Tuesday, October 07, 2008

Swedbank Lose Customers, Credit Rating

While Swedbank, as I have previously pointed out, has vehemently denied that it has any significant problems and characterized the rumors of it as lies spread by short sellers, it now seems that the rumors themselves are causing problems for Swedbank.

First of all, they have now admitted that they are now suffering net withdrawals, particularly from really rich customers. It remains to be seen to what extent the increase in the amount guaranteed by the Swedish deposit insurance from SEK 250,000 to SEK 500,000 announced yesterday by the Swedish government might slow these withdrawals.

Secondly, Standard & Poors have now lowered their credit rating. Not that I really trust their credit ratings, but since others do this will hurt Swedbank.


Anonymous Anonymous said...

According to analysts Swedbank also underestimates their credit losses in the Baltic states.

1:58 PM  
Anonymous Anonymous said...

anonymous, could you give a brief translation?

1:37 PM  

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