06 February 2016

Swedbank blames social media rumours for Latvian ATM panic

12 December 2011  |  7486 views  |  0 atm

Swedbank customers in Latvia rushed to withdraw money from ATMs over the weekend, panicked by rumours swirling on social media sites that the bank was in financial difficulty.

Mutterings about Swedbank first began circulating online in Latvia around two weeks ago after authorities took over local bank Krajbanka.

Among the claims made on social networking sites were that ATMs in Sweden had been shut-down, that the bank's Estonian operations had been killed off and its Latvian CEO had been arrested.

Speculation intensified over the weekend and worried customers began lining up at ATMs to withdraw their cash, emptying many machines. Swedbank estimates that around 15 million lat was withdrawn over the weekend, seven times as much as normal, says the Wall Street Journal.

In a statement, the bank insists that all of the rumours are unfounded and says it is cooperating with authorities in Latvia and Sweden to stop them and "calm down the situation".

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

07 July, 2010

Related company news

 

Top topics

Most viewed Most shared
Fintech rising: Resistance is futile, says...
9728 views comments | 47 tweets | 38 linkedin
Digital transformation driving earnings at...
8432 views comments | 41 tweets | 35 linkedin
ECB eyes up European P2P payments
7463 views comments | 27 tweets | 37 linkedin
Visa opens up to developers
6451 views comments | 23 tweets | 40 linkedin
Mondo releases API to let customers play w...
5807 views comments | 23 tweets | 21 linkedin

Featured job

Find your next job