Tags: EU | Sweden | Bank | Merger

Swedish Bank Carnegie Buys Troubled Competitor

Friday, 03 Sep 2010 01:15 PM

 

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Swedish investment bank Carnegie says it is buying competitor HQ Bank, which had its banking license revoked by the financial watchdog last week.

Carnegie says it has signed an agreement to buy HQ for 268 million kronor ($37 million).

The deal has been approved by the Swedish Financial Supervisory Authority.

Carnegie chief executive Frans Lindelow said Friday the takeover means HQ can resume its operations quickly and keep all staff. He said the deal also guarantees the savings of HQ's customers.

Sweden's financial watchdog on Saturday revoked HQ's license, saying it had overvalued its trading portfolio and reported its financial position incorrectly.

HQ Bank is a niche player in Sweden, focusing on major investments.

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