SEB Faces Insider Trading Probe Over EQT Share Transactions

The Swedish Economic Crime Authority (EBM) and the Financial Supervisory Authority (FI) are investigating SEB for suspected insider trading involving EQT shares. SEB reportedly traded EQT shares while possessing sensitive insider information about impending large-scale sell-offs by major owners of the private equity firm. This has triggered regulatory scrutiny and a multifaceted inquiry.

According to Jonas Myrdal, vice chamber chief and lead investigator at EBM, eight individuals have been formally suspects in the suspected insider trading case. Evidence, including seized computers and mobile phones, has been secured although no arrests have been made. Myrdal noted that while the gains from the suspected insider trading were significant, they were not enormous, and emphasized the need to prove that the information used constituted insider information and that SEB intended to influence share prices.

FI's investigation focuses on SEB's internal controls, guidelines for managing insider information, and whether the bank's proprietary trading operations compromised clients' interests during several block transactions last fall and in September 2025. Jimmy Kvarnström, head of FI's market area, stressed that in such sensitive scenarios, banks must exercise extreme caution when conducting their own trading activities.

The inquiries began following a report from a SEB competitor, pointing to potential irregularities. The investigations are still in early stages, with detailed analyses of the timeline and trades underway. Since the probe started, EQT's stock price has declined approximately 3%, while SEB's shares have dropped by 1.2%.

This case highlights ongoing concerns over financial market integrity and proper handling of insider information by major banks in Sweden. Both EBM and FI remain active in scrutinizing the events surrounding SEB and EQT to uphold market trust and legal compliance.