Nordea

{{Short description|Nordic financial institution}} {{Infobox company | name = Nordea Bank Abp | native_name = Nordea Bank Abp | native_name_lang = sv | image = File:Helsinki NordeaHeadOffice.jpg | image_size = 250px | image_alt = | image_caption = The global headquarters of Nordea is located in Vallila, Helsinki | former_name = Merita Bank, Unibank, Nordbanken, Kreditkassen | type = Public limited company (Publikt Aktiebolag) | traded_as = {{ubl|{{OMX|HEX150235|NDA FI}}|{{OMX|SSE160271|NDA SE}}|{{OMX|CSE160272|NDA DK}}}} | founded = 1820 as Sparekassen for Kjøbenhavn og Omegn | founder = Hans Dalborg<ref>{{Cite web |title=Nordeas tidigare styrelseordförande Hans Dalborg är död |url=https://www.nordea.com/sv/nyhet/nordeas-tidigare-styrelseordforande-hans-dalborg-ar-dod |access-date=2023-07-06 |website=Nordea |date=4 November 2022 |language=sv}}</ref> | location = Helsinki, Finland<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2018-09-30/a-mega-bank-just-joined-the-euro-zone-and-it-s-too-big-to-fail|title=A Mega Bank Just Joined the Euro Zone; It's Too Big to Fail|website=Bloomberg.com|date=1 October 2018|access-date=1 October 2018}}</ref> | key_people = {{ubl|Stephen Hester (Chairman)<ref>{{cite web |title=Nordea Corporate Governance |url=https://www.nordea.com/en/about-us/corporate-governance/board-of-directors/sir-stephen-hester |website=www.nordea.com |publisher=Nordea |access-date=13 August 2024}}</ref> | {{Ill|Frank Vang-Jensen|sv|v=ib}} (President and CEO)<ref>[https://www.nordea.com/sv/om-nordea/bolagsstyrning/styrelse/styrelsens-ledamoter/ Styrelsens ledamöter] Nordea.com. Retrieved 2020-10-22</ref>}} | parent = | products = Corporate and retail banking, asset management | equity = {{#invoke:WikidataIB |getValue |rank=best |P2137 |name=assets |qual=P585 |fetchwikidata={{{fetchwikidata|ALL}}} |onlysourced=yes |noicon={{{noicon|no}}} |maxvals=1 |{{{equity|}}} {{#if:{{{equity_year|}}} | ({{{equity_year}}})}} }} | aum = {{#invoke:WikidataIB |getValue |rank=best |P4103 |name=aum |qual=P585 |fetchwikidata={{{fetchwikidata|ALL}}} |onlysourced=yes |noicon={{{noicon|no}}} |maxvals=1 |{{{aum|}}} {{#if:{{{aum_year|}}} | ({{{aum_year}}})}} }} | ratio = 17.0% | rating = AA (Fitch Ratings) | website = {{URL|http://www.nordea.com/}} }}

thumb|Nordea old logo (2000–2016) '''Nordea Bank Abp''',<ref>{{cite web |url=https://tietopalvelu.ytj.fi/yritystiedot.aspx?yavain=2704395&tarkiste=7456D354331655E87BD9A7717E92EBB8B63254E9 |title=Nordea Bank Abp |website=Business Information System |access-date=6 June 2019}}</ref><ref>{{cite web |url=https://www.nordea.com/en/press-and-news/news-and-press-releases/press-releases/2018/09-12-14h30-supplement-to-prospectus-on-merger-between-nordea-bank-ab-publ-and-nordea-bank-abp.html |title=Supplement to prospectus on merger between Nordea Bank AB (publ) and Nordea Bank Abp |website=Nordea.com |access-date=12 September 2018}}</ref> commonly referred to as '''Nordea''', is a Nordic<ref>{{Cite web |title=Who we are |url=https://www.nordea.com/en/about-us/who-we-are |access-date=2023-04-15 |website=Nordea |date=2 February 2021 |language=en}}</ref><ref>{{Cite news |date=2020-07-06 |title=Nordea buys Norway's Frende occupational pension portfolio |language=en |work=Reuters |url=https://www.reuters.com/article/uk-nordea-norway-idUKKBN2470HW |access-date=2023-04-15}}</ref> financial services group operating in northern Europe with headquarters in Helsinki, Finland.<ref name=":8">{{cite web |url=https://www.nordea.com/en/press-and-news/news-and-press-releases/press-releases/2018/10-01-07h30-nordeas-re-domiciliation-is-completed.html |title=Nordea's re-domiciliation is completed |date=2018-10-01 |website=www.nordea.com |language=en |access-date=2018-10-01}}</ref> The name is a blend of the words "Nordic" and "idea".<ref name=":1">{{Cite web|title=Our History|url=https://www.nordea.com/en/about-nordea/who-we-are/our-history/|website=Nordea}}</ref> The Nordic countries are considered Nordea's home market, having finalised the sales of their Polish bank in 2014, Baltic operations in 2019<ref name=":2">{{Cite web|title=Nordea Annual Report 2019|url=https://www.nordea.com/Images/33-354056/Annual%20Report%20Nordea%20Bank%20Abp%202019.pdf|website=Nordea Group Annual Reports|access-date=2020-12-19|archive-date=2021-06-29|archive-url=https://web.archive.org/web/20210629111304/https://www.nordea.com/en/normalizeurl?path=doc/Annual%20Report%20Nordea%20Bank%20Abp%202019.pdf|url-status=dead}}</ref> and completed the exit from Russia in early 2022 following a 2019 decision to close the business there.<ref>{{Cite web |title=Solid performance in turbulent times |url=https://www.nordea.com/en/news/solid-performance-in-turbulent-times |access-date=2024-01-13 |website=Nordea |date=28 April 2022 |language=en}}</ref> Nordea is listed on Nasdaq Nordic exchanges in Helsinki (its primary listing), Copenhagen, and Stockholm and Nordea ADR is listed in the US.<ref name=":2" />

