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Swedbank investor set to clear board of liability around money laundering

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Swedbank investor set to clear board of liability around money laundering

Swedbank AB (publ) shareholder SEB Investment Management AB will likely look to clear the Swedish bank's board of liability around its alleged link to money laundering, Reuters reported, citing SEB's head, Hans Ek.

After a report by the Forensic Risk Alliance, the board confirmed its continued confidence in the bank's CEO Birgitte Bonnesen. The report was heavily redacted, which drew criticism from some investors.

"The status report itself is relatively difficult to access as a lot of information is missing, but in entirety and with the comments from the company's CEO and board during the day, we currently have difficulty denying a discharge to the board for fiscal year 2018," Ek reportedly said in an email.

SEB will make a final decision before the March 28 annual general meeting, the March 22 report noted.

Additionally, shareholder Folksam AB will also vote in favor of the board in the AGM, Reuters said in a separate March 22 report, citing Carina Lundberg Markow, Folksam chief strategist on responsible investment.

"We are a part of the committee that suggests the board for the annual general meeting and we can't see any reason not to stand by that proposal [to back the board]," Markow told the newswire.

Swedbank investors Alecta and pension fund AMF said the report did not live up to its expectations, the Financial Times reported March 24.

Investors, government ministers and money laundering experts have criticized the report, the FT noted.