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Nordea CEO says still no decision on potential HQ move
July 5, 2017 / 12:48 PM / 2 months ago

Nordea CEO says still no decision on potential HQ move

VISBY, Sweden, July 5 (Reuters) - Nordea, the Nordic region’s biggest bank, has yet to make up its mind over whether to move its headquarters from Sweden, its top executive said on Wednesday, amid a row with the government over regulations and fees facing banks in the country.

Nordea has threatened to move its headquarters from Sweden after the Swedish government unveiled plans to increase fees banks pay into a fund designed to protect taxpayers if there is another financial crisis.

The centre-left government has since softened its proposal, saying the so-called resolution fees will rise next year but then taper off and be eliminated in 2025, when the bailout fund is expected to have reached its target level.

“This is a big issue and it is not about resolution fees. It is a much bigger issue. What is best for the bank in the long term,” Nordea Casper Koskull said during a panel debate on the Baltic island of Gotland.

“What we want are regulations that are stable, predictable and fair, that is the discussion”.

Sweden has already imposed some of the toughest capital requirements in Europe on the country’s banks. Banks in Sweden currently pay around 7 billion Swedish crowns ($824 million) a year into the resolution fund.

If Nordea decides to move its headquarters, Copenhagen and Helsinki are widely seen as the two main options.

$1 = 8.4990 Swedish crowns Reporting by Anna Ringstrom; writing by Johan Sennero; Editing by Niklas Pollard

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