Insider-trading probe launched against Norway's largest bank

oslo, norwayOslo - Two employees of Norway's largest banking group as well as the DnB NOR group itself were Thursday suspected of insider- trading, the Norwegian Financial Supervisory Authority said.

The Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime raided the bank Thursday over suspicions that the bank had sold government bonds just a few days before the Finance Ministry and central bank October 12 presented a rescue package for the banking sector.

DnB NOR reportedly sold bonds worth 2.3 billion kroner (328 million dollars) on October 9 and 10.

Bond prices dipped after the 350-billion-kroner stability package was announced.

The Financial Supervisory Authority said its investigations included collecting information from the Finance Ministry, the premier's office, the central bank, DnB NOR and the Oslo stock exchange.

Prime Minister Jens Stoltenberg told broadcaster NRK that the matter was "serious" and said he hoped for a thorough investigation.

Prior to Thursday's raid, some speculation had centred on the suspicion that DnB NOR may have acted on a leak from the premier's office, but those suspicions appeared unfounded, according to the Financial Supervisory Authority. (dpa)

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