Nordea Bank AB (NDA.SK) on Wednesday said it plans to move its parent company to Finland from Sweden, making it part of the European banking union and the eurozone.
The bank, currently based in Stockholm, said moving its parent company into the European banking union would make it easier to compete with its peers, since existing Swedish regulatory frameworks don't fully accommodate its operating model and strategy.
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Nordea is the only global systemically important bank in the Nordic region. Earlier this year, the bank had raised the prospect of leaving Sweden in response to a proposed increase in the fees banks pay to help cover the cost of supporting troubled financial institutions.
Nordea shares will remain listed at stock exchanges in Stockholm, Helsinki and Copenhagen, the bank said, adding that business in its home markets and day-to-day operations will remain unchanged from the customer perspective.
Write to Max Bernhard at Max.Bernhard@dowjones.com
(END) Dow Jones Newswires
September 06, 2017 12:43 ET (16:43 GMT)