Nordea serves 9.3 million private and 530,000 active corporate customers, including 2,650 large corporates and institutions.<ref name=":2" /> Nordea's credit portfolio is distributed across Finland (21%), Denmark (26%), Norway (21%), and Sweden (30%).<ref name=":2" /> There are four Business Areas (BAs) at Nordea, Personal Banking, Business Banking, Large Corporates & Institutions, and Asset & Wealth Management. Assets under Management (AUM) were €411 billion in December 2021.<ref name=AR>{{cite web|url=https://www.nordea.com/en/doc/annual-report-nordea-bank-abp-2021.pdf |title=Nordea annual Report 2021 |website=Nordea.com |access-date=28 March 2022}}</ref>

Nordea has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, first as the Finnish arm of the Stockholm-based group and since 2017 as a financial holding company. As a consequence, it is directly supervised by the European Central Bank.<ref>{{cite web |website=European Central Bank |title=The list of significant supervised entities and the list of less significant institutions |url=https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm-listofsupervisedentities1409en.pdf |date={{date|2014/09/04}} }}</ref><ref>{{cite web |website=European Central Bank |title=List of supervised entities |date={{date|2023/01/01}} |url=https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.listofsupervisedentities202302.en.pdf }}</ref>

The company has been embroiled in numerous scandals involving money laundering and tax evasion. In 2024, Danish authorities indicted the bank for the most extensive violation by a bank of Denmark's anti-money laundering act in the country's history.<ref name=":13">{{Cite web |date=2024-07-08 |title=Ten years after an ICIJ exposé, Danish authorities charge Nordea bank with money laundering violations |url=https://www.icij.org/investigations/offshore/ten-years-after-an-icij-expose-danish-authorities-charge-nordea-bank-with-money-laundering-violations/ |website=ICIJ |language=en-US}}</ref>

==History==

Nordea was created from a series of mergers in the late 1990s involving major credit institutions in Denmark, Finland, Norway and Sweden. The roots of its predecessor entities go back to 1820 with Sparekassen for Kjøbenhavn og Omegn in Denmark (later Unibank), 1832 with {{ill|Wermlandsbanken|sv}} in Sweden (later Nordbanken), 1848 with Christiania Kreditkasse in Norway (later Christiania Bank), and 1862 with the Union Bank of Finland, known by its Finnish initials SYP (for Suomen Yhdyspankki).

===Founding mergers 1995-2000===

The sequence of mergers started in 1995 when SYP merged with its decades-long domestic rival, Kansallis-Osake-Pankki (KOP), with the merged entity rebranded as '''Merita Bank'''.<ref>{{Cite web|date=1995|title=Merita-konsernin vuosikertomus 1995|url=https://web.lib.aalto.fi/fi/old/yrityspalvelin/pdf/1995/fmerita.pdf|website=Aalto University Library}}</ref> Merita Bank then merged with Nordbanken in 1997, rebranding again as '''MeritaNordbanken'''.<ref>{{Cite web|date=1997|title=Merita Group Annual Report 1997|url=https://web.lib.aalto.fi/fi/old/yrityspalvelin/pdf/1997/emerita.pdf|website=Aalto University Library}}</ref>

