May 28, 2012
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HQ Bank enters involuntary liquidation
31 August 2010 / AP, STOCKHOLM
Swedish investment bank HQ Bank AB says it is entering liquidation after the financial watchdog revoked its banking license.
The Swedish Financial Supervisory Authority on Saturday revoked the license for HQ Bank, saying it had “grossly breached the most central provisions of Swedish legislation.” The watchdog said HQ Bank had overvalued its trading portfolio and reported its financial position incorrectly. It said a correct valuation would have shown that the bank had been undercapitalized since December 2008. HQ Bank is a niche player in the Swedish banking market, focusing on major investments. In a statement Monday, the bank said it had tried to merge with another bank, but that didn’t work out.
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