Nordea Has Reportedly Made Decision to Move Its HQ Out of Sweden

Nordea Bank AB has chosen to move its headquarters from Sweden with a final decision expected to be made at a board meeting on May 30, according to reports by local media.

Svenska Dagbladet, which cited sources close to the deliberations, didn’t say where Nordea will move to, in a report published late on Friday. Nordea spokeswoman Stine Wind said by phone she couldn’t confirm the report. Rodney Alfven, the bank’s head of investor relations, said no final decision has been made. He also declined to say whether Nordea’s board is scheduled to meet on May 30.

“It’s impossible for me to comment on any future decision by the board,” Alfven said by phone.

The Nordic region’s only global systemically important bank has criticized Sweden’s government for what it characterized as an unreasonable regulatory burden in Scandinavia’s biggest economy. Management has said any relocation of its main office would be to either Denmark or Finland.

Chief Executive Officer Casper von Koskull has pointed to Sweden’s decision to raise industry contributions to the country’s resolution reserves as a key reason for wanting to leave. He also criticized a rule preventing banks from claiming the interest they pay on subordinated debt against their taxes.

Sweden’s government has countered that it needs banks to contribute more to protect taxpayers from financial crises. The country’s biggest banks have combined assets of more than four times GDP. Gosta Brunnander, a spokesperson at the Swedish Finance Ministry, declined to comment on Friday’s report that Nordea had decided to leave the country.

— With assistance by Jonas O Bergman

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