In early 2000, MeritaNordbanken announced its takeover of Unidanmark, by then Denmark's second-largest bank, creating the Nordic region's biggest financial institution with €186 billion in assets.<ref name=":7">{{Cite web|date=2000|title=Nordic bank giant created|url=https://money.cnn.com/2000/03/06/europe/bank_merger/|archive-url=https://web.archive.org/web/20020206210627/http://money.cnn.com/2000/03/06/europe/bank_merger/|url-status=dead|archive-date=February 6, 2002|website=CNN Money}}</ref> The merged group had a banking market share of 20% in Sweden, 25% in Denmark and 40% in Finland and a combined workforce of 28,050.<ref name=":7" /> By end 2000, MeritaNordbanken had further merged with Christiania Bank og Kreditkasse of Norway, a process started in 1999 and changed its name to Nordea.<ref name=":6" /> Christiania Bank had also been impacted severely during the banking crisis in the early 1990s, with Nordea acquiring the bank from the Norwegian Government Bank Investment Fund with a 35% share.<ref>{{Cite book|title=International Directory of Company Histories|publisher=St. James Press|year=2001|isbn=155862886X}}</ref><ref>{{Cite web|date=2000|title=Nordea Group Annual Report 2000|url=https://web.lib.aalto.fi/fi/old/yrityspalvelin/pdf/2000/Enordea2000.pdf|website=Nordea}}</ref>

===Further development===

The Solo internet-based banking operation of MeritaNordbanken was a global pioneer and leader providing mobile and internet banking access in 1999.<ref>{{Cite web|date=1999|title=MeritaNordbanken Group launches the world's first WAP banking services|url=https://mb.cision.com/wpyfs/00/00/00/00/00/00/90/2E/bit0002.pdf|website=Cision}}</ref> The bank reached 1 million internet banking customers during 1999 with 3 million log-ins and 3.7 million payments per month.<ref name=":6">{{Cite web|date=1999|title=MeritaNordbanken Group Annual Report 1999|url=https://www.nordea.com/Images/35-36865/1999-01-01_MeritaNordbanken-Annual-Report-1999_EN.pdf|website=Nordea}}</ref> Housing loans via Solo were introduced in 1999.<ref name=":6" />

Nordea expanded into Poland, the Baltics and Russia in the early 2000s, with 2% of total revenues from the Poland and Baltics region.<ref>{{Cite web|date=2004|title=Nordea Annual Report 2004|url=https://www.nordea.com/Images/33-36857/2006-01-01_Annual-Report-2006-Nordea-Bank-AB_EN.pdf|website=Nordea}}</ref> Nordea divested its Polish banking operations in 2013, with the sale to PKO Bank Polski for €694 million but retains a presence in Poland via operations and IT units supporting the Nordic banks.<ref name=":10">{{Cite web|date=2014|title=Nordea Annual Report 2014|url=https://www.nordea.com/Images/33-36843/2014-01-01_Annual-Report-2014-Nordea-Bank-AB_EN.pdf|website=Nordea}}</ref><ref>{{Cite web|date=2013|title=Nordea divests its Polish banking, life and financing businesses to PKO Bank Polski|url=https://www.nordea.com/en/press-and-news/news-and-press-releases/press-releases/2013/2013-06-12-nordea-divests-its-polish-banking-life-and-financing-businesses-to-pko-bank-polski.html|website=Nordea}}</ref> By end 2014, lending in the Baltics was €8.2 billion and in Russia €4.5 billion.<ref name=":10" /> During the period 2013-2017 exposure to the Russian market was reduced by 63%.<ref>{{Cite web|date=2018|title=Nordea Annual Report 2018|url=https://www.nordea.com/Images/33-304448/Annual|website=Nordea|access-date=2020-12-20|archive-date=2020-10-24|archive-url=https://web.archive.org/web/20201024054055/https://www.nordea.com/Images/33-304448/Annual|url-status=dead}}</ref> In 2016, Luminor was formed by a merger of Nordea's and DNB's operations in Estonia, Latvia and Lithuania creating the third largest Baltic regional bank with assets of €15 billion and a market share of 16.4%.<ref>{{Cite web|date=2018|title=Nordea, DNB sell Baltic bank stake to Blackstone in $1.2 billion deal|url=https://www.reuters.com/article/us-blackstone-group-m-a-nordea-bank-dnb-idUSKCN1LT0KL|website=Reuters}}</ref><ref name=":11">{{Cite web|date=2019|title=Blackstone completes the acquisition of €1 billion majority stake in Luminor|url=https://www.blackstone.com/press-releases/article/blackstone-completes-the-acquisition-of-1-billion-majority-stake-in-luminor/|website=Blackstone}}</ref> Luminor was sold to Blackstone, with Nordea and DNB retaining each initially a 20% share.<ref name=":11" /> However, the full divestment was completed in 2019.<ref name=":2" /> Exit from the Russian, Baltic and Polish markets were part of Nordea's de-risking strategy, which also included reduced exposures to some sectors (e.g. Shipping, Oil & Offshore and Agriculture in Denmark).<ref>{{Cite web|date=2000|title=Debt Investor Presentation Q1 2020|url=https://www.nordea.com/Images/35-363903/Q120%20Debt%20Investor%20Presentation%20for%20web%20updated%20ratings.pdf|website=Nordea}}</ref> Nordea was one of the Nordic banks, including Danske Bank, SEB and Swedbank, allegedly involved in the money laundering scandal, involving ex-Soviet states, that emerged in 2017.<ref>{{Cite web|last=Charlie|first=Duxbury|date=2020|title=Scandinavia seeks to launder its dirty-money image|url=https://www.politico.eu/article/the-north-relaunders/|website=Politico}}</ref>

