Euro Zone's Too-Big-to-Fail List Swells as Nordea Sets Precedent
- Nordic region’s only global SIFI is moving its HQ to Finland
- Bank has said regulatory environment in Sweden is too harsh
Nordea CEO Says Finland Move May Impact Capital
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A European banking giant just snubbed one of the world’s strictest financial supervisors by moving to a more accommodating regulatory setting.
Nordea Bank AB’s decision to relocate its headquarters from Sweden to Finland puts the Nordic region’s only global systemically important bank inside the euro zone. After months of railing against Swedish efforts to make banks pay more to protect taxpayers, Nordea estimates its decision to go to Helsinki will save it as much as $1.3 billion in regulatory costs.