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Nordea in a secret book show blacklisted clients and the bank records can still be used today

Monday, 13 May 2013

Sweden and Scandinavia's largest bank, Nordea had and still has a secret register where potential and current customers were register and specific description and terms attributed to them which described and coded them according to how their characters might affect their business with the bank.

More than 2,000 people's names have been found on that list, which was designed by then Nordbanken in which, today, the officials of the bank claimed it was used to manage risks.

Customers are registered with synonyms and description attributes such as "Rascal", "Economic madman", "Well shady figure", "The Robber's Girl", (editors note: roughly translated to English. Might not mean exactly in Swedish but readers can get the sense of it).

With these epithets the then Nordbanken as was called from 1970 until 1995, described customer which they thought would be potential problems customers. This has remained secrete until it was revealed by the Swedish daily, Svenska Dagbladet, came over the directory from the bank that contained the names of over 2,000 people, associated with these titles as mentioned above.

All 2,000 people are registered with their full name and Social Security number, often combined with these slurs.

According to reports, information on Nordbankens and now Nordea's listings were known. In the late 1990's the issue was reviewed by the Swedish Information Commissioner but today it is said that such system continue to operate in the bank's operation. Nordea Corporate Communications official, Helena Östman says that the bank must examine some facts about the customers.

"Unfit- None punished but converses with people on the border. Caution is advised, "it said about a client. "Fraudsters and swindler family with father and two sons, who undoubtedly go in his father's footsteps, "said about another.

"All banks took similar approach in making such lists in order to avoid losses," says the bank's Communications officer, Helena Östman, and add that "this is now history."

Svenska Dagsbladet talked with people whose name were found on the register, and most of them testify that they had problems getting loans.

"I have been affected, everywhere - I could not get access to finance. I am convinced that this list has been spreading, "says an entrepreneur in the registry linked with a man he never claimed to have met.

After it emerged that, the registry contained well-known economic criminals, as well as lots of innocent people it is possible now to determined why some people could not get loans and thus could not push forward their businesses. It can explain why many people with immigrant backgrounds hard it very hard to raise funding for their businesses. Since this group is one of those most hit by business loan rejections, it is wise to agree with other views that the bank is still using this approach.

by Scancomark.com Team

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