===2017 relocation and aftermath===

Nordea announced plans to move its corporate headquarters from Stockholm, Sweden to Helsinki, Finland in September 2017.<ref name=":12">{{Cite web|date=2020|title=Nordea's re-domiciliation of the parent company (2017-2018)|url=https://www.nordea.com/en/about-nordea/corporate-governance/legal-structure/nordea-redomiciliation/|website=Nordea}}</ref> Nordea cited the Swedish socialist government's unpredictable tax hikes as the primary reason for its decision to relocate.<ref>{{cite web | title=Nordeas flytt – så gick det till | trans-title = Nordea's relocation - how it happened | website=Expressen | date=2017-09-07 | url=https://www.expressen.se/ekonomi/maktkamp-fick-nordea-att-flytta-sa-gick-det-till/ | archive-url=https://web.archive.org/web/20250623180748/https://www.expressen.se/ekonomi/maktkamp-fick-nordea-att-flytta-sa-gick-det-till/ | archive-date=2025-06-23 | url-status=live | language=sv | access-date=2025-06-23 | quote=Sannolikheten är mycket, mycket stor att Nordea flyttar huvudkontoret från Sverige om regeringens förslag blir verklighet, säger von Koskull till Dagens industri och tillägger att bankens avgifter väntas öka med fem miljarder kronor på tre år på grund av avgiften. [...] Några dagar senare står det klart att Helsingfors och Köpenhamn är Nordeas alternativ. | trans-quote=“There is a very, very high probability that Nordea will move its headquarters from Sweden if the government's proposal becomes reality,” von Koskull tells Dagens industri, adding that the bank's fees are expected to increase by SEK 5 billion in three years due to the fee. [...] A few days later, it became clear that Helsinki and Copenhagen were Nordea's options.}}</ref><ref>{{cite web | last=| first=| title=Därför flyttar Nordea sitt huvudkontor | trans-title = The reason Nordea is moving its headquarters | website=Sveriges Television | date=2017-09-06 | url=https://www.svt.se/nyheter/inrikes/darfor-flyttar-nordea-sitt-huvudkontor | archive-url=https://web.archive.org/web/20240624142535/https://www.svt.se/nyheter/inrikes/darfor-flyttar-nordea-sitt-huvudkontor | archive-date=2024-06-24 | url-status=live | language=sv | access-date=2025-06-23 | quote=I mars, kort efter att regeringen meddelat att resolutionsavgifterna som bankerna betalar skulle höjas kraftigt, kom den första signalen från Nordea om en potentiell flytt. | trans-quote=In March, shortly after the government announced a sharp increase in the resolution fees paid by banks, the first signal of a potential move came from Nordea.}}</ref> Nordea estimated that relocation would save the bank a billion euros.<ref>{{cite web | title=Großbank Nordea zieht von Schweden nach Finnland | website=Manager Magazin | date=2024-09-01 | url=https://www.manager-magazin.de/politik/europa/nordea-grossbank-zieht-wegen-bankenunion-von-schweden-nach-finnland-a-1166559.html | archive-url=https://archive.today/20240901222205/https://www.manager-magazin.de/politik/europa/nordea-grossbank-zieht-wegen-bankenunion-von-schweden-nach-finnland-a-1166559.html | archive-date=2024-09-01 | url-status=unfit | language=de | access-date=2025-06-23 | quote=Nordea bezifferte die Kosteneinsparungen durch die Verlagerung nach Finnland auf eine Milliarde Euro. | trans-quote=Nordea put the cost savings from the relocation to Finland at one billion euros.}}</ref> The re-domiciliation of Nordea to Finland put it within the supervision of the European Central Bank and within the European Union's banking union.<ref name=":8" /><ref name=":12" /><ref>{{Cite web|date=2020|title=List of supervised entities|url=https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.listofsupervisedentities202011.en.pdf|website=European Central Bank}}</ref> In October 2018, Nordea completed the move of its corporate headquarters to Helsinki, Finland.<ref>{{Cite web|date=1 October 2018|title=Nordea's re-domiciliation is completed|url=https://www.nordea.com/en/press-and-news/news-and-press-releases/press-releases/2018/10-01-07h30-nordeas-re-domiciliation-is-completed.html|access-date=2019-07-28|website=www.nordea.com}}</ref>

