Sweden: Process of involuntary liquidation of HQ Bank initiated
Monday, 30 August 2010 | 
Finance - Banki...
As a consequence of the decision by the Swedish Financial Supervisory Authority (Finansinspektionen) to revoke all HQ Bank's licences, the board of HQ Bank has during the weekend actively sought a private solution with a party holding an existing banking licence that would allow the operations to continue to be conducted.
An almost completely agreed solution with such a party has proven impossible to implement. This solution would have required Finansinspektionen to review its decision regarding the revocation of licences for HQ Bank as a consequence of the intended change of ownership.
HQ Bank's board has approved the liquidator proposed by Finansinspektionen, lawyer Björn Riese, and will provide him with its support during this work.
The board wishes to express its deep gratitude to all those employees who have worked hard for HQ Bank.
More reading: http://www.asymptotix.eu/content/sweden-hq-bank-story-worse-carnegie
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HQ submits takeover proposal to Swedish watchdog
Swedish investment bank HQ Bank HQb.ST, whose licence was revoked at the weekend for breaking risk rules, said it has handed a takeover proposal to the financial watchdog. HQ, looking to salvage all or parts of its business, said an application for a deal that would see the bank taken over by a new owner had been submitted on Thursday to the Financial Supervisory Authority (FSA), which must approve any agreement. The FSA pulled HQ Bank's licence after finding a lack of oversight in its trading operation, saying the bank had taken such large risks it endangered its own survival. The prosecutor's office has opened a separate investigation.
HQ bank was put into liquidation on Monday, a decision which the bank has said it is appealing. Its liquidator, Bjorn Riese, has been seeking a buyer for the bank, which said it would provide more information later on Friday. Business daily Dagens Industri, citing undisclosed sources, reported the proposed purchaser was private equity-owned Carnegie, itself taken over by the government during the financial crisis and then sold. A Carnegie spokesman declined to comment on the report. Carnegie is owned by investment company Bure and private equity firm Altor.