Swedbank's largest shareholders, including entities controlling 14.5% of its shares, are demanding greater transparency about the bank's involvement in money-laundering allegations linked to Danske Bank. The pressure follows a Swedish TV investigation revealing 40 billion Swedish crowns ($4.25 billion) moved between Swedbank and Danske accounts between 2007 and 2015.
Birgitte Bonnesen, who served as Swedbank's Chief Audit Executive from 2009 to 2011 and led its Baltic operations from 2011 to 2014, initially denied connections to the scandal but later acknowledged potential gaps in detecting suspicious transactions. The bank is preparing an external review ahead of its March 28 annual meeting, with investors warning that incomplete disclosures could impact their investment decisions.
Handelsbanken Asset Management, Swedbank's 11th-largest shareholder, criticized the bank's responses to the crisis, while Alecta, the third-largest investor, called for full disclosure of any shortcomings. Alecta's CEO warned that lax anti-money-laundering measures risk pension funds, citing 200 billion euros in suspicious transactions involving Danske's Estonian branch.
Swedbank's leadership faced criticism for communication failures, with one fund noting damaged trust in the institution. A fifth shareholder emphasized the external report's findings would shape their next steps, while Norway's sovereign wealth fund monitored developments without direct comment.
