Wednesday, October 21, 2020

Spooked by money laundering scandal, SEB cuts Swedbank stake

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Swedish bank SEB’s fund management arm has cut its stake in rival Swedbank by just over half, citing risks Sweden’s biggest mortgage lender faces due to its alleged involvement in a fast-growing Baltic money laundering scandal.

Swedbank has come under heavy criticism from politicians, investors and the general public over allegations that its Baltic operations processed billions of dollars of transactions linked to Russian money laundering.

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