Swedbank faced embarrassment as the leading Swedish bank in the Baltics was forced to change the external auditor investigating money-laundering claims at the lender after less than a week.
The Swedish bank said on Tuesday that it would use Forensic Risk Alliance, an international investigative consultancy that has worked on cases such as bribery probes at Rolls-Royce and Telia, instead of EY.
EY is under investigation in Denmark over its role in auditing Danske Bank during the Danish bank’s €200bn money-laundering scandal in Estonia — which has now ensnared Swedbank.