The Nordic bank, which has operations in Sweden, Denmark, Norway and Finland and is currently headquartered in Stockholm, said its “unique pan-Nordic and international structure has meant that existing national regulatory frameworks do not fully accommodate Nordea’s operating model”.
“Domiciling in a country that is participating in the banking union will mean that Nordea will be subject to the same regulatory framework as our European peers, with greater consistency of application and therefore more of a level playing field. The level playing field and predictable regulatory environment offered by the banking union are, we believe, in the best interest of Nordea’s customers, shareholders and employees,” added Nordea chairman Björn Wahlroos.
The fact that Finland is the only of Nordea’s four core-countries inside the European banking union made the country the obvious choice for the bank’s new headquarters, after an attempt by Nordea to acquire Dutch bank ABN Amro had failed earlier this year.
