Posts tagged as Swedbank

Swedbank fined in Stockholm over historic anti-money-laundering failures

Wednesday, May 5, 2021

The Disciplinary Committee at Nasdaq Stockholm on May 5 ordered Swedbank to pay a fine of twelve annual fees, equivalent of SEK 46.6 million (EUR 4.57 million) over historic failures in the field of anti-money-laundering measures linked to its Baltic operations. “As Swedbank stated in its Q1-report on April 27, the issue concerns historical matters dating back to 2016-2019. The Disciplinary Committee states that Swedbank over a long period of…

First quarter GDP hit by virus effect

Friday, April 30, 2021

A flash estimate released by the Central Statistical Bureau (CSB) April 29 shows that in the first quarter of 2021, compared to the same quarter of 2020, gross domestic product (GDP) decreased by 2.2 % (according to seasonally and calendar non-adjusted data). According to provisional estimates, GDP was affected by a drop of 1.3 % in producing sectors and a reduction of 4.0 % in services sectors. Compared to the final quarter of 2020, GDP fell by 2.6 %…

Swedbank’s Estonia profits fall to €37.6 million

Wednesday, April 28, 2021

Swedbank’s Estonian arm saw its profit for the first quarter of 2021 decline by €2.1 million on year to €37.6 million. The decrease in profit is mainly due to higher loan loss provisions, the bank said. In the first quarter of this year, Swedbank’s retail and corporate loan volumes grew by 3 percent year-on-year, while deposits grew by 18 percent. In the first quarter of 2021, new loans were issued…

Swedbank expects Latvia to post strongest economic growth in Baltics in 2021

Wednesday, April 21, 2021

The Stockholm-based Nordic-Baltic banking group Swedbank expects Latvia’s economic growth to be the strongest in the Baltic region this year. In its latest economic outlook released on Tuesday, Swedbank upgraded its previous 2.8 percent gross domestic product (GDP) growth forecast for Latvia and projected 3.1 percent growth for 2021 and 5.5 percent growth for 2022. Swedbank has also changed its inflation forecast for Latvia to 1.8 percent from 1.5 percent…

Don’t joke on payment forms, banks advise

Tuesday, March 30, 2021

April 1 may be almost upon us, but anyone in the mood for jokes on bank payment forms is being warned against it by the banks themselves. Jelena Novaka, Head of Private Communications at SEB, explained that when filling in the fields on a bank payment form “The purpose of a payment is not a place to joke, because sometimes it can be that the payment is important, and that purpose of…

Retail is holding head above water, but some traders have already drowned

Tuesday, March 9, 2021

Last year turned many industries’ work upside down. Retail is among them, as both sellers and buyers had to and still have to adjust to different restrictions, according to a Euranet Plus report March 8. Eurostat data show that although the last year was like a rollercoaster, after the first shock of the spring, the retail sector has found a way to survive. So far the most dramatic restrictions in the…

Supreme Court sends Swedbank land investment complaint back to county court

Thursday, February 11, 2021

The Supreme Court has declined to hear a complaint surrounding Scandinavian-owned Swedbank, relating to a long-running land investment scheme in Romania in which around 200 investors lost money over allegedly inflated land prices, compounded by a collapse in the real estate market in that country 10 years ago. The case has bounced up and down all three tiers of Estonia’s court system. The ruling means the case will be heard…

Substantial funds are needed for the renovation of Latvian urban residential buildings

Sunday, February 7, 2021

The majority of Latvian urban residential buildings are built in the Soviet Union, and are increasingly ageing. Substantial funds are needed for the renovation of these buildings, but it is unlikely that these funds will be provided, according to Euranet Plus report February 5. In the Latvian real estate market, a problem which remains essentially unsolved is Soviet-time multi-apartment buildings. They are  increasingly ageing, but a relatively small proportion of them have…

Swedbank to tighten up operations by establishing Baltics subsidiary

Tuesday, February 2, 2021

Nordic-Baltic banking group Swedbank is to open a Baltic subsidiary, to be based in Riga. The bank’s Estonian branch was hit by money laundering allegations last year, while Swedes will be at the helm of the new subsidiary. The bank says that it will formalize its current operating model with the move, while increasing accountability and responsibility of the division. Swedbank President and CEO Jens Henriksson said that: “We have been…

Swedbank to establish new Baltic subsidiary

Monday, February 1, 2021

Swedbank has decided to establish a new Baltic subsidiary of Swedbank AB which will be registered in Latvia, according to LSM. The holding company will become owner of the current subsidiary banks in Latvia, Estonia and Lithuania. “The changes aim to ensure a simple and transparent governance structure with clear decision making that supports the bank’s long-term strategy in all four of Swedbank’s home markets – Estonia, Latvia, Lithuania and…