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NORDEA

Profits up at Nordea bank on ‘record’ income

The top Nordic bank Nordea posted Thursday a stronger than expected 15-percent increase in net profit to €740 million ($1.1 billion).

Published: 28 April 2011 15:42 CEST
Profits up at Nordea bank on 'record' income

“We’re getting more customers, doing more deals with clients and have ever-stronger client relations,” chief executive Christian Clausen said in a press conference on Thursday.

Analysts surveyed by Dow Jones Newswires had expected Nordea, the biggest bank in Sweden and in the entire Nordic region, to post net earnings of 693 million.

Net banking income, a key measure of the profitability of retail lending activities, rose seven percent to €1.32 billion.

“Our relationship strategy and solid operating platform continue to deliver,” Clausen said in a statement.

“Income is at record level. Both operating and risk-adjusted profit increased more than 10 percent from the first quarter last year.”

The results didn’t particularly excite investors as the bank’s shares were off 0.3 percent at 1100 GMT in a market also down 0.3 percent.

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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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