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NORDEA

Nordea announces Danish bank takeover

Sweden's biggest bank Nordea has announced the purchase of rival Danish lender Fionia for 900 million Danish kroner ($173 million).

Published: 31 August 2009 11:06 CEST

“Nordea has signed an agreement to acquire Fionia Bank, excluding the ‘bad bank’ part, and thereby further strengthens its position and gets a very strong market position in the Funen region in Denmark,” the firm said in a statement.

“The deal is expected to have a clearly positive return on investment from 2011,” Nordea said, adding that it would take over 400 Fionia employees. The agreement is subject to approval by Danish financial authorities.

Nordea has managed to avoid much of the fallout from US “toxic assets” and announced higher-than-expected net profits for the second quarter of 2009 although it still warned that losses from bad loans could mount.

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NORDEA

Nordea’s Danish offices raided in money laundering probe

The Nordic region's largest bank Nordea said Monday that Danish prosecutors had raided its offices in Denmark as part of an investigation into money laundering.

Published: 18 June 2019 09:12 CEST
Nordea's Danish offices raided in money laundering probe
File photo: Mads Claus Rasmussen / Ritzau Scanpix

The Danish State Prosecutor for Serious Economic and International Crime seized physical and digital material — including emails — from the Copenhagen offices on June 12th, reported the Danish business newspaper Børsen, which first broke the story.

The bank confirmed the raid in a statement to AFP, saying it was carried out in relation to a probe into “compliance with anti-money laundering procedures” at its international branch, which was responsible for non-Nordic customers.

“We are fully cooperating with the prosecution service to ensure that they have access to all relevant information,” said Nordea's Danish head Frank Vang-Jensen.

The bank said that in 2014, when it was refocusing its activities on Nordic countries — and away from Baltic states — it evaluated its customers at the international branch and “exited the customers who didn't meet our criteria”.

The Danish Financial Supervisory Authority then lodged a money-laundering complaint against Nordea in 2016.

In October last year, Sweden's financial crime unit also received a complaint against Nordea, which moved its Swedish headquarters to Finland later that month for tax reasons.

Nordea has set aside 95 million euros to cover potential first-quarter costs related to the money laundering probes.

The investigation comes as Denmark's largest lender Danske Bank is the target of criminal probes in several countries over some 200 billion euros in transfers that passed through its Estonian branch between 2007 and 2015, involving some 15,000 foreign clients.

READ ALSO: Nordea reported to Denmark investigators over money laundering

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