SEB shares drop ahead of Swedish TV programme on money laundering

Credit: REUTERS/INTS KALNINS

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STOCKHOLM, Nov 15 (Reuters) - Sweden's SEB SEBa.ST said on Friday it had been informed a Swedish broadcaster would air a programme on suspected money laundering in the Baltics that would include information concerning the bank, sending its shares down nearly 12 percent.

The bank said in a statement it had received questions from public service broadcaster SVT's investigative news programme "Uppdrag Granskning", but that it had no further knowledge on the content of the planned programme.

SEB added it would evaluate any information shown in the programme and compare with its own analyses and previously handled cases.

"We haven’t received that much information yet, but they have said they will do a programme on suspected money laundering in the Baltics and in that context they have information regarding SEB," SEB spokesman Frank Hojem said.

In recent years, Denmark's Danske Bank DANSKE.CO and Sweden's Swedbank SWEDa.ST have been caught up in money laundering scandals involving their Baltic branches, leading to investigation in several countries.

Swedbank has lost around 40% of its market value since allegations surfaced that its Estonian branch processed suspect gross transactions of up to 20 billion euros ($22 billion) a year from mostly Russian non-residents between 2010 and 2016.

SEB shares were down 12% in early Stockholm trade. The stock had gained 7.8% this year, ahead of Friday's session.

"If new information emerges that has previously not been known to SEB, SEB will take action immediately," the bank said.

($1 = 0.9074 euros)

(Reporting by Colm Fulton and Helena Soderpalm; Editing by Niklas Pollard and Mark Potter)

((helena.soderpalm@thomsonreuters.com; +46 8 700 10 15; Reuters Messaging: helena.soderpalm.reuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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