Business News

New owner for Swedish private investment bank HQ Bank

Sep 3, 2010, 9:17 GMT

Stockholm - Swedish private investment bank HQ Bank on Friday announced it has a new owner, five days after involuntary liquidation began. HQ Bank's licence was revoked over the weekend by the Swedish Financial Supervisory Authority (FI) due to severe undercapitalization and breach of banking rules. In a stroke of irony, the new owner is the revamped Carnegie Investment Bank that was taken over by the Swedish state in November 2008 and later sold to two investment groups. Carnegie was to pay 268 million kronor (37 million dollars) for the HQ Bank shares. Under the agreement, Carnegie was to guarantee all HQ Bank's client obligations, and has the option to acquire HQ Fonder Sverige AB that manages equity funds. The financial watchdog FI has approved Carnegie's acquisition. HQ Bank has been closed since Monday and its customers have not been able to move their funds to other banks or institutes. The bank's share prices fell by 80 per cent on Tuesday.

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