contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


nordea-gar-in-i-stort-europeiskt-stablecoin-konsortium

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Nordea is a banking company. The company offers a range of financial services, aimed at both private and corporate customers, including traditional asset management, loan financing and pension savings. In addition, it also offers advice and security insurance, as well as currency management. Nordea has the largest operations in the Nordic and Baltic countries. The company was founded in 1997 and its headquarters are located in Helsinki.

Nordea joins an alliance for a blockchain-based currency: “a solid foundation for future services related to digital assets”. Not a small step…                   Nordea              Nordea liittyy merkittävään eurooppalaiseen vakaavaluuttakonsortioon    Nordea liittyy eurooppalaisten pankkien muodostamaan Qivalis-konsortioon, joka aikoo perustaa säännellyn euromääräisen vakaavaluutan (stablecoin). Lohkoketjuteknologiaan perustuvasta vakaavaluutasta on tarkoitus luoda luotettava eurooppalainen...

In Kauppalehti today: Deutsche Bank raises Nordea’s target price to 19.0 euros (previously 18.0 euros), reiterates buy rating

As the title suggests, Nordea is the banking leader in the Nordics. Multiple business areas provide nice diversification, and geographically, they are a major player across the Nordic countries. Their scale ensures that IT, compliance, marketing, etc., are a relatively smaller cost for Nordea compared to competitors, so Nordea’s position is quite strong  .  Given these starting points, it’s neither a surprise nor a problem if the largest player in a conservative industry generates a solid return on equity (cf. for example Inderes’ 2026 forecast ROE = 14.4%). In the context of insurance companies, like Sampo, there has been talk of “serene competition” or “rational competition,” where there are no literal cartels, but companies don’t compete on price and industry players essentially print money  .  I have long wondered how competition on the banking side can remain rationally serene year after year. If Nordea’s return on equity as a large and strong player is good, then it’s probably “normal” and competition is functioning normally?  However, looking at banking companies, you quickly notice that Aktia, as a small player, generates ~13% ROE, SEB ~12%, Handelsbanken ~14%, Santander +15%, etc. The ROE of ALL industry players is >> WACC, and yet competition doesn’t intensify  .  Banks’ loan portfolios and revenues grow slowly, roughly at the rate of GDP; everyone’s capital yields excellently, everyone wants to grow, all operators are scalable, everyone would have an incentive to creep into competitors’ backyards, and yet we see no kind of competition—for example, loss-leader interest rate offers, etc.? Mastercard and Visa are likely more partners to the banks than direct competitors, but in a digital world, various digital wallets and payment systems from Apple and Google—from Apple Pay to MobilePay—would surely love to suck consumers’ money from Finns directly to Silicon Valley, rather than to Nordea’s shareholders after Nordea’s expenses.                   Tärkeimmät talousuutiset | Kauppalehti – 12 May 26              Ärhäkkä digipankki haluaa olla isompi kuin Nordea tai OP – Uusi pomo kertoo,...    Brittilähtöinen Revolut on kasvanut hurjaa vauhtia ja on Euroopan suurin startup-yhtiö. Yhtiön uusi maajohtaja kertoo, mitä yhtiö haluaa saada aikaan juuri Suomessa.                             The link above contains an article about Revolut behind a paywall.  Aggressive visibility campaigns, rapid expansion.  Cheap currency exchange, payment cards, cryptos, etc.  So far, no loans in Finland, but Finnish account numbers are in the works and they will soon have 250,000 Finnish users.  The services have primarily interested young people, and naturally, older people currently have more wealth in places like Nordea. This won’t eat into Nordea’s margins quickly either, but in any industry, tightening competition makes it harder to maintain high margins.

This is also completely true. What makes these cases tricky is the legislation to be applied. The starting point in all legal judgments is that the legislation in force at the time of the event is used—in these cases, 2012-2015 and 2019—at which time the legislation was certainly very different from now, as were the administrative fines/supervisory fees, or whatever one wishes to call them. If I remember correctly, in that older case, the legislation in force did not utilize administrative fines linked to the size or volume of the business. Laws were reformed, partly due to the major Danske Bank scandal in the late 2010s, at which point those administrative fines enabling scales based on volume and company size were introduced. If we wait quietly, we might catch some fish.

@Sampo1 @Keketin I suppose these days they want to apply the group’s turnover rather than the turnover of an individual outfit. Otherwise, banks could totally isolate their fine risk by bundling shady operations into their own subsidiary. As I understand it, however, that turnover is only used for additional surcharges on the fine. The fine amount under the new Anti-Money Laundering Act is primarily proportional to the volume of questionable transactions. The old one was more obscure. In addition, it is interpreted whether economic benefit was gained by neglecting processes, etc. Also, since there is likely a dispute over legal interpretation involved, it’s quite certain that the whole thing will drag on for years. Even if the first decision comes this year, the losing party will most likely appeal.

