SEB Says It Ended Business With Most Clients Named in Report

SEB AB said it’s terminated business with the vast majority of customers identified by Swedish public broadcaster SVT in an investigative piece on money laundering.

The bank has compared the 194 names provided by SVT with its own analysis and found that the clients had “previously been handled,” the bank said in a statement Tuesday. About 95% of the accounts have already been terminated while the remaining clients meet the bank’s screening criteria, SEB said. The shares rose as much as 3% and were up 0.9% as of 10:08 a.m. in Stockholm.