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Swedbank chairman quits over money-laundering scandal

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Lars Idermark has decided to leave Sweden's oldest bank and biggest mortgage lender with immediate effect, Swedbank said in a statement on Friday. That follows a March 28 announcement that CEO Birgitte Bonnesen had been fired in the wake of the dirty money allegations.

[STOCKHOLM] A week after Swedbank fired its chief executive officer, the lender is parting ways with its chairman as a multi-billion dollar money-laundering scandal forces top-level changes.

Lars Idermark has decided to leave Sweden's oldest bank and biggest mortgage lender with immediate effect, Swedbank said in a statement on Friday. That follows a March 28 announcement that CEO Birgitte Bonnesen had been fired in the wake of the dirty money allegations.

Swedbank is being investigated by the financial supervisory authorities of Sweden and Estonia, as well as the authorities in the US Sweden's Economic Crime Authority has also initiated a criminal probe to look into allegations of gross fraud, amid concerns Swedbank may have misled the public about the severity of the laundering case.

The bank is allegedly tied to the US$230 billion Danske Bank A/S Estonian laundering scandal. Swedish broadcaster SVT has reported that the suspicious amounts that flowed through Swedbank's non-resident accounts in Estonia may have exceeded US$100 billion between 2010 and 2016 alone.

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Swedbank is the year's worst performing European financial stock so far, having lost almost a third of its value.

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