Nordea the Nordic Universal Bank

Nordea has been in a state of flux over the past five years. In an effort to derisk the balance sheet, the bank has offloaded its Russian exposure and sold off its non-Nordic shipping, oil, and offshore exposure. It also divested its Polish operation, its Danish life and pension business, its private banking operation in Luxembourg, and is in the process of divesting its Baltic banking joint venture share. For good measure, Nordea also underwent an extensive risk and compliance restructuring and relocated its headquarters to Finland, now falling under the regulatory purview of the ECB after a myriad of disagreements with Swedish regulators.