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Swedish bank Nordea set for support from major investors for move to Finland

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Swedish bank Nordea set for support from major investors for move to Finland

Swedbank AB (publ)-owned Swedbank Robur Fonder AB, Nordea Bank AB (publ)'s fourth-largest shareholder with about 2.5%, said it would vote in favor of a proposal to transfer the bank's headquarters to Finland from Sweden, Reuters reported March 12.

Alecta pensionsförsäkring ömsesidigt, which owns 2.9% of Nordea, is also set to support the move, a spokesperson told Swedish newspaper Dagens Nyheter, Reuters reported. Nordea investors will vote on the issue at the March 15 annual general meeting.

Finnish Finance Minister Petteri Orpo has given assurances to Nordea that the government will not add to the list of financial regulations it is facing.

However, AMF Pension, Nordea's eighth-largest owner with 1.6%, said it would oppose the move since the main argument, a lower resolution fee, is not "sufficient grounds for making such an important decision," Reuters reported.

The Nordic region's largest lender wants to move its headquarters out of Sweden partly due to the restrictive regulatory environment in the country, and so it can have a level playing field with other banks supervised by the ECB.

Finnish insurer Sampo Oyj is the bank's largest shareholder.