===Historical performance, ratios and key figures=== {| class="wikitable sortable mw-collapsible" |+Historical performance, ratios and key figures for Nordea 1999–2023 !Year !Share Price ('''€, year-end''') !Total Assets (€ billion) !Return on Equity (%) !Tier 1 Capital Ratio (%) !Common Equity Tier 1 capital ratio (%), excluding Basel 1 floor |- |1999 |5.84 |186 |18.0 |9.0 | |- |2000 |8.10 |224 |16.1 |6.8 | |- |2001 |5.97 |242 |13.8 |7.3 | |- |2002 |4.20 |250 |7.5 |7.1 | |- |2003 |5.95 |262 |12.3 |7.3 | |- |2004 |7.43 |276 |15.7 |7.3 | |- |2005 |8.79 |326 |18.0 |6.8 | |- |2006 |11.67 |347 |22.9 |7.1 | |- |2007 |11.42 |389 |19.7 |7.0 |7.5 |- |2008 |5.00 |474 |15.3 |7.4 |8.5 |- |2009 |7.10 |508 |11.3 |10.2 |10.3 |- |2010 |8.16 |580 |11.5 |9.8 |10.3 |- |2011 |5.98 |716 |11.1 |10.1 |11.2 |- |2012 |7.24 |677 |11.6 |11.2 |13.1 |- |2013 |9.78 |630 |11.0 | |14.9 |- |2014 |9.68 |669 |11.5 | |15.7 |- |2015 |10.15 |647 |12.2 | |16.5 |- |2016 |10.60 |616 |12.3 | |18.4 |- |2017 |10.09 |582 |9.5 | |19.5 |- |2018 |7.27 |551 |9.7 | |15.5 |- |2019 |7.24 |555 |5.0 | |16.4 |- |2020 |6.67 |552 |7.1 | |17.1 |- |2021 |10.79 |570 |11.2 | |17.1 |- |2022 |10.03 |595 |11.8 | |16.4 |- |2023 |11.23 |585 |16.9 | |17.0 |- |2024 |10.50 |623 |16.7 | |15.8 |}

==Performance and ownership== Nordea's market capitalisation was €36.8 billion at the end of 2024, making it the seventh largest company in the Nordic region and among the 15 largest European financial services groups.<ref>{{Cite web |title=Nordea Annual Report 2023 |url=https://www.nordea.com/en/doc/annual-report-nordea-bank-abp-2023.pdf |access-date=21 August 2024 |website=www.nordea.com}}</ref> Between 2000 – when Nordea was formed by the merger of MeritaNordbanken and Unidanmark – and 2024, the share price of Nordea appreciated by 159%, outperforming the STOXX Europe 600 Banks Index (-37%).<ref>{{Cite web |title=Nordea Annual Report 2024 |url=https://www.nordea.com/en/doc/annual-report-nordea-bank-abp-2024-0.pdf |access-date=5 March 2025 |website=www.nordea.com}}</ref>

As of June 2025, Nordea's 10 largest shareholders were:<ref>{{Cite web |title=Nordea Annual Report 2023 |url=https://www.nordea.com/en/doc/annual-report-nordea-bank-abp-2023.pdf |access-date=21 August 2024 |website=www.nordea.com}}</ref>

# BlackRock, 5.5% # Norges Bank, 5.0% # Nordea-fonden, 4.4% # The Vanguard Group, 4.2% # Cevian Capital, 3.6% # Swedbank Robur Funds, 1.8% # Alecta Tjänstepension, 1.4% # SEB Funds, 1.3% # Varma Mutual Pension Insurance Company, 1.2% # Nordea Funds, 1.1%

==Business areas== There are four Business Areas (BAs) at Nordea, Personal Banking, Business Banking, Large Corporates & Institutions, and Asset & Wealth Management.

== Scandals == Nordea was the subject of an online phishing scam in 2007. The company estimated 8 million kr ($1.1 million) was stolen.<ref name=":0">{{Cite web|date=2012-06-29|title=Swedish bank hit by 'biggest ever' online heist - CNET News|url=http://news.cnet.com/Swedish-bank-hit-by-biggest-ever-online-heist/2100-7349_3-6151546.html|url-status=dead|archive-url=https://archive.today/20120629075315/http://news.cnet.com/Swedish-bank-hit-by-biggest-ever-online-heist/2100-7349_3-6151546.html|archive-date=2012-06-29|access-date=2019-09-19|website=archive.is}}</ref> Customers were targeted over a period of 15 months with phishing emails containing a trojan horse.<ref>{{Cite news|date=2007-01-19|title=Bank loses $1.1m to online fraud|language=en-GB|url=https://news.bbc.co.uk/2/hi/business/6279561.stm|access-date=2019-09-19}}</ref> Nordea refunded affected customers.<ref name=":0" />

