Nordea Bank AB (publ)
The Nordic region's largest lender said in September 2017 that it was moving in the hopes that the regulatory environment in the eurozone country will provide it with "more of a level playing field" relative to European peers.
Shareholders approved a plan to merge the bank into Nordea Holding Abp, its newly established Finnish unit, under which the domicile of the parent company will be transferred to Helsinki. The other conditions for the merger's completion are expected to be met at the latest by the planned Oct. 1 merger date, Nordea noted.
Swedbank AB (publ)-owned Swedbank Robur Fonder AB, Nordea's fourth-largest shareholder with about 2.5% stake, and Alecta pensionsförsäkring ömsesidigt, which owns 2.9% of Nordea, both expressed their support for the relocation ahead of the meeting.
The Finnish Financial Supervisory Authority welcomed the decision, saying Nordea's move will help expand the banking sector in the country, boost competition and enhance stability in the euro area. The regulator added that it will hire up to 30 new staff to "better support the supervision of such a major institution."
At a subsequent statutory board meeting, Nordea's board of directors elected Lars Nordström deputy chairman, while Nigel Hinshelwood and Torbjörn Magnusson were elected new board members. The board also approved the dividend distribution of 68 euro cents per share, with March 19 as the record date.
