Nordea

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Nordea Bank AB (publ)
Type Public
Founded 2000
Headquarters Stockholm, Sweden
Key people Hans Dalborg (Chairman of the board), Lars G Nordström (President and CEO)
Industry Financial services
Products Corporate and retail banking, asset management
Net income 3.15 billion EUR (2006)
Employees 29,000 (2006)
Website http://www.nordea.com/

Nordea is a financial services group operating in Northern Europe, based in Stockholm. It is the result of the successive mergers and acquisitions of the Swedish, Finnish, Danish and Norwegian banks of Nordbanken, Merita Bank, Unibank and Kreditkassen (Christiania Bank) that took place between 1997 and 2000. The Baltic countries and Poland are today considered part of the home market. The largest share holder of Nordea is the Swedish Government with 19,9 % of the shares. Nordea is listed in Stockholm Stock Exchange, Helsinki Stock Exchange and Copenhagen Stock Exchange.

Nordea International corporate banking has branches in Germany (Frankfurt), United Kingdom (London), Singapore, and in the United States (New York). Nordea International private banking has its head quarter in Luxembourg with branches in Belgium (Brussels), France (Cannes), Luxembourg, Spain (Fuengirola - Malaga) and Switzerland (Zurich).

Nordea currently serves 10 million private and 960,000 corporate customers. The group also operates an internet bank, which is the world leader of internet banking in terms of usage, having more than 4.3 million online customers doing more than 200 million payments / year.

[edit] Online theft

In 2007 Nordea was the victim of the largest online robbery to date. The amount money involved was, 'between seven and eight million Swedish krona', (up to about a million US dollars). [1]

The theft was perpetrated by targeting Nordea customers with phishing emails containing a trojan horse, that was especially made for this robbery. Apparently these email were send out over a period of 15 months. According to Nordea at least 250 people had unwittingly installed the trojan.

The thiefs evaded detection by limiting their transfers to small sums. Nordea has refunded all the victims. A spokesman for Nordea claimed that the attack was not the result of a deficiency in their security procedures, but rather caused by social engineering. This prompted security expert Bruce Schneier to call him an 'idiot' [2].

See also: Postgirot Bank

[edit] See also

[edit] External links


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