The largest financial group in the Nordic region, Nordea was, despite warnings from the Swedish Financial Supervisory Authority (FI) active in using offshore companies in tax havens according to the Panama papers.<ref name="mordea">{{cite web|title=Nordea grundade hundratals skatteparadisbolag åt kunder|date=3 April 2016 |url=http://svenska.yle.fi/artikel/2016/04/03/nordea-grundade-hundratals-skatteparadisbolag-kunder|access-date=4 April 2016|publisher=Svenska Yle}}</ref> Other Swedish banks were mentioned in the documents, but mention of Nordea occurred 10,902 times and the second-most mentioned bank has 764 matches.<ref name="SvdVeta3">{{cite web|author=Frida Svensson|title=Detta behöver du veta om Panamaläckan|url=http://www.svd.se/detta-behover-du-veta-om-panama-lackan#sida-3|access-date=28 December 2017|website=Svd.se|date=4 April 2016 }}</ref> In 2012, Nordea asked Mossack Fonseca to change documents retroactively so that three Danish customers power of attorney documents had been in force since 2010.<ref name="mordea" /> Nordea bank loaned billions of euros to shipping companies that own vessels in secrecy jurisdictions such as Bermuda, Cyprus, Panama, BVI, the Cayman Islands and the Isle of Man. In the Paradise Papers, Nordea was shown to have lent a significant amount of money to customers based in tax havens.<ref>{{cite web|title=The International Consortium of Investigative Journalists - Paradise Papers|url=http://www.europarl.europa.eu/cmsdata/133985/5%20-%2001%20Paradise%20Papers%20hearing%20ICIJ.pdf}}</ref> As a consequence of the leaked documents, the Swedish Financial Supervisory Authority (FI) stated on 4 April 2016 that it had started an investigation into the conduct of Nordea.

The Nordea section in Luxembourg, between the years 2004 and 2014, founded nearly 400 offshore companies in Panama and the British Virgin Islands for its customers.<ref name="mordea"/> The Swedish Financial Supervisory Authority (FI) pointed out that there are "serious deficiencies" in how Nordea monitors money laundering, and gave the bank two warnings. In 2015, Nordea paid the largest possible fine - over 5&nbsp;million EUR.<ref name="mordea" /> Stefan Löfven, Prime Minister of Sweden, said in 2016 that he was very critical of the conduct of Nordea and its role, and said: "They are on the list of shame too".<ref name="GpSkams">{{cite web|title=Löfven: Nordea på skämslistan|url=https://www.gp.se/nyheter/sverige/1.3047548-lofven-nordea-pa-skamslistan|url-status=dead|archive-url=https://archive.today/20160405073335/https://www.gp.se/nyheter/sverige/1.3047548-lofven-nordea-pa-skamslistan|archive-date=5 April 2016|access-date=28 December 2017|website=Gp.se}}</ref> The Swedish minister of Finance Magdalena Andersson characterized the conduct of Nordea as "a crime" and "totally unacceptable".<ref name="local-nordea">{{cite web |title=Nordea bank investigated over tax haven scandal |date=4 April 2016 |url=http://www.thelocal.se/20160404/swedens-nordea-bank-in-global-tax-tangle |publisher=The Local (Sweden) |access-date=4 April 2016 |quote=Reacting to Nordea's role in the scandal, Sweden's Finance Minister Magdalena Andersson told Swedish reporters: "It is a crime — tax evasion — it is totally unacceptable". Sweden's financial supervisory authority, Finansinspektionen, has said that it will launch an investigation into Nordea's overseas activities.}}</ref><ref name="yle-nordea">{{cite web |title=Monday's papers |url=http://yle.fi/uutiset/mondays_papers_panama_papers_local_finns_party_vice_chair_sacked_world_champ_dreams_knocked_out/8785280 |publisher=YLE |access-date=4 April 2016 |date=4 April 2016}}</ref> The director for Nordea Private banking Thorben Sanders admits that before 2009 they did not screen for customers that tried to evade tax. "At the end of 2009 we decided that our bank should not be a means of tax evasion" says Thorben Sanders.<!--”I slutet av 2009 beslöt vi att vår bank inte längre ska kunna användas för att kringgå skatt”--><ref name="mordea" /> Nordea CEO Casper von Koskull stated that he was disappointed with the shortcomings within Nordea's operating principles, saying that "this cannot be tolerated".<ref>{{cite web |url=http://www.helsinkitimes.fi/finland/finland-news/domestic/14117-nordea-failed-to-implement-operating-principles-finds-internal-inquiry.html |title=Nordea failed to implement operating principles, finds internal inquiry |first=Aleksi |last=Teivainen |website=Helsinkitimes.fi |date=22 July 2016 |access-date=28 December 2017}}</ref>

In 2013, ''Politiken'', a Danish newspaper, revealed that Nordea's Copenhagen branch was instrumental in establishing approximately 100 offshore companies for Russian and other nationals, despite warnings about suspicious activities. In 2024, the Danish authorities indicted Nordea for violating anti-money laundering laws by allowing $3.7 billion of suspicious transactions by the Russian clients. According to the Danish authorities, it was most extensive moneylaundering ever committed by a financial company in the country.<ref name=":13" />

