The Board is not satisfied with Nordea's revenue developments. This says chairman Bjorn Wahlroos Di.
He points to Danske Bank – this is the reason for Nordea's valuation.
After three years with falling income going one by one Nordea or the fourth. During the first nine months of the year, revenue was 5 percent lower than in the same period last year.
Nordea's chairman, Björn Wahlroos, has some explanations that earnings development is the same as. He points out, among other things, that most of the annual loss of income relates to the Bank's trading activities in Copenhagen.
He also emphasizes efforts in recent years to strengthen compliance with bank regulations and IT investments.
"Of course, this has led to our front line, that is, our offices and other sales staff are forced to perform only administrative tasks," he said.
When does the board expect an improved earnings trend?
"Our net funding in the last quarter has not been reduced."
But are you 5 percent less than last year's income in the first nine months?
"Yes, but it happens in an environment where interest rates are extremely low. I know that this applies to all banks, but it is also the fact that we have sold large parts of the bank," says Bjorn Wahlroos, pointing out, among other things, to Nordea's operations Russia and the Baltic States.
In addition to Danske Bank, Nordea is the lowest nominal bank in the Nordic countries. How do you think Nordea is reasonably priced?
"This has many explanations. If I take two of the most important, this is partly due to the fact that we have had huge investments," says Bjorn Wahlroos.
"Banks that invest heavily are rarely subject to the highest rating and are rarely the best-performing image, as it is beneficial," he continues.
In addition, Björn Wahlroos points to the great money laundering force at Danske Bank, as Nordea has appeared on the outskirts.
"We have suffered quite unjustifiably from the border with this Danish bank, but I think that I am in a good market."
Björn Wahlroos also claims that Nordea is "not dealing with money laundering," but on the issue of crime reports that Hermitage Capital, a founding member of the Hermitage Capital, was filed against Nordea, he responds to a slight avoidance of his own claim.
"I read him (Bill Browders, Di & # 39; s note). The book and thought it was great because it is basically the right thing. It must now be remembered that his main agenda is, and I say so with great respect. , of course, is to create a situation in which Russia is as isolated as possible. "
if you want that Russia is completely isolated, is in the right order, he strikes.
"I think that we too do not pay much attention to Russian citizens who are engaged in legal business."