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Created before Nov 2016
Last update: 2016-09-05 10:21:54
Karen Vermeer, BankTrack
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The Nordea Group was established in 2000 but derives its origin from banks and insurance companies from the Nordic region from the early 19th century. Since 3 December 2001 the entire Group is operating under the Nordea brand. Nordea is the largest financial services group in the Nordic and Baltic Sea region.
Nordea has around 11 million customers, approximately 1,400 branch offices in nine home markets and a netbanking position with 5.2 million e-customers. As of 31 December 2015 it controlls assets worth EUR785.7 billion.
Smålandsgatan 17 SE-105 71
Casper von Koskull |
|Annual report||Annual Report 2016|
listed on OMX AB
The Nordea share is listed on the NASDAQ OMX, the exchanges in Copenhagen, Helsinki and Stockholm.
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Voluntary initiativesNordea has committed itself to the following voluntary standards:
You can find more on commitments and policies of Nordea here.
Nordea and the Equator Principles
The Equator Principles are a voluntary commitment of banks to try to avoid or minimise the social, environmental and human rights impact of projects they finance. For more information on the Equator Principles see their website here and the campaign page of BankTrack here.
The Equator Principles exist already since 2003. Nordea adopted the Equator Principles in 2007.
Reporting on the Equator Principles
Nordea must report annually on its implementation of the Equator Principles. All information is supposed to be found here.
Nordea is involved in financing the following Equator Principles projects that BankTrack considers controversial.
True leader Front runner Follower Laggard
BankTrack has assessed Nordea on its implementation of the UN Guiding Principles on Business and Human Rights in June 2016. Nordea is assessed as a Follower, with a total score of 6/12.
Implementation and reporting
Nordea is reporting on the implementation here.
Contact and complaints
Equator Principles Dodgy Deals
Exclusion of Dakota Access Pipeline companies
In February 2017, Nordea’s team for Responsible Investments recommended an exclusion of the three companies behind the Dakota Access Pipeline. The three companies in question are Energy Transfer Partners, Sunoco Logistics and Philips 66. Nordea has sought a dialogue with the three companies behind the pipeline about an alternative route. The companies declined any form of dialogue with Nordea. Read the bank's press release.
Six banks step away from Dakota Access Pipeline (DAPL) and backers
In November 2016, BankTrack coordinated a global call on the 17 banks behind a loan to DAPL to halt further loan disbursements. In February 2017 this was supported by petitions signed by over 700,000 people. While the disbursements ultimately went ahead, in February ABN AMRO, ING, BayernLB and Nordea all announced they would step away from financing the project or its backers. ABN AMRO committed to end its financing for Energy Transfer Equity (ETE) if the pipeline proceeds without consent from the Standing Rock Sioux or with further violence. Nordea excluded three companies behind the Dakota Access Pipeline from investment. BayernLB stated it will withdraw from financing DAPL at the earliest opportunity, and not provide further finance.
In March, ING became the first bank to sell its portion of a project loan to the pipeline. A good move followed by DNB (entered into an agreement to sell its part of the loan) and by BNP Paribas (sold its part of the loan in April).
Banks abandon Gunns Pulp and Paper Mill
More than 15 leading banks around the world, including all Australian banks, publicly declined to finance the controversial Gunns Pulp and Paper Mill after sustained campaigning from BankTrack, the Wilderness Society and others. In 2008 Australian bank ANZ became the first bank to publicly renounce financing the project. Following a cyber-action in 2009 against Swedish bank Nordea, they followed suit in 2010. In response to sustained criticism, Gunns announced later the same year that it would end logging of native forests in Australia.