In March 2019, public service broadcasting company, Yle, aired a program that revealed money laundering allegations against Nordea.<ref>{{Cite news|date=2019-03-04|title=Nordea handled about $790 million in suspicious transactions: Finnish TV|language=en|work=Reuters|url=https://www.reuters.com/article/us-nordea-bnk-moneylaundering-idUSKCN1QL11S|access-date=2019-09-20}}</ref> The company was the biggest Nordic lender allegedly involved in the multi-million-dollar money laundering scheme, according to Bloomberg.<ref>{{Cite web|last1=Pohjanpalo|first1=Kati|last2=Hoikkala|first2=Hanna|title=Nordea Sinks as Investors Fear More Money Laundering Allegations|url=https://www.bloomberg.com/news/articles/2019-03-04/nordea-drops-finnish-yle-to-send-money-laundering-program|access-date=2019-09-20|website=www.bloomberg.com|date=4 March 2019 }}</ref>

In July 2024, Nordea Bank was taken to court in Denmark over allegations of failing to prevent money laundering linked to Russian clients. The charges stem from transactions worth €3.8 billion, where Nordea is accused of neglecting proper oversight and ignoring red flags. Despite setting aside €95 million for potential fines, the actual penalty could be significantly higher, possibly approaching $1 billion.<ref>{{Cite web|title=Denmark charges Nordea over 2012-15 money laundering cases |url= https://www.reuters.com/business/finance/denmark-takes-nordea-court-possible-breaches-anti-money-laundering-act-2024-07-05/ |date=2024-07-05|access-date=2024-10-18|website=Reuters}}</ref><ref>{{Cite web|title=Nordea Risks $1 Billion Money Laundering Fine, Experts Say |url= https://www.bloomberg.com/news/articles/2024-07-11/nordea-risks-money-laundering-fine-near-1-billion-experts-say |date=2024-07-11|access-date=2024-10-18|website=Bloomberg}}</ref>

In August 2024, Nordea agreed to pay $35 million to settle a money-laundering investigation by the New York State Department of Financial Services, linked to the Panama Papers scandal. The probe revealed the bank's failure to prevent illegal activities, including inadequate screening of clients from 2008 to 2019.<ref>{{Cite web|first=Carmen|last=Molina Acosta|title=Nordea to pay $35 million to end Panama Papers-linked money laundering probe|url= https://www.icij.org/investigations/offshore/nordea-to-pay-35-million-to-end-panama-papers-linked-money-laundering-probe/|date=2024-08-30|access-date=2024-10-18|website=ICIJ}}</ref>

==Subsidiaries== [[File:Nordea, Mariehamn, 2019 (01).jpg|thumb|Nordea's office in Mariehamn, Åland]]

Following a major structural reorganisation, Nordea consolidated its Nordic operations into branches of the parent company. The following is a list of former subsidiaries and other historical entities.

Nordea Bank Abp (Finland) – headquartered in Helsinki

===Former Subsidiaries (now branches of Nordea Bank Abp)===

*Denmark – formerly Nordea Bank Danmark A/S *Norway – formerly Nordea Bank Norge ASA *Sweden – formerly Nordea Bank AB

===Divested or Closed Entities===

*Nordea Bank Polska S.A. (Sold in 2013) *Nordea Bank Latvia (Sold in 2017) *Nordea Bank Lithuania (Sold in 2017) *Nordea Bank Russia (closed in 2021)<ref>{{Cite web|url=https://www.banki.ru/news/lenta/?id=10945015|title=ЦБ аннулировал лицензию Нордеа Банка|language=ru|date=2021-04-16|publisher=banki.ru}}</ref>

==Nordic headquarters==

Nordea inherited multiple iconic buildings from its many predecessor entities, some of which it has sold for development.

Nordea initially kept its registered office for Finland in the former seat of Yhdyspankki, completed 1898 in the Kluuvi neighborhood of Helsinki. Starting in 2000, it started developing a more modern headquarters complex in the Vallila neighborhood, branded Nordea Campus.<ref>{{cite web |accessdate={{date|2026-4-7}} |website=Helin & Co |url=https://helinco.fi/en/civilising-the-workplace/nordea-campus |title=Nordea Campus}}</ref> In 2016, Nordea moved the registered address of Nordea Finland to the Nordea Campus,<ref>{{citation |publisher=Nordea |url=https://www.nordea.com/en/doc/2016-03-04-nordea-bank-finland-demerger-plan-en.pdf |date={{date|2016-03-04}} |title=Demerger plan regarding the demerger of Nordea Bank Finland Abp}}</ref>{{rp|3}} which became the head office address for the entire Nordea Group the following year. By 2025, the Nordea Campus had grown to 12,400 square meters, offering workspace for over 4,500 employees.<ref>{{cite web |website=Nordea |date={{date|2025-3-25}} |url=https://www.nordea.com/en/news/cool-right-the-green-wall-in-our-new-office-is-the-largest-in-the-nordics |title=Cool, right? The green wall in our new office is the largest in the Nordics}}</ref> The former Yhdyspankki building was subsequently repurposed as {{ill|Nordea Bank Museum|fi|Nordean pankkimuseo}}.<ref name=UKI>{{cite web |website=UKI Arkkitehdit |url=https://ukiark.fi/en/projects/the-old-yhdyspankki-bank/ |accessdate={{date|2026-3-25}} |title=The Old Yhdyspankki Bank}}</ref>

