September 6, 2017 / 2:59 PM / 10 months ago

Banking group Nordea says to move HQ to Finland from Sweden

STOCKHOLM, Sept 6 (Reuters) - The Nordic region’s biggest bank, Nordea said on Wednesday it would move its headquarters to Finland, as it looks reduce the cost of compliance with Sweden’s tough regulatory regime. “Domiciling in a country that is participating in the banking union will mean that Nordea will be subject to the same regulatory framework as our European peers, with greater consistency of application and therefore more of a level playing field,” the bank said in a statement.

Sweden has already imposed some of the toughest capital requirements in Europe on the country’s banks, which have assets of around four times gross domestic product.

Reporting by Stockholm newsroom; editing by Niklas Pollard

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