallinn

Lars Idermark, the chairman of Swedbank, resigned his office on Friday with immediate effect. This way the head of the board of directors of the largest mortgage bank in Sweden quits his office.

It is presumed that Swedbank participated in the Danske Case, one of the most famous European banking scandals of recent decades on money laundering.

The Swedbank was reported through Swedish public television for having allowed 50 customers to transfer up to 40,000 million Swedish crowns to accounts of the Danish bank Danske Bank. The amount is equivalent to 3,779 million euros and the operations were carried out between 2007 and 2015.

One point to note is that Idemark’s resignation comes a week after the board of directors decided to dismiss CEO Birgitte Bonnensen.

For its part, the bank appointed the vice president, Ulrika Francke as new president of Swedbank board.

To conclude, it is estimated that the Danish bank processed payments for 150,000 million euros. It is asserted that in addition to the Swedish bank would be involved the German Deutsche Bank and the Americans JPMorgan and Bank of America.


Source: ABC

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