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Nordea Prepares For HQ Shift

Tom Burroughes

20 February 2018

Swedish financial services group Nordea, which provides services including private banking, has set out plans on how it wants to shift its headquarters to Finland, a move bringing slightly less of a cost saving than previously estimated.

Executives at the bank last year decided to move its headquarters to Finland after Sweden announced it intended to bring in a bank tax and because it wanted to be treated similarly to other lenders overseen by the European Central Bank.

The cross-border reversed merger will see Nordea Sweden’s shareholder5s receive one new share in Nordea Finland for each share in Nordea Sweden that they own. Shares will be listed on Nasdaq in Helsinki, Stockholm and Copenhagen when the process is complete.

The Finnish Financial Supervisory Authority at the weekend approved Nordea Finland’s merger prospectus.

Nordea said expects save around €900 million to €1.2 billion related to various effects of the shift to Finland, slightly lower than previously estimated.