Nordea Closes in on Headquarters Move as Investor Support Builds

(Bloomberg) -- Nordea Bank AB is looking likely to win enough backing from shareholders to proceed with its proposed move to Helsinki from Stockholm, paving the way for the largest Nordic lender to join Europe’s banking union.

A number of key investors voiced their support for the plan on Monday, including Swedbank Robur, Alecta and Varma Mutual Pension Insurance Co. They joined other key investors among Nordea’s 20 largest shareholders who together control about 32 percent of the share capital. Nordea can also count on support from many of the foreign investors advised or represented by Institutional Shareholder Services Inc., which also backs the relocation.

Nordea Wins Backing for HQ Move From ISS Ahead of Crucial Vote

The lender will need backing from two-thirds of the owners represented at the annual general meeting on March 15, where the matter will be put to a vote. So far only a handful of investors have expressed opposition to the relocation (AMF and the Swedish Shareholders’ Association among them).

There are some major shareholders who have not yet said how they plan to vote. Sweden’s AP1 pension fund, which holds a 1 percent stake, won’t reveal its views until the AGM, spokeswoman Anna Fall said on Monday.

To contact the reporter on this story: Niklas Magnusson in Stockholm at nmagnusson1@bloomberg.net.

To contact the editors responsible for this story: Jonas Bergman at jbergman@bloomberg.net, Tasneem Hanfi Brögger at tbrogger@bloomberg.net.

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