February 16, 2018 / 1:47 PM / in 6 months

Nordea lowers estimated savings from HQ move

STOCKHOLM, Feb 16 (Reuters) - Swedish banking group Nordea’s lowered its estimate on Friday of the cost savings from moving its headquarters to Finland from Sweden.

Nordea, the Nordic region’s biggest bank and one of the biggest in Europe, decided last year to move its headquarters to Finland after Sweden announced plans for a bank tax and because it wanted a level playing field with rivals supervised by the European Central Bank.

Nordea now expects one-off cost savings in the range of 0.9-1.2 billion euros ($1.12-1.50 billion), lower than the previous estimate of 1.1-1.3 billion euros, the bank said in a press release.

Nordea said the difference was mainly due to refined calculations relating to the bank’s balance sheet after deductions. (Reporting by Johan Ahlander; Editing by Adrian Croft)

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