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Economy

Swedbank Compensates Estonians

Published fredag 16 oktober 2009 kl 11.23

One of Sweden's largest banks, Swedbank, has announced that it will pay some 14 million US dollars in compensation to 300,000 Estonians who lost money when the bank switched their money from a low-risk to a high-risk fund.

That fund plunged in value during the economic crisis.

Swedish banks have a dominant position in the Baltic states of Estonia, Latvia and Lithuania, after moving in to the Baltic banking markets following the fall of the Iron Curtain.

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