Nordea Bank AB (publ)

Official homepage:

www.nordea.com

Branch:

Banking

Status:

Planned

Announced intention on1:

19-06-2003

Official process initiated on2:

Ø

Registered on/in:

Ø

Seat before SE:

Stockholm (Sweden)

Seat of SE:

Expected in Stockholm (Sweden)

Form of establishment:

Merger

Companies concerned:

Nordea Bank AB (publ), Ø

Corporate governance structure before SE:

One-tier3

Corporate governance structure of SE:

Expected one-tier3

Total number of employees worldwide:

29,000

Countries of operation4:

Belgium, Brazil, China, Denmark, Estonia, Finland, France, Germany, Iran, Latvia, Lithuania, Luxembourg, Norway, Poland (502), Russia, Singapore, Spain, Sweden, Switzerland, UK, US

Countries concerned:

Denmark, Finland, Norway, Sweden

National trade unions involved:

NFU

European trade union federations involved:

Ø

EWC formerly existed:

Ø

Establishment of SNB:

Was formed properly

Board-level employee representation before SE foundation:

Yes (three of the 15 members of the board of directors representing the four Nordic countries)

Distribution of SNB seats:

Ø

Content of agreement:

Ø

Motives:

• Improved operational efficiency

• Reduced operational risk

• Enhanced capital efficiency

• Reduction of complexity by a simplification of the legal structure

• Good legal vehicle for a across-border group

Comments:

• Issues: four different sets of legislation, supervised by four different regulatory systems and financial supervisory authorities (for example, deposit guarantee schemes), issue of VAT on intercompany transactions

Last update:

13-01-2006

References:

• Company homepage

• Haug, Liv Irene (2005) Nordea Board. Presentation at the conference ‘Arbeitnehmervertreter im Board’ of Hans-Böckler-Foundation from 2.-3. February 2005. Available from: http://www.boeckler.de/pdf/v_2005020203_untmb_haug.pdf [Accessed 01-08-2005]

• Bibby, Andrew (2004) The European Company (SE) and Nordea. Available from: www.andrewbibby.com/socialpartners/societaseuropaea.html [Accessed 26-12-2005]

• NFU (Nordiska Finansanställdas Union) (2004) Nordea SE Project – Content. Available from : http://www.nfufinance.org/Resource.phx/plaza/nordea/nordea.htx

• Nordea Bank AB (2004) Pioneering the move towards a European Company. Press release from 23-06-2004. Available from: http://hugin.info/1151/R/950117/134554.pdf [Accessed 30-06-2004] Download available

• Nordea Bank AB (2004) Nordea takes next step in simplifying legal structure. Press release from 30-01-2004. Available from: http://hugin.info/1151/R/932404/128096.pdf [Accessed 02-02-2004] Download available

• Nordea Bank AB (2003) Extraordinary General Meeting of Nordea AB (publ) in legal structure change process. Press release from 20-08-2003. Available from: http://reports.huginonline.com/91 4516/121954.pdf [Accessed 01-09-2003] Download available

• Nordea Bank AB (2003) Nordea reduces complexity in its legal structure by forming one European company. Press release from 19-06-2003. Available from: http://reports.huginonline.com/908496/ 119620.pdf [Accessed 01-09-2003] Download available