Bjorn this way

7 September 2017 By Christopher Thompson

The likes of SEB, Handelsbanken and Nordea are stable, well capitalised, and dull. Investors have spurned them in favour of eurozone banks. Yet the Swedes’ generous dividends are attractive – and if Nordea’s move to Finland leads to lighter regulation, they may get more so.

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Nordea Bank decided to move its domicile from Sweden to Finland, saying on Sept. 6 that the shift would create a positive saving of up to 1.1 billion euros ($1.3 billion) and put it on a level playing field with other European banks.

Shares in SEB, Handelsbanken, Nordea and Swedbank have declined by between 3 and 8 percent over the past six months, compared to a 7 percent rise in the Eurostoxx banks index.

In May the Riksbank, Sweden’s central bank, warned that households’ high and rising indebtedness “form a serious threat to financial and macroeconomic stability”.

Nordea’s shares fell 1.9 percent on Sept 7, trading at 102.80 Swedish crowns at 1530 BST.

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