Assets under Management (AUM) were €325 billion to December 2019. ==History== Nordea's roots date to 1820 and Sparekassen for Kjøbenhavn og Omegn in Denmark, and a complete family tree of around 300 banks including some of the oldest banks in the Nordic region.
This includes Wermlandsbanken of Sweden (founded 1832), Christiania Kreditkasse of Norway (founded 1848) and Union Bank of Finland (UBF) of Finland (founded 1862).
The oldest of the original Nordbanken constituent banks was Wermlandsbanken, which was founded in 1832.
This includes Wermlandsbanken of Sweden (founded 1832), Christiania Kreditkasse of Norway (founded 1848) and Union Bank of Finland (UBF) of Finland (founded 1862).
This includes Wermlandsbanken of Sweden (founded 1832), Christiania Kreditkasse of Norway (founded 1848) and Union Bank of Finland (UBF) of Finland (founded 1862).
UBF was established, in 1862, at a time when there were no Limited Liability Companies Act or banking laws in Finland.
KOP was originally founded in 1890 with its first branch at Aleksanterinkatu 17, in Helsinki.
By 1913, KOP had become the second largest commercial bank in Finland.
UBF eventually merged with rivals Nordiska Aktiebanken in 1919 and Helsingin Osakepankki (HOP) in 1986.
UBF eventually merged with rivals Nordiska Aktiebanken in 1919 and Helsingin Osakepankki (HOP) in 1986.
On 1 April 1995 it became a subsidiary (51%) of Merita Group in a direct share issue. Nordbanken was formed in 1986 by a merger of two smaller private local banks, Uplandsbanken and Sundsvallsbanken, though it was the product of numerous original institutions.
KOP suffered large credit losses as a result of the Finnish banking crisis in the early 1990s.
Nordbanken came under Swedish government control in 1992, following the Swedish banking crisis in the early 1990s, with the sale of its non-performing loans to the Swedish government and significant reduction in personnel.
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. Nordea expanded into Poland, the Baltics and Russia in the early 2000s, with 2% of total revenues from the Poland and Baltics region.
Nordbanken came under Swedish government control in 1992, following the Swedish banking crisis in the early 1990s, with the sale of its non-performing loans to the Swedish government and significant reduction in personnel.
Between 1997 and 2001, the Finnish, Swedish, Danish, and Norwegian banks of Merita Bank, Nordbanken, Unidanmark, and Christiania Bank og Kreditkasse merged into the present day Nordea. Merita Group was formed in 1995, when UBF and Kansallis-Osake-Pankki (KOP) merged.
On 1 April 1995 it became a subsidiary (51%) of Merita Group in a direct share issue. Nordbanken was formed in 1986 by a merger of two smaller private local banks, Uplandsbanken and Sundsvallsbanken, though it was the product of numerous original institutions.
The bank is the result of the successive mergers and acquisitions of the Finnish, Swedish, Danish, and Norwegian banks of Merita Bank, Nordbanken, Unidanmark, and Christiania Bank og Kreditkasse that took place between 1997 and 2001.
Between 1997 and 2001, the Finnish, Swedish, Danish, and Norwegian banks of Merita Bank, Nordbanken, Unidanmark, and Christiania Bank og Kreditkasse merged into the present day Nordea. Merita Group was formed in 1995, when UBF and Kansallis-Osake-Pankki (KOP) merged.
At the time, the approach of establishing "good" and "bad" banks composed of corresponding assets was a novel resolution approach. Merita Group merged with Nordbanken in 1997 forming MeritaNordbanken.
The Solo internet-based banking operation of MeritaNordbanken was a global pioneer and leader providing mobile and internet banking access in 1999.
The bank reached 1 million internet banking customers during 1999 with 3 million log-ins and 3.7 million payments per month.
Housing loans via Solo were introduced in 1999.
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.
MeritaNordbanken agreed to buy Unidanmark, Denmark's second-largest bank, in early 2000 creating the Nordic region's biggest financial institution with €186 billion in assets.
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.
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. Nordea expanded into Poland, the Baltics and Russia in the early 2000s, with 2% of total revenues from the Poland and Baltics region.
Since the merger of MeritaNordbanken and Unidanmark in 2000, the share price of Nordea has appreciated 79% with a clear outperformance to the STOXX Europe 600 Banks Index (-57.4%).
The bank is the result of the successive mergers and acquisitions of the Finnish, Swedish, Danish, and Norwegian banks of Merita Bank, Nordbanken, Unidanmark, and Christiania Bank og Kreditkasse that took place between 1997 and 2001.
Between 1997 and 2001, the Finnish, Swedish, Danish, and Norwegian banks of Merita Bank, Nordbanken, Unidanmark, and Christiania Bank og Kreditkasse merged into the present day Nordea. Merita Group was formed in 1995, when UBF and Kansallis-Osake-Pankki (KOP) merged.
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.
Nordea's 10 largest shareholders are: Sampo, 15.9% Nordea Fonden, 3.9% Blackrock, 2.9% Alecta, 2.8% Vanguard Funds, 2.7% Cevian Capital, 2.3% Swedbank Robur Funds, 2.0% Varma Mutual Pension Insurance, 1.5% Nordea Funds, 1.1% Norwegian Petroleum Fund, 1.0% ==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 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.
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.
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.
Nordea divested of Polish operations in 2013, with the sale to PKO Bank Polski for €694 million.
During the period 2013-2017 exposure to the Russian market was reduced by 63%.
By end 2014, lending in the Baltics was €8.2 billion and in Russia €4.5 billion.
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.
In 2015, Nordea paid the largest possible fine - over 5 million EUR.
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%.
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.
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".
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. Nordea announced plans to move its corporate headquarters from Stockholm, Sweden to Helsinki, Finland in September 2017.
In October 2018, Nordea completed the move of its corporate headquarters to Helsinki, Finland. ==Performance and Ownership== Market capitalisation of Nordea was €29.3 billion at year end 2019, making it the seventh largest Nordic company and among the 10 largest European financial groups.
The Nordic countries are considered Nordea's home market, having finalised the sales of their Baltic operations in 2019.
Assets under Management (AUM) were €325 billion to December 2019. ==History== Nordea's roots date to 1820 and Sparekassen for Kjøbenhavn og Omegn in Denmark, and a complete family tree of around 300 banks including some of the oldest banks in the Nordic region.
However, the full divestment was completed in 2019.
In October 2018, Nordea completed the move of its corporate headquarters to Helsinki, Finland. ==Performance and Ownership== Market capitalisation of Nordea was €29.3 billion at year end 2019, making it the seventh largest Nordic company and among the 10 largest European financial groups.
With approximately 580,000 registered shareholders at the end of 2019, Nordea has one of the largest shareholding bases of any Nordic company.
Non-Nordic shareholders are 31% as of end 2019.
Nordea CEO Casper von Koskull stated that he was disappointed with the shortcomings within Nordea's operating principles, saying that "this cannot be tolerated". In March 2019, public service broadcasting company, Yle, aired a program that revealed money laundering allegations against Nordea.
All text is taken from Wikipedia. Text is available under the Creative Commons Attribution-ShareAlike License .
Page generated on 2021-08-05