Swedbank addresses investors' concern about customer attrition after scandal

Swedbank head of investor relations Gregori Karamouzis said to investors and analysts, If any names on the 50 alleged client list from SVT report were customers of the bank, they are no longer customers of the bank and the last transaction has taken place May 2017.

He sees no need for any broader or deeper investigation Swedbank carries out to be made public and said that there is no customer attrition we have experienced so far since the first media report alleging connections to money laundering in the baltics.

He said that new initiatives on money laundering control will be done within the existing cost frame and incurred some expenses over past weeks but at this time don't see any need for cost outlook revision.

He said that phase 2 of the investigation by the external investigator will take as long as needed, no timing for it to be completed within and deeper FRA review will look into affiliates and subsidiaries of the alleged 50 suspicious customers identified by the media report. He informed that one individual has resigned in that unit.