Swedbank chair steps down amid laundering scandal

Swedbank signs on a building in Vilnius, Lithuania. Picture: REUTERS/INTS KALNINS

Idermark is the latest top-level name in Nordic finance to have his career tainted by a growing laundering scandal that has shocked investors and the general public. A pattern is emerging in which Nordic banks, mostly via their Baltic operations, appear to have become conduits for vast sums of dirty money from the former Soviet Union trying to get into the West. The banks involved may now be facing hefty fines.

The Swedish lender is the year’s worst performing European financial stock so far, having lost almost a third of its value Shares in the lender fell as much as 2% after the market opened in Stockholm, before paring some losses.

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