Bank, Sweat Bank, Bloomberg discussed on Bloomberg Daybreak: Europe


Q U A on evening by mayor, Michael. Thank you. That's your Bloomberg business flash. Here's beyond Garin more on what's going on around the world. Thank you Neera. Saudi Crown prince Mohammad bin Salman has arrived in India from Pakistan where he signed deals worth twenty billion dollars relations between Indian Saudi Arabia when billions of Indians on -ployed as migrant workers have strengthened since may is Riyadh in two thousand and sixteen and agreements were signed on fighting money laundering and terrorism in France, thousands of people are protesting against a spate of antisemitic attacks the demonstrators marched under the slogan. That's enough. In the capital, Paris and other cities public figures, including former presidents, Francois Hollande and nNcholas swale crazy joined tune and finally Brazil says it will send humanitarian aid to its border with Venezuela by the weekend. This comes despite the protests, so President Nicolas Maduro. According to Brazilian presidential spokesman the delivery and distribution of the aid is being organized by Venezuelan opposition leader, one Guido global news twenty four hours a day on Aaron at tick tock on Twitter, powered by more than twenty seven hundred journalists and analysts in one hundred twenty countries. I'm John guarantee. This is Bloomberg markets. Thanks so much Leon now sweat Bank is facing allegations. It was used to lower the money the Swedish broadcaster S T alleges that some fifty customers of the Swedish lender show quote, clear warning signals of suspected laundering. Sweat Bank spokesman says that the Bank has identified suspicious transactions and has reported them to the police joining us now from Copenhagen for more of the story is Bloomberg. Reporter Francis Schwartzkopf Francois is great to have you. Whether it's this morning. So you've been going through this SAT report. Give us an outline of what we learnt here. Good morning. Yes. It is a it's somewhat of a stunning revelation because what Bank has said that they haven't as indicated previously. They haven't had any problems. So I think this comes as a big surprise for many people, and they have indicated that they've got these customers who have not had no apparent income and had no apparent business, and they were moving money back and forth into various accounts for no for no real reason as as we can see at this point at least. In terms of the response from sweat Bank. What have we heard from them? So far Francis. Say that they you know, that they're investigating these cases they've turned them over to the police, and they are in fact, obviously having to do that that's under under money laundering regulations. Anytime anytime a Bank run across us special transaction, they they are intact required to to report that so they are doing what they're supposed to do in. That regard. Remind us of the context here Francis. Because of course, we learnt few months ago about these allegations facing Danske, Bank sweat Bank. This story is essentially linked to it. But the sums of money that we're talking about are not necessarily the same. No. Yeah. The Danske Bank cases substantially larger there. We have roughly tune in thirty million dollars flowing through one of their units in their Estonian branch much of which is considered to be suspicious Bank has said and that was over from two thousand seven to roughly two thousand fifteen now money flows like water from and and one thing that's one reason why for example, this fight back numbers might be smaller. Because if if Bank is the main conduit than the money, then proceeds to go out like like branches of a tree and and spread out. So. Yeah. So that's the that's the situation there and one of the voices quoted in the Bloomberg story about this Francis. Basically says that sweat Bank must take this very seriously. The big mistake that dansko did was that they were too nonchalant, and it costs them huge values and even the Estonian permission yesterday. So I mean, this is obviously one view, I'm sure there are others that are different. But it begs the question as to what exactly Nordic banks are doing. And if they're doing enough in the context of all these allegations that keep coming. Yeah. We we can see from the share price dropped today that the market is not happy with with the way Bank has been presenting. This information. The concern has been particularly since the dance dance Bank case it other lenders in the region were somehow tied to this case or had their own problems. And as I said, the general picture has been than the Swedish banks have been more or less cleared of these these allegations. So today's news is bad for the Bank and the dance case shows originally that was just a few million and escalated as as we now know to two hundred roughly two hundred thirty billion dollars. So it's important to to be up front. I guess Bloomberg. Reporter Francis Schwarzkopf's. Thanks so much for joining us out of Copenhagen this morning to bring us up to date with this developing story. Meanwhile, we're twenty five minutes into cash equity trading here in Europe. We saw some weakness yesterday we bounced back today up four tenths of a percent on the stock six hundred. This.

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