(RTTNews) – Thursday, Swedbank AB (publ) (SWED-A.ST) announced a settlement with the New York State Department of Financial Services or DFS to pay $50 million for failure to disclose information to the regulator on two occasions in 2016 and 2018.
The settlement marks the end of all investigations into Swedbank’s historical shortcomings.
“The DFS investigation has involved conduct from almost a decade ago. We can now put it behind us,” commented Jens Henriksson, President and CEO, Swedbank.
The multinational banking group added that the amount payable to the authority will be recognized as a cost in the third quarter.
Swedbank’s stock is currently trading at SEK 307.70, up 1.17 percent on the Stockholm Exchange.
