Swedish reg’ approves Nordea arms merger amid re-domiciliation
The Swedish financial supervisory authority (SFSA) has given the green light to Nordics financial group Nordea to go on with the merger of Nordea Bank AB (publ) (Nordea Sweden) into Nordea Bank Abp (Nordea Finland).
The authorisation forms a new step ahead of Nordea’s re-domiciliation to Finland, a member state of the European banking union. On 6 September 2017, the board of directors of Nordea Sweden decided to initiate a re-domiciliation process of the parent company of the Nordea Group from Sweden to Finland.
“Nordea welcomes the SFSA’s authorisation to execute the merger plan. It forms a significant step for Nordea’s move to the European Banking Union following the banking licence granted by the European Central Bank on 26 June 2018. The re-domiciliation is planned to take effect on 1 October 2018 provided that necessary regulatory approvals have been obtained,” said Nordea.
The firm explained that domiciling in a member state of the European banking union is “the best way to secure a fair, stable and predictable regulatory environment for Nordea on a par with its peers.”