Some Swedbank (OMX: SWED A) customers in Latvia have been spooked by rumours on the financial state of Swedbank. The rumours seem to have initiated in the Russian speaking social media on Friday. At the time of writing this, the mainstream media has picked it up and tweets claiming of a ’bank run’ taking place stream continuously in Twitter. Aftonbladet said some customers were panicking and showed pictures of a handful of people in lines ready to cash out.
The savers in Latvia are still vigilant from the collapse of Latvijas Krājbanka this November. Swedbank is the largest bank in Latvia with around 25% market share. Latvian financial regulator FKTK dismissed rumours as groundless and said customers need not worry about the financial situation of the bank.
Just last week Swedbank was upgraded to A+ by S&P and Sweden’s financial watchdog Finansinspektionen said on Thursday that based on the new capital buffer requirements from The European Banking Authority (EBA), the need for new capital for Swedbank and Handelsbanken had disappeared. This renewed investors’ hopes, that dividends may not be gone after all.
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