A Finnish bank has been granted permission to open a New York branch, the Federal Reserve announced late Friday, following the result of a merger between it and a Swedish institution.
Nordea Bank Abp (“Nordea Finland”) of Helsinki, won permission to retain the state-licensed branch of Nordea Bank AB (“Nordea Bank Sweden”) which is merging with its Finnish counterpart. Nordea Finland is the “surviving entity” in the merger, which is expected to be completed in the fourth quarter of this year.
According to the Federal Reserve, Nordea Bank Sweden has consolidated assets of about $698 billion; the Fed release provided no figures for the total assets of Nordea Finland.
Federal Reserve Board announces approval of application by Nordea Bank Abp