Swedbank books $3.7 million provision over US investigation
Reuters
Published Mar 10, 2023 06:49
OSLO (Reuters) - Swedbank will book a provision of 40 million Swedish crowns ($3.72 million) related to an investigation by the U.S. Office for Foreign Assets Control (OFAC) over the bank's "historical shortcomings", the bank said on Friday.
The U.S. Treasury's OFAC is investigating "transactions that the bank has notified the authority about", Swedbank said in a statement.
"We can now assess the financial impact. The dialogue with OFAC is good. But we cannot say when it will be concluded,” said Tomas Hedberg, Swedbank's deputy CEO.
Separate investigations by the Department of Justice (DoJ), the Securities and Exchange commission (SEC) and the Department of Financial Services in New York (DFS), are still ongoing, the bank said.
"Swedbank is holding separate discussions with them through our U.S. legal advisors," it added.
The investigations are at different stages and the bank cannot at this time determine any financial consequences, nor when the investigations will be completed.
($1 = 10.7476 Swedish crowns)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.