Financial Supervisory Authority (FI) signaled soon to be reacted to reports that the CEO of the Nordic region’s largest bank had gone to invite trip in SCA’s auspices. Nordea has repeatedly been involved in arranging large loans that SCA has taken, including a so-called EMTN program of approximately SEK 30 billion and a commercial paper program of SEK 15 billion.
Now notifies the FI to has initiated a review of Nordea. In looking more closely at the hunting trip that Christian Clausen has participated in, and he was flown in a private jet to and how the bank justifies its actions.
– For us it is important that banks can handle this type of situations. It is important for the control of the business work in a good way and to maintain public confidence, says Jonathan Holst, Head of the FSA and is continuing.
– We want to form our own opinion on the events and on the handled properly. We have a discussion with Nordea but what we say to each other, we can not comment, he said.
At Nordea you tone down examination but admits that FI has been in contact with the bank and raised questions about the event.
– They have asked any questions about our policies and procedures that we obviously will answer. We understand the debate and takes us by the criticism, says Petter Brunnberg, Press Officer at Nordea.
Internally, Nordea a strict policy when it comes to being invited by customers at various events. The Bank’s website contains the following provision: “Nordea follows the Nordic tradition of restraint when it comes to the exchange of gifts and benefits between business partners.”
Out on the local offices, the rules are strict. An employee who SvD Business has been in contact with says that she has never experienced being invited on any of a customer. Not even a dinner. The reason is that it would be in a strange seat to the customer, according to the employees, who wishes to remain anonymous.
But Christian Clausen defends his moose hunting. He does not think he has done something right the wrong. He – and also the bank’s chairman Björn Wahlroos – believes that hunting is not to be regarded as meeting a specific customer, but as an important networking with a customer collective, which is necessary for a president to attend.
– We have followed our rules and it is within the law, so that way there is no problem, but it is clear that somewhere is there a limit, said Clausen in conjunction with the financial statements presentation last week said.
Helena Sunden, Secretary General of the Anti-Corruption Institute, has previously said that her preliminary assessment is that Christian Clausen’s hunting trips likely to violate the Institute näringslivskod.
– My assessment is that it conflicts with our code. Among other things, there is a benefit with a high market value and because it is given to a person sitting in decision-making positions. In addition, the code says that you should find useful on the job of the benefits they receive. The question is whether one has the benefit of hunting on the job, said Helena Sunden to SvD Business recently but stressed then that it is the institution’s ethics committee that decides in the end.
Even Pension giant AMF major shareholder Nordea, are concerned and have contacted the bank to get answers from management on how they see the incident, according to Peder Hasslev, Vice President of AMF.
It is not the first time the Financial Supervisory Authority is currently examining the Nordea . For just under two years ago was punished bank with hefty fines, about 30 million, and a remark by the regulator for deficient procedures on money laundering. There is also underway further case concerning money laundering and terrorist financing is expected to be completed this spring. In addition, the reassessment of Clausen’s hunting trips.
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