Sigh. They are not done and dusted. Charges for the 2012-2015 case were only brought in July 2024, and the legal process is ongoing.                   Nordea              Inside information: Court proceedings against Nordea to commence in Denmark...                               In this case, one could actually investigate Mauski’s interests, as even a couple of percent can make a lot of money…   It remains unclear what in the post was wrong/incorrect/misleading? Do you really think a zero-level Inderes post (which doesn’t even contain claims deviating from public information) moves a company with a market cap of over 55 billion?   This case of Nordea’s subsidiary, Nordea Finance Danmark, has nothing to do with what happened 14 years ago.  It is a completely different case, but it is related in the sense that AML/KYC controls were found to be so blatantly deficient even in a 2023 audit that criminal liability is deemed appropriate. I believe this again increases the likelihood of fines for the earlier case as well. And the probabilities that the new case will also result in fines are high. Again, because it has proceeded to investigation and prosecution.  Nordea has, however, made a provision of about €100M for this case, which we will probably receive as dividends next year.  A fine in the earlier case is practically a certainty; the amount is not. Nordea itself has repeatedly stated since 2019 that it specifically expects to receive a fine, not just that it is preparing for it with a risk management provision. And it makes sense now especially, because even though the police and prosecutor do the final work, if the regulator refers the matter to the police, practically the best experts among the civil servants have already determined—prior to the request for investigation—that the violations are gross, as the threshold for taking a matter to investigation is very high. Since 2019, the matter has progressed to formal charges. No intent or actual money laundering even needs to be proven for fines, as deficiencies in processes and procedures alone are sufficient. Nordea has also repeatedly stated that it has sought an out-of-court settlement (“Nordea has continuously sought a resolution”), but apparently the prosecutor has not agreed to this. I am also not the only one who considers it possible that the provision will not be enough. However, I don’t believe in a fine quite that large.  Nordea Risks Money Laundering Fine Near $1 Billion, Experts Say That 95 million was Nordea’s 2019 estimate for the maximum fine amount, and it was based on the legal practice of that time and comparison to previous fines. Practice and law regarding fines have changed drastically since then. Under the new practice, fines of up to 25% of the transaction volume are sought, which would result in the billion-dollar maximum mentioned in the previous link. Additionally, if the definition of systemic deficiencies is met, there can be a significant surcharge, as well as based on the size of the company. Based on gut feeling (mutu), the biggest legal dispute here will be whether the old law can be reinterpreted to issue fines according to the new law, or whether a fine proportionate to transactions would require new statutory provisions (prohibition of retroactive interpretation). If yes, will all detected 26 billion DKR transactions be interpreted as the basis for the fine? The old law provides leverage to increase fines if the criteria for particularly gross deficiency are met, and if the prosecutor succeeds in proving that the bank saved significantly on costs and investments by omitting necessary processes. After all, following that first case, Nordea says it has invested €700M in improving processes. This new case, in turn, partly undermines the defense. Processes are still deficient across a broad customer base, and it will be handled entirely under the new Anti-Money Laundering Act and its stricter fine regulations. Therefore, its fines could rise to be more significant relative to the earlier case. On the other hand, the argument for systemic deficiency in the old case is strengthened, as is the argument that economic benefit was gained by failing to make investments and hire staff for years. Therefore, it increases the probability of massive fines for the earlier case.

A very valid point. Looking at the figures, it is a completely different story to pay a potential turnover-based fine when dealing with a subsidiary with €130 million in revenue versus the entire group with €12 billion in revenue. These figures are from 2024.

Nordea Bank

Nordea ansluter sig till Qivalis, ett konsortium av europeiska banker som vill skapa en reglerad, eurobaserad stablecoin. Målsättningen är att detta digitala betalningsinstrument, som bygger...

<div class="abstract">Nordea ansluter sig till Qivalis, ett konsortium av europeiska banker som vill skapa en reglerad, eurobaserad stablecoin. Målsättningen är att detta digitala betalningsinstrument, som bygger på blockkedjeteknik, ska bli en tillförlitlig europeisk betalningsplattform på det digitala området och ge en stabil och säker grund för framtida tjänster inom digitala tillgångar.</div>För Nordea är det viktigt att delta i arbetet med att stärka Europas finansiella oberoende och utveckla en bankledd finansmarknadsinfrastruktur som syftar till att underlätta utlandsbetalningar, ge effektivare avveckling och skapa nya möjligheter för digitalisering av finanssektorn."En välreglerad och tillförlitlig stablecoin har potential att bli en viktig del i framtidens finansiella system. Genom att ansluta sig till konsortiet kommer Nordea att samarbeta med andra stora banker för att utforska och bidra till att ta fram en reglerad och stabil teknik som ger en framtida möjlighet att bredda utbudet av tjänster till våra kunder", säger Ian Smith, Nordeas Group CFO.Qivalis ägs och styrs av deltagande banker och ska bedrivas som ett institut för elektroniska pengar. Stablecoin kommer att regleras enligt Mica-förordningen* och väntas ges ut för första gången under andra halvåret 2026. För mer information om Qivalis: <a href="https://qivalis.eu/">Qivalis - Secure.</a><a href="https://qivalis.eu/">&nbsp;Trusted.</a><a href="https://qivalis.eu/">&nbsp;Future-ready.</a><h3>För ytterligare information </h3>Mediefrågor, +358 10 416 8023 eller&nbsp;<a href="mailto:press@nordea.com">press@nordea.com</a>* Mica-förordningen (Markets in Crypto-Assets Regulation) är EU:s kryptoregelverk som ska göra marknaden säkrare och tydligare för både företag och konsumenter. &nbsp;Nordea är en ledande finanskoncern i Norden och förstahandsvalet för miljontals kunder i regionen. Vi är stolta över att vi i över 200 år har varit en tillförlitlig finansiell partner för privatpersoner, familjer och företag - och förverkligat drömmar och önskningar för ett gemensamt bästa. Vår vision är att vara den bäst presterande finanskoncernen i Norden - med våra skalfördelar, våra medarbetare och vår teknik som drivkrafter. Nordeaaktien är noterad på Nasdaq-börserna i Helsingfors, Köpenhamn och Stockholm.<div></div>