March 9, 2018 / 4:16 PM / a year ago

AMF Pension says to vote no to Nordea HQ move to Finland

STOCKHOLM, March 9 (Reuters) - AMF Pension, a large Nordea owner, said on Friday it would vote against a proposal to move the bank’s headquarters to European Union member Finland from Sweden at the bank’s annual general meeting next week.

Swedish pension company AMF Pension is Nordea’s 8th-biggest owner, with a 1.6 percent stake at the end of last month, according to ownership records on Nordea’s website.

Nordea announced the plan, backed by main owner Sampo , a Finnish insurer, last year, saying it wanted a level playing field with rivals supervised by the European Central Bank.

“It is not our opinion that what has been put forward as the main argument, a lower resolution fee, is sufficient grounds for making such an important decision,” AMF Pension said in a statement.

The proposal needs support from shareholders representing two thirds of votes present at the annual general meeting. Sampo has 21.3 percent and is likely to represent a far higher relative proportion of votes at the meeting since many smaller shareholders choose not to attend.

Reporting by Anna Ringstrom; editing by Niklas Pollard

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