Editing Nordea

{{Short description|Nordic financial institution}}

{{Infobox company
| name = Nordea Bank Abp
| native_name = Nordea Bank Abp
| native_name_lang = sv
| image = 0661 Nordea Helsinki.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 = [[Osakeyhtiö#Julkinen osakeyhtiö|Public limited company (Publikt Aktiebolag)]]
| traded_as = {{ubl|{{OMX|HEX150235|NDA FI}}|{{OMX|SSE160271|NDA SE}}|{{OMX|CSE160272|NDA DK}}}}
| foundation = 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 |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|{{ILL|Stephen Hester|sv}} ([[chair (official)|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}} (President and [[chief executive officer|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 bank]]ing, [[investment management|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]])
| homepage = {{URL|http://www.nordea.com/}}
}}
[[File:Nordea old logo.svg|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 countries|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 |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> [[Finance|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 bank is the result of the successive mergers and acquisitions of the [[Finland|Finnish]], [[Sweden|Swedish]], [[Denmark|Danish]], and [[Norway|Norwegian]] [[bank]]s of Merita Bank, Nordbanken, [[Unibank (Denmark)|Unidanmark]], and [[Christiania Bank- og Kreditkasse|Christiania Bank og Kreditkasse]] that took place between 1997 and 2001.<ref name=":1" /> 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}}</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 |language=en}}</ref> Nordea is listed on [[Nasdaq Nordic]] exchanges in [[Helsinki Stock Exchange|Helsinki]], [[Copenhagen Stock Exchange|Copenhagen]], and [[Stockholm stock exchange|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 moneylaundering 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'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.<ref name=":1" /> This includes Wermlandsbanken of Sweden (founded 1832), Christiania Kreditkasse of Norway (founded 1848) and Union Bank of Finland (UBF) of Finland (founded 1862). Between 1997 and 2001, the [[Finland|Finnish]], [[Sweden|Swedish]], [[Denmark|Danish]], and [[Norway|Norwegian]] [[bank]]s of Merita Bank, Nordbanken, Unidanmark, and [[Christiania Bank|Christiania Bank og Kreditkasse]] merged into the present day Nordea.

Merita Group was formed in 1995, when UBF and [[Kansallis-Osake-Pankki]] (KOP) merged.<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> UBF was established, in 1862, at a time when there were no Limited Liability Companies Act or banking laws in Finland.<ref name=":3">{{Cite web|title=Bank Museum|url=https://www.nordea.fi/en/personal/bank-museum.html#tab=Kansallis-Osake-Pankki|website=Nordea}}</ref> Therefore, it was modelled after banking standards in other countries. UBF eventually merged with rivals Nordiska Aktiebanken in 1919 and Helsingin Osakepankki (HOP) in 1986. KOP was originally founded in 1890 with its first branch at Aleksanterinkatu 17, in Helsinki.<ref name=":3" /> By 1913, KOP had become the second largest commercial bank in Finland. The two banks, KOP and UBF, competed for the title of the largest bank in Finland for decades.<ref name=":3" /> KOP suffered large credit losses as a result of the Finnish [[Finnish banking crisis of 1990s|banking crisis in the early 1990s]]. 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.<ref name=":4">{{Cite book|title=International Directory of Company Histories|publisher=St. James Press|year=2001|isbn=155862886X}}</ref> The oldest of the original Nordbanken constituent banks was Wermlandsbanken, which was founded in 1832. Nordbanken came under Swedish government control in 1992, following the Swedish [[Sweden financial crisis 1990-1994|banking crisis in the early 1990s]],<ref name=":4" /> with the sale of its [[non-performing loan]]s to the Swedish government and significant reduction in personnel.<ref name=":5">{{Cite web|last=Jonung|first=Lars|date=2009|title=The Swedish model for resolving the banking crisis of 1991-93: Seven reasons why it was successful|url=https://ec.europa.eu/economy_finance/publications/pages/publication14098_en.pdf|website=European Commission}}</ref> Bad debts were transferred to the asset-management company Securum, which sold off the assets.<ref name=":5" /> 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.<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> 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" /> 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.<ref name=":7">{{Cite web|date=2000|title=Nordic bank giant created|url=https://money.cnn.com/2000/03/06/europe/bank_merger/|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|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 name=":4" /><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>

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}}</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>

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> 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> 
{| 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>

At the end of 2024, Nordea had more than 600,000 shareholders. 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]], 5.1%
# [[Norges Bank]], 5.0%
# Nordea-fonden, 4.4%
# [[The Vanguard Group]], 3.9%
# [[Cevian Capital]], 3.8%
# Alecta Tjänstepension, 2.1%
# Swedbank Robur Funds, 2.0%
# SEB Funds, 1.3%
# [[Varma Mutual Pension Insurance Company]], 1.1%
# 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 [[Swedish krona|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 (computing)|trojan horse]].<ref>{{Cite news|date=2007-01-19|title=Bank loses $1.1m to online fraud|language=en-GB|url=http://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 institution|financial group]] in the Nordic region, Nordea was, despite warnings from the [[Financial Supervisory Authority (Sweden)|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 [[Euro|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 (Social Democrat)|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 [[Russia]]n 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 News|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 stockholm building (24856762545).jpg|thumb|Nordea's Swedish HQ in [[Stockholm]], [[Sweden]].]]
[[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)
*[[:ru:Нордеа банк|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>

==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]]

==Nordic headquarters==
<gallery>
File:PK-huset 2009b.jpg|Swedish headquarters in [[Stockholm]]
File:Nordea København.jpg|Danish headquarters in [[Copenhagen]]
file:Hovedinngang_i_mørke.jpg|Norwegian headquarters in [[Oslo]] 
File:Nordea M17 new part 3jun2006.JPG|The former Norwegian headquarters in [[Oslo]] 
</gallery>

==References==
{{Reflist}}

==External links==
{{Commons category|Nordea}}
*{{official website|https://www.nordea.com/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:Banks of Estonia]]
[[Category:Banks of Latvia]]
[[Category:Companies listed on Nasdaq Helsinki]]
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[[Category:Companies listed on Nasdaq Stockholm]]
[[Category:Banks of Denmark]]
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[[Category:Banks of Poland]]
[[Category:Banks of Lithuania]]
[[Category:Banks under direct supervision of the European Central Bank]]
[[Category:Finnish companies established in 2000]]
[[Category:Swedish companies established in 2000]]
[[Category:Nordea| ]]
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