Finland's Sampo sells entire Nordea stake (updated)
29/04/2022 07:46
(Adds detail, background)
STOCKHOLM, April 29 (Reuters) - Finnish insurer Sampo
SAMPO.HE said on Friday it had sold its remaining stake in
banking group Nordea NDAFI.HE to institutional investors for
1.84 billion euros ($1.94 billion).
Sampo had said on Thursday that it would sell around half
its remaining holding in Nordea, after announcing a strategic
shift last year to focus on its insurance business and cut its
then 15.9% stake in the bank. urn:newsml:reuters.com:*:nL5N2WQ8CA urn:newsml:reuters.com:*:nL1N2KU0KC
"Sampo announced a sale of 100 million shares but the size
of the transaction was increased following strong market
demand," the company said in a statement on Friday.
The sold stake amounted to 5.2% of shares in the Nordic
region's biggest lender. Sampo said the sale would have a
positive accounting effect of around 60 million euros on the
group's consolidated IFRS net income.
Nordea reported on Thursday quarterly earnings above
analysts' estimates, as lending volumes grew and the bank
reported no loan losses despite growing financial uncertainty.
urn:newsml:reuters.com:*:nL2N2WQ09Q
The forecast-beating results were seen by analysts as
providing Sampo with a favourable opportunity to sell shares in
the Nordic region's largest bank, potentially its entire stake.
($1 = 0.9495 euros)
(Reporting by Simon Johnson and Helena Soderpalm; editing by
Niklas Pollard)
((simon.c.johnson@thomsonreuters.com; +46 70 721 1045; Reuters
Messaging: simon.c.johnson.reuters.com@reuters.net))