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Nordic lender Nordea's headquarters to move from Sweden to Finland

Europe
15.03.2018
By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
Stockholm (dpa) - Shareholders in Nordea on Thursday strongly approved a board proposal to move the Nordic banking group‘s corporate headquarters from Sweden to neighbouring Finland.

Over 95 per cent of shareholders present at the annual general meeting backed the proposal. It needed a two-thirds majority to carry.

"We believe this is good for the bank," board chairman Bjorn Wahlroos told reporters after the decision.

The move will mean Nordea, the largest banking group in the Nordic region, is subject to the same regulatory framework as its rivals in Europe, the board and management said.

They said Finland was a member of the European banking union that is supervised by the European Central Bank.

The move is expected to lower the cost of resolution fees and  deposit guarantees, saving the bank an estimated 1 billion euros (1.1 billion dollars), Nordea has said.

Day-to-day operations would not be affected by the move to Helsinki, it added.

The group has about 11 million customers.

The bank‘s management last year criticized Swedish government plans to raise the annual fee paid by banks and financial institutions to a national resolution reserve, and started to consider a move.

The resolution reserve is part of the financial crisis management system, and is intended to protect Swedish taxpayers from costly bailouts.

A revised proposal was presented in June, but failed to sway the bank management and board.

Nordea was created in 2000, born out of the 1997 merger of the Merita Bank of Finland and Nordbanken of Sweden.

 

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