Swedbank Dismisses Instability Rumors After Bank Run
Swedbank said claims circulating in Latvia, asserting that the bank is in financial trouble, are baseless.
"The bank's stability has been confirmed by financial supervision agencys in each of our markets," spokesman Mart Siilivask told uudised.err.ee. "The most recent European financial stress tests also show that Swedbank's stability and capitalization is strong."
Latvians reacted to the claims on Sunday, as long lines formed behind ATMs and 10,000 customers made 14 million euros in irregular withdrawals, according to the bank.
An investigation was launched to ascertain the source and motive of the claims, which had spread via social media, reported Mixnews.lv.
Latvian police chief Ints Kuzis said perpetrators could potentially face up to six years in prison.
Ott Tammik