Swedish authorities OK Nordea bank’s HQ move from Stockholm to Helsinki

The Nordea bank flag flutters over the bank’s branch in Helsinki, Finland. (Ints Kalnins/Reuters)
Regulators in Sweden have given Nordic banking giant Nordea the green light to relocate the bank’s headquarters from Stockholm to Helsinki, Finland.

Sweden’s Financial Supervisory Authority gave its approval for the move on Thursday, saying that it did not consider transferring operations out of the country to be a risk for the Swedish economy or Sweden’s taxpayers.

The financial regulator said its assessment “focused primarily on whether creditors, including depositors, or the public interest would be negatively impacted,” and adding that risks would not increase.

Move on October 1st

Nordea said it welcomed the regulator’s decision, adding that the move would officially take effect on 1 October, with the stipulation that other required regulatory approvals are granted by that time.

Nordea is the biggest financial services group in the Nordics and one of the largest in Europe. The bank has operations in 17 countries and serves more than 10 million customers.

Related stories from around the North:

Canada: Financial literacy must improve for Indigenous Canadians says government agency, Eye on the Arctic

Finland: Finland’s 2017 GDP growth revised upwards, YLE News

Norway: Can Barents region become a superhub on China’s Arctic Silk Road?, The Independent Barents Observer

Russia: Chinese bank invests in Russia’s Northern Sea Route, The Independent Barents Observer

Sweden: It’s official: Nordea Bank moves HQ from Stockholm to Helsinki, YLE News

Yle News

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