Thousands in uproar against Nordea’s planned move

On 19 May, several media outlets reported that the Swedish bank Nordea was moving its headquarters away from Stockholm. On Monday, SvD Näringsliv reported that the Minister for Finance, Magdalena Andersson (S), tried to tone down the fiscal consequences of such a move for the government’s tax revenues. She told the newspaper that revenue will not be affected, but Nordea claims Swedish state funds will be affected nonetheless. “In resolution fees this will translate to between SEK 5.5 and 6 billion a year that Nordea will not be paying to Sweden as those fees will be paid in the new country if they definitely decide to move” said analyst Rodney Alfvén.

The independent organisation and self-proclaimed “popular movement”, Skiftet, has started an online petition aimed at the Swedish bank, Nordea. “If you leave Sweden we will leave you,” is the slogan of the petition, which had around 10,000 signatures on the evening of 28 May. SvD Näringsliv reports that Skiftet argues that the bank wants to leave Sweden in order not to pay higher taxes. “This is not just about Nordea. This is a preemptive stance. The banks cannot take us for granted,” said Robin Zachari, Head of Skiftet. If Nordea moved it would avoid paying an extra SEK 5.5 to 6 billion to the Swedish state each year.


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