Nordea has confirmed plans to move headquarters from Sweden to Finland. Historically known as Sweden’s biggest bank, Nordea’s decision to redomicile was sparked by a spat with the Swedish government over proposals to increase the bank’s contributions to the national resolution fund.
With $29bn in Tier 1 capital and $648.06bn in assets, Nordea is set to dwarf Finland’s other local banks. It is four times bigger than OP Financial Group in terms of assets, and three times bigger by capital. Third and fourth, by assets and capital, are Espoo-headquartered Savings Bank Group ($935m Tier 1 capital) and Aktia Bank Group ($410m), which is based in Helsinki.
Nordea’s local operations are already the biggest in the market, while Denmark’s Danske Bank is also a dominant player in Finland.
All data sourced from www.thebankerdatabase.com
