Nordea Bank AB, the largest lender in Scandinavia, has been summoned by the Financial Supervisory Authority (FSA) of Sweden. FSA will meet with Nordea's management on Tuesday following the report by the International Consortium of Investigative Journalists.

During the meeting, Nordea management will have to explain its alleged role to assist wealthy clients in evading tax. FSA considers the 'Panama Papers' too seriously, informs Christer Furustedt, head of the FSA's supervision unit for large banks in Stockholm.

However, Nordea rejects the published allegations while claiming to follow all rules and regulations related to these issues. A statement furnished in the Nordea website claims for transparency in its tax advising policy. The bank also denies any role for aiding in tax evasion purposes and extends support only in paying taxes, reports Bloomberg.

Meanwhile, FSA has contacted authorities in Luxembourg seeking information on Nordea's alleged role in assisting clients setting up offshore accounts in tax heavens. Though setting up offshore accounts is not illegal in Sweden, it may flout the country's money laundering laws. The largest bank in Nordic region has been convicted for such breach last year while counting the maximum fine of 50 million crowns ($6.1 million) and handed a severe warning by the FSA, according to a report published in Reuters.