Swedbank's board has continued confidence in the bank's chief executive after seeing the results of an external report into its alleged involvement in money-laundering in the Baltics. 

"After reviewing the FRA Update, the board confirms its continued confidence in the CEO and her ability to lead and manage the bank's work in the fight against money laundering," Swedbank chairman Lars Idermark. 

Still, the board said it would also conduct a deeper review in cooperation with the "relevant authorities", without specifying which ones. 

Forensic Risk Alliance (FRA) was hired by Swedbank last month to investigate allegations in the media that at least 40 billion Swedish crowns ($4.3 billion) of suspicious payments moved between accounts held at its Baltic branches and suspect accounts at Danske Bank between 2007-2015.

Swedbank is one of several banks pulled into a widening scandal engulfing Danske Bank, whose Estonian branch was used for some €200 billion of suspicious payments between 2007 and 2015.

The FRA report, published by Swedbank but redacted in parts, focused on the 50 clients identified in a media report by Swedish Television. 

It did not include findings of a previous internal and undisclosed report or cover allegations made by activist fund manager Bill Browder.

Swedbank said it would continue to strengthen its anti money-laundering capabilities. 

"I have also decided to establish a specialised Financial Crime Intelligence Unit to secure a continued focused approach as criminal behaviour develops over time," Swedbank CEO Birgitte Bonnesen said in the statement