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Nordea's Profits Sag; Bank Responds To Money Laundering Claims

Tom Burroughes

25 October 2018

, a technology firm, has said.

Last year, Nordea decided to shift its HQ to Finland after Sweden announced that it intended to bring in a bank tax, and because it wanted to be treated similarly to other lenders overseen by the European Central Bank. (Sweden is not in the eurozone.) The bank reportedly also intends to refocus its wealth management efforts in its core Scandinavian market. In January, Nordea took a decision to focus more on its core Nordic region business, selling its Luxembourg-based private banking operations to UBS.