Public letter published in Äripäev


Swedbank, where have you lost our money?

This is a public letter addressed to

Göran Persson, Council Chair of Swedbank Group

Björn Elfstrand, Council Chair of Swedbank Estonia

Olavi Lepp, Board Chair of Swedbank Estonia

Anna Kõuts, Board member and CFO of Swedbank Estonia

Ede Raagmets, Board member and Head of Customer Service of Swedbank Estonia

Liisi Himma, Board member and Head of Corporate Customer Division of Swedbank Estonia

Swedbank’s new management has apologized for the bank’s negligence that made money laundering possible. Has the bank changed its view on the behaviour of its former management also in essential aspects of the bank’s other activities? Will you start answering your clients’ questions now?

We are talking about Swedbank clients whose investment portfolios Swedbank was managing and about 8.4 million euros in these clients’ funds that the bank used to purchase land in Romania in 2007. By now this money has been lost and the land portfolio is essentially worthless. It’s incredible, but in the last 10 years the bank’s former management did not answer the questions that we, Swedbank clients, were asking in this matter.

We therefore repeat these questions and will be waiting for your public response to them!

  1. Is it really appropriate to litigate your 30 contractual clients whose money has been lost and for whom the bank itself decided to invest in land in Romania?
  2. Can the bank present appraisal reports of land in Romania that was purchased as an investment? If the bank’s documents „have not been preserved“, please present the methods on the basis of which you appraised land value in 2007!
  3. Does the bank still use the same methods in assessing investments?
  4. Why did Swedbank itself subscribe to the bonds for land in Romania? Was it done to avoid scrutiny of Finantsinspektsioon that supervises public bond issues, and to hide deficiencies in the documentation?

More detailed information  about the background of land purchases in Romania and the claims of disappointed Swedbank clients against the bank is available in Estonian, Swedish and English at:


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