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Shareholders Are Opposing Nordea's Plans to Move Its HQ

The Nordea Bank headquarters in Stockholm.

The Nordea Bank headquarters in Stockholm.

Photographer: Casper Hedberg/Bloomberg

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Nordea Bank AB suffered a setback on Monday after an umbrella group for thousands of smaller shareholders said it opposes the lender’s plan to move its headquarters from Stockholm.

Investors are due to vote on Nordea’s proposal to move to Helsinki, at its annual general meeting on March 15. Opposition from the Swedish Shareholders’ Association is unlikely to derail that plan. But it may reflect the views of some bigger institutional shareholders who have yet to reveal where they stand.