Nordea

Nordea Bank AB

Type	Publicly traded Aktiebolag
Traded as	OMX: NDA SEK OMX: NDA1V
Industry	Financial services
Founded	2000
Headquarters	Stockholm, Sweden
Key people	Björn Wahlroos (Chairman), Christian Clausen (President and CEO)
Products	Corporate and retail banking, asset management
Revenue	€9.501 billion (2011)[1]
Net income	€2.634 billion (2011)[1]
AUM	€187.4 billion (2011)[1]
Employees	33,068 (FTE, end 2011)[1]
Website	nordea.com

Nordea Bank AB, commonly referred to as Nordea, is a Nordic-based financial services group operating in Northern Europe. The bank is the result of the successive mergers and acquisitions of the Finnish, Danish, Norwegian and Swedish banks of Merita Bank, Unibank, Kreditkassen (Christiania Bank) and Nordbanken that took place between 1997 and 2000. The Baltic countries and Poland are today also considered part of the home market. The largest share holder of Nordea is Sampo, a Finnish insurance company with around 20% of the shares. Nordea is listed on the Copenhagen Stock Exchange, Helsinki Stock Exchange and Stockholm Stock Exchange.

Nordea is headquartered from Stockholm and has more than 1,400 branches. The bank is present in 19 countries around the world, operating through full service branches, subsidiaries and representative offices.

The international corporate banking division has branches in Germany (Frankfurt), United Kingdom (London), Singapore, China (Shanghai)^[2] and in the United States (New York). Nordea International private banking has its headquarters in Luxembourg with branches in Belgium (Brussels), France (Cannes), Luxembourg, Spain (Fuengirola – Málaga) and Switzerland (Zurich). Besides, Nordea also has representative offices in Brazil (São Paulo) and China (Beijing).^[2]

Nordea currently serves 11 million private^[3] and 700,000 active corporate customers. The group also operates an internet bank, which has more than 5.9 million online customers doing more than 260 million payments per year.

History

Nordea 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 name Nordea comes from the Swedish bank Nordbanken, which was based on PK-banken (Post och Kreditbanken; owned by Swedish state) which in 1990 purchased the smaller private bank Nordbanken, and picked up that name. PK-banken was formed in 1974 at a merger between Postbanken (formed 1884) and Sveriges Kreditbank (formed 1923), both state owned.

The private Nordbanken was formed in 1986 at a merger between two smaller private local banks, Uplandsbanken and Sundsvallsbanken. In 1991 the Swedish Banking Crisis, resulting from deregulated markets and a housing price bubble, forced the government to nationalise Nordbanken for 64 billion kronor. Bad debts were transferred to the asset-management companies Securum and Retriva which sold off the assets.

Ownership

Nordea is owned by:

1. Sampo, 21.3%
2. Nordea Fonden, 3.9%
3. Swedbank Robur Funds, 3.3%
4. AMF Insurance and Funds, 2.1%

Nordea Markets

Nordea Markets is the international markets operation of Nordea. It handles a broad range of investment banking products and services including fixed income, currencies, commodities, equities, debt capital markets, and corporate finance. It also supplies advisory services and internationally acknowledged economic research and analysis.

There are approximately 2,200 employees including Financial Risk Control and Capital Markets Services. Its main operational centres are in Copenhagen (also the main trading floor), Helsinki, Oslo and Stockholm, and with regional offices also in Estonia, Latvia, Lithuania, Poland, Russia, Singapore and USA.

The organisation's stated aim is to provide rapid, easy access to market and trading facilities and a strong local presence to its customers in all its regions. It operates with a mission statement of "Making it possible" and a vision statement of "A great European, capital markets and investment banking organisation, acknowledged for its people, creating superior value for customers and shareholders".

Online theft

In 2007 Nordea was the subject of an online phishing scam. The amount of money involved was "between seven and eight million SEK".^[4] The theft was perpetrated by targeting Nordea customers with phishing emails containing a trojan horse, that was especially made for this robbery. Apparently these emails were sent out over a period of 15 months. According to Nordea, at least 250 people had unwittingly installed the trojan. The thieves evaded detection by limiting their transfers to small sums. Nordea has refunded all the victims and has implemented a new security system, Chip Authentication Program^[5]

Subsidiaries

The Danish headquarters of Nordea is located in Christianshavn, Copenhagen.

• Nordea Bank Danmark A/S
• Nordea Bank Finland Abp / Nordea Pankki Suomi Oyj
• Nordea Bank Latvia
• Nordea Bank Lithuania
• Nordea Bank Norge ASA
• Nordea Bank Polska S.A.
• Nordea Bank Russia
• Nordea Bank Malta AB

See also

• PlusGirot – open clearing system in Sweden owned by Nordea
• European Financial Services Roundtable
• Inter-Alpha Group of Banks
• Kansallis-Osake-Pankki
• Unibank (Denmark), for the history of the banks that formed Nordea in 2000.
• 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

• 

  Global headquarters in Stockholm

• 

  Danish headquarters in Copenhagen

• 

  Norwegian headquarters in Oslo

• 

  Office in Helsinki

References

External links

• Official website
• Yahoo! – Nordea Bank AB Company Profile

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