Chris V. Nicholson, NY Times Swedbank, one of the largest Nordic lenders, announced Monday that it was issuing preferred stock to raise about 15 billion kronor ($2.1 billion) as loan losses continue in the eastern Baltic.
“The aim is to strengthen our competitive position in our four home markets; that is, Sweden, Estonia, Latvia and Lithuania,” Michael Wolf, chief executive of the bank, said in a conference call.
Mr. Wolf said that the bank would be better able to support its main clients with the infusion and that the funds would help Swedbank return to independence. It currently depends upon a guarantee from the Swedish government to borrow money from other banks.
Continue reading here:
http://www.nytimes.com/2009/08... 