Management & Strategy
World Indices are Powered by Forexpros -
The Leading Financial Portal.
Two Swedish banking giants SEB and Swedbank investigated for the infringement of competitionThursday, 12 July 2012
They all post great profited and dish out millions as bonuses to their
top manager but as the banking crisis still looms and banking scandal
between British, Swiss and American banks continues, it make sense to
look into the behaviours of the Swedish side of the money making
After a period of observation, it became vital to check if Swedbank and
SEB are infringing competition in Lithuania. Should that be the
case and if ´found guilty, they will both pay up to 10 percent of sales
According to the Swedish business daily, Dagens Industri, earlier
yesterday, it was said that SEB Bank was being investigated for
infringement of competition.
Now, reports the Swedish daily, Dagens Nyheter say that the
Competition Authority's counterpart in Lithuania, Konkurencijos Taryba
is examining the two major banks for possible infringement of
competition in cash handling.
According to authorities, the companies' Lithuanian branch signed an
agreement with DnB Nord and G4S, which may violate Competition Act.
The allegation is said to have been confirmed by SEB and Swedbank in Sweden.
"It held an exchange of letters between banks in Lithuania and the
competition authorities. It all boils down to an agreement on how we
handle cash in the country, "says Thomas Backteman, Executive Director
of Swedbank, who added that Swedbank believes that they have not
infringed competition rules in Lithuania regarding cash management.
"Because there is an investigation, we can not say much more, "said Anna Helsén press officer at SEB.
By Scancomark.se Team
What do you think about this
article and us? Please leave a comment