Finnish Finance Minister Petteri Orpo said the country's government has given assurances to Nordea Bank AB (publ) that it will not add to the list of financial regulations facing the Swedish lender, as it prepares to shift its headquarters to Finland, Bloomberg News reported.
Orpo said Finland, a member of the European banking union, offers a "stable operating environment" and is "committed to a predictable policy" that will not raise any surprises in the financial sector. "That is surely good for a bank of Nordea's size," Orpo said, according to the March 8 report.
The lender, which is the Nordic region's only global systemically important bank, is due to hold an annual general meeting March 15, at which shareholders will vote to decide whether the bank does move its headquarters to Helsinki from Stockholm. Nordea needs backing from two-thirds of its shareholders at the meeting, Bloomberg noted.
Institutional Shareholder Services is encouraging support for the relocation, while Nordea's largest shareholder, Sampo Oyj is also expected to give its approval to the move. Nordea is moving in part because it has grown frustrated with the regulatory environment in Sweden.
Orpo added that he expects shareholders to "make wise decisions that are good for Nordea and for its owners."