In Oslo, the current Nordea head office was created in 2015 by remodeling of existing buildings erected in 1998 on a design by architect Niels A. Torp.<ref>{{cite web |website=iGuzzini |url=https://legacy.iguzzini.com/us/projects/project-gallery/nordea-headquarters/ |accessdate={{date|2026-4-8}} |title=Nordea headquarters Oslo, Norway}}</ref>

In 2017, Nordea inaugurated a new head office complex in Copenhagen, designed by architect Henning Larsen.<ref>{{cite web |website=ArchDaily |accessdate={{date|2026-4-7}} |url=https://www.archdaily.com/885817/nordeas-danish-headquarters-henning-larsen |title=Nordea’s Danish Headquarters / Henning Larsen}}</ref> Larsen had already designed the previous head office of Nordea Denmark, in the Christianshavn neighborhood of Copenhagen, completed in 2000.<ref>{{cite web |website=world-architects.com |url=https://www.world-architects.com/it/henning-larsen-copenhagen/project/nordea-on-christiansbro |accessdate={{date|2026-4-7}} |title=Henning Larsen: Nordea on Christiansbro}}</ref>

Stockholm is the only one of the four Nordic capitals where Nordea is still based in the former head office of a predecessor entity, namely PK-huset, originally completed in 1974 and the former headquarters of PKbanken (1974-1990) then of Nordbanken (1990-2000).

<gallery> File:Helsinki Aleksanterinkatu SYP.jpg|Former registered office in Helsinki, lately Nordea Bank Museum File:Nordea stockholm building (24856762545).jpg|PK-huset, Swedish headquarters in Stockholm File:Copenhagen (5142907768).jpg|Danish headquarters in Copenhagen from 2000 to 2017 File:Nordea, Essendrops gate, Oslo.jpg|Norwegian headquarters in Oslo File:Nordea M17 new part 3jun2006.JPG|Former Norwegian headquarters before mid-2010s relocation </gallery>

==See also== {{Portal|Banks|Companies}} * PlusGirot – open clearing system in Sweden owned by Nordea * Inter-Alpha Group of Banks * Kansallis-Osake-Pankki * List of oldest companies, as Nordea is the oldest bank in Sweden, with roots from 1820. * List of investors in Bernard L. Madoff Securities * List of banks in the euro area * List of banks in Finland * List of banks in Sweden * List of banks in Denmark

==References== {{Reflist}}

==External links== {{Commons category|Nordea}} *{{official website|https://www.nordea.com/en}} * [https://www.nordea.dk Official Danish website] {{in lang|da}} * [https://www.nordea.no Official Norwegian website] {{in lang|no}} * [https://www.nordea.se Official Swedish website] {{in lang|sv}} * [https://www.nordea.fi Official Finnish website] {{in lang|fi|sv|en}} *[https://finance.yahoo.com/quote/NRDBY/profile/ Yahoo! – Nordea Bank AB Company Profile] {{Banks of Sweden}} {{Euro Stoxx 50 Companies}} {{OMX Helsinki 25 companies}} {{OMX Copenhagen 20 companies}} {{OMX Stockholm 30 companies}} {{OMX Nordic 40}} {{Nasdaq Helsinki}} {{Members of Euro Banking Association}} {{Investment banks}} {{Authority control}}

Category:Banks of Sweden Category:Banks of Finland Category:Companies listed on Nasdaq Helsinki Category:Banks established in 2000 Category:2000 establishments in Sweden Category:Companies based in Helsinki Category:Companies in the Euro Stoxx 50 Category:Companies in the OMX Stockholm 30 Category:Companies in the OMX Helsinki 25 Category:Companies listed on Nasdaq Copenhagen Category:Companies listed on Nasdaq Stockholm Category:Banks of Denmark Category:Banks of Norway Category:Banks of Poland Category:Banks under direct supervision of the European Central Bank Category:Finnish companies established in 2000 Category:Swedish companies established in 2000 Category:Nordea Category:Primary dealers Category:Companies in the OMX Nordic 40