Largest Nordic bank moves HQ to inside EU banking union

MarketsAssociated Press

The Nordic region's largest bank says it will move its administrative headquarters from the Swedish capital to Helsinki in Finland, which is part of the European banking union.

Nordea Bank AB Chief Executive Casper von Koskull said Thursday that being inside the banking union "is in the best interest" of customers, shareholders and employees, adding that "only a limited number" of Nordea's roughly 30,000 employees will be affected.

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Von Koskull said it is "an important strategic step in positioning Nordea on a par with its European competitors."

The move should tentatively be effective as of Oct. 1, 2018, he said, adding shareholders must approve it. Nordea has about 11 million customers in Norway, Sweden, Denmark and Finland.