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Nordea owners vote to move headquarters to Finland

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Nordea owners vote to move headquarters to Finland
Nordea board chairman Björn Wahlroos led the push to move to Helsinki. Photo: Claudio Bresciani/TT
17:00 CET+01:00
The owners of Swedish banking giant Nordea have voted in favour of moving the company's head office from Stockholm to Helsinki.

Almost 97 percent of the votes cast at the bank's AGM were in favour of the proposal, which has been led by board chairman Björn Wahlroos. The Finn is also the CEO of Finnish financial services firm Sampo, who own more than 20 percent of Nordea.

Of the major owners of the bank only AMF Insurance and Funds voted no to the move. Swedbank Robur Funds and Alecta meanwhile had previously expressed their plans to vote in favour.

The reason for the move is, according to Nordea CEO Casper von Koskull, that the bank wants to be within the European banking union, which Sweden is not part of.

"The main reason is that a bank with four domestic markets – Norway, Sweden, Finland and Denmark – with a balance sheet that I believe is two times Sweden’s GDP, is a bank I think should be based within the European banking union," Von Koskull told news agency TT.

READ ALSO: Should Sweden join the European banking union?

The Nordea CEO predicted that customers would not notice the move in the short-term, but added that he hopes it will lead to better value in the future.

Nordea first announced its plan to move headquarters last September, following a period of conflict with the Swedish government over proposed tax increases and regulations on resolution and deposit guarantees.

READ ALSO: Nordea to move headquarters from Sweden to Finland

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