The Nordic nations’ largest financial firm, Nordea Bank , is alleged to have handled $175m in suspicious transactions, according to a submission to Swedish and Norwegian authorities filed this week by the hedge fund manager and human rights activist Bill Browder.

The news broke after the Stockholm-listed shares had ended their trading day at 89.3 Swedish kroner (US$10), so investors will have to wait to see any effects on the $40bn stock market valuation of Nordea.