"Since 2009 we have said clearly that we distance ourselves from tax avoidance and since then we have in place processes and routines that mean that we report all possessions our customers have in Luxemburg" says Nordea CEO Casper von Koskull to Swedish Radio News.
Shell companies, which existed in name only, were set up with addresses in "tax havens" such as Luxemburg, to avoid paying tax. The Panama Papers are documents from one legal firm, Mossack Fonseca, which set up the shell companies.
Casper von Koskull says his bank will now cease all cooperation with the firm of Mossack Fonseca, after the reporting since the story broke on Sunday.
"And remember that it isn't us who have these companies, but our customers. We have no formal relationship with this firm, but we have in the past referred our customers to it," says the CEO of Nordea to Swedish Radio News.