Nordea is named in The Panama Papers, a huge cross-border journalistic collaboration that has been scrutinizing an international law firm based in Panama in an attempt to combat high-profile tax evasion.
Overall, Nordea is featured in almost 11,000 matches in the database, as stated by Sweden's national broadcaster SVT. The Panama Papers feature other Swedish banks as well, albeit on entirely different levels: with Swedbank, Handelsbanken and Carnegie peaking at around 700 matches.
"Tax evasion is a crime and it is totally unacceptable," Sweden's Finance Minister Magdalena Andersson told Expressen in a commentary on Nordea.
In Sweden's neighbor states, the revelation stirred up a much tougher reaction. Brian Mikkelsen, tax spokesman of Denmark' Conservative Party, went so far as to accuse Nordea of "daylight robbery."
"Hard-working Danes are being cheated through dealing with shady companies in Panama. Even though taxes are high here at home, they must be paid," he told the national TV-channel TV2.
"I am shocked that Nordea has been dealing with these straw-man companies. There is no doubt they know what they are doing," Lars Koch, a tax haven expert who and the political head of the non-profit organization Ibis, told DR Nyheder.
All in all, between 400 and 500 Swedish companies and individuals were featured in the Panama Papers, according Sweden's national broadcaster SVT. So far, however, no Swedish politician's name has yet surfaced, unlike Iceland, whose PM Sigmundur Davíð Gunnlaugsson notoriously walked out of an interview with Swedish television company SVT, after he was asked about his and his role in off-shoring. Gunnlaugsson accused the SVT journalists of asking "totally inappropriate" questions.