Swedbank OAO subject to public authority intervention

The Central Bank of Russia has issued an order to restrict certain operations of Swedbank OAO in Russia for a period of three months. The central bank quotes violations of the federal law and the normative acts of the Central Bank on prevention of illicitly acquired funds. The order is issued as a result of an audit performed during March-April this year. The following restrictions mainly concerns the area of correspondent banking, carrying out foreign exchange operations, attracting new business and interbank loans

- We are currently establishing the further circumstances and have also requested clarifications. The order was unexpected and we are of course ready to take necessary measures. Meanwhile we continue to serve clients with respect to operations not restricted by the order and to minimize the effects for our clients, says Swedbank CEO Jan Lidén.

Swedbank is requested to adjust its operations quoted in the order and to further enhance internal control systems.

Swedbank Russia today has three branches and a portfolio of approximately SEK 4bn. The total number of employees is 238.


For further information:
Jan Lidén, President and CEO, Swedbank, phone: +46 8 585 922 21
Erkki Raasuke, Head of Baltic Banking, Swedbank, phone: +372 888 1472
Johannes Rudbeck, Head of Investor Relations, Swedbank, phone: +46 70 582 56 56