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Nordea lowers estimated savings from moving HQ to Finland


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Nordea lowers estimated savings from moving HQ to Finland

Nordea Bank AB (publ) lowered its estimate of the net present value of savings arising from the group's decision to redomicile its parent company to Finland from Sweden.

Nordea said Feb. 16 that it now expects the net present value of the savings related to resolution fees, deposit guarantees and other transitional effects to be around €900 million to €1.2 billion, down from the previous estimate of €1.1 billion to €1.3 billion in December 2017.

The bank said the difference was primarily attributable to refined calculations relating to its balance sheet after deductions, noting that the estimate, which is based on a number of assumption and judgments, remains subject to change. The group initially estimated the net present value of the savings to be approximately €1.0 billion to €1.1 billion when the move was announced in September 2017.

Nordea also published the prospectus of Nordea Holding ABP (Nordea Finland), the company's newly established Finnish entity, in relation to the proposed merger of Nordea Bank into Nordea Finland and the subsequent listing of the shares in Nordea Finland. The prospectus was approved by the Finnish Financial Supervisory Authority.