Union Nordea – new legal structure

Union Nordea – new legal structure
03.01.2017 10:45 am

Union Nordea – new legal structure

Regulatory Standards , M&A Deals

Today, as of 2 January 2017, the cross-border mergers between Nordea Bank AB (publ) and its subsidiary banks in Denmark, Finland and Norway have been executed. As a result, all assets and liabilities of the subsidiary banks have been transferred to Nordea Bank AB (publ) and each of Nordea Bank Danmark A/S, Nordea Bank Finland Plc and Nordea Bank Norge ASA has been dissolved. The banking business in Denmark, Finland and Norway will be carried out in branches of Nordea Bank AB (publ).

 

- This is a significant step forward in our business transformation. A more straightforward legal structure better reflects the Nordic way in which we operate today. We continue to be fully committed to operating in each country and to building the bank our customers want us to be. The decisions will still be made close to the customer as they have always been. A simpler structure decreases complexity and enables us to focus on delivering even more value to our customers by leveraging our expertise as One Nordea, says Group CEO Casper von Koskull.

Nordea will post merger (after the branchification) continue to cooperate closely with relevant national authorities and commits to follow up on national prudential measures in order to assure the financial stability in our home markets. The mergers (branchification) will therefore from Nordea's side not affect the safeguarding of financial stability and a level playing field for systemically important banks and branches in each of our home markets.

Management is firmly committed to ensuring a level playing field in the countries that are our home markets.

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