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Two Swedish banking giants SEB and Swedbank investigated for the infringement of competition

Thursday, 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 machines.

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 as fine.

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 Team

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