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Swedish bank, SEB rejects as exaggeration Report that it would loss big should SAS goes under

Thursday, 15 November 2012
Swedish bank, SEB spoke on Thursday and dismissed local media report that it would incur heavy losses on a potential default by airliner, SAS which is struggling to survive.
The bank call the reports "grossly exaggerated", as we reported earlier that there are fears that SEB which is more exposed to SAS operations by covering card payments from SAS customers would be expected to loss heavily should the troubled carry goes under.
SEB

According Dow Jones news, quoting a statement from SEB, "the amounts that have been reported in Swedish media regarding the potential risk of losses for the bank are not correct at all," SEB said in a statement.

Swedish daily Svenska Dagbladet earlier on Thursday reported, citing unnamed sources, that SEB would risk credit losses of up to Skr4 billion if SAS defaults, as it is a redeeming bank for SAS tickets purchased with credit cards.

SAS is struggling for survival with more negotiation scheduled with Unions which have rejected most of it offer for a deal that will see the company's planes back flying.
by Scancomak.com Team

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