Swedbank AB said Friday that the U.S. Securities and Exchange Commission has closed an investigation into the Swedish lender without taking any enforcement action, a significant step in resolving legacy issues that have shadowed the bank.
The company confirmed, however, that investigations by the U.S. Department of Justice and the Department of Financial Services in New York are still ongoing.
The SEC probe, which began in 2019, concerned Swedbank’s historic disclosures of information, the bank said.
“With this announcement from the Securities and Exchange Commission, we are placing another investigation of historical shortcomings behind us,” said Tomas Hedberg, Swedbank's Deputy CEO.
Swedbank stated that it cannot currently assess the potential financial impact or when the remaining U.S. investigations will be concluded.
The closure of the SEC probe follows other resolutions related to the bank's past conduct.
In 2023, Swedbank reached a 37 million Swedish kronor settlement with the U.S. Treasury’s Office for Foreign Assets Control over sanctions violations, while an Estonian prosecutor's investigation into alleged money laundering was closed without charges in February 2024.
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