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Nordea to be supervised by the European Central Bank together with the Finnish Financial Supervisory Authority
Nordea, the largest financial services group in the Nordic region and one of the largest banks in Europe, has resolved to move its headquarters from Sweden to Finland. A large majority of 96.6 % of the shareholders at Nordea Bank AB’s annual meeting on 15 March 2018 voted in favor of relocating the headquarters to Helsinki, readily surpassing the required two-thirds majority vote. The target date for the relocation is 1 October 2018.
Of the four domestic markets of Nordea, Finland’s membership in the European Banking Union was the decisive factor for the relocation. Following the relocation Nordea will be supervised by the European Central Bank together with the Finnish Financial Supervisory Authority. Nordea will also be subject to the same banking supervision and single resolution mechanisms as the great majority of other European banks. The move contributes considerably to the stability in the Eurozone and helps to create a levelled playing field when major actors within the banking sector are covered by common supervision and the jurisdiction of the Single Resolution Board. As a result of the relocation the size of the Finnish banking sector will be triple the size of Finland’s GDP. As a response to the relocation, the Finnish Financial Supervisory Authority will adjust its organizational structure with respect to banking supervision and make preparations for the use of macroprudential tools and supervisory cooperation with the European Central Bank and the Swedish regulator Finansinspektionen.
Nordea’s decision to relocate follows the Swedish Government’s intention to increase the amount of the so called resolution fee, a banking tax collected from Swedish financial institutions. Also, the stricter Swedish bank legislation and tighter capital requirements compared with the EU were of relevance when the decision to relocate was made.
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Waselius & Wist is sponsoring the upcoming Helsinki International Arbitration Day 2018, organized by The Arbitration Institute of the Finland Chamber of Commerce. The event will take place on 24th May 2018 at Restaurant Pörssi, Fabianinkatu 14, Helsinki, Finland . We look forward to meeting you there!
Waselius & Wist represented AEM Holdings Ltd. in the acquisition of Afore Oy, a MEMS test equipment company located in Finland that offers test handling solution mainly for Automotive, Industrial and Consumer applications. AEM provides handling and test solutions to the most advanced manufacturers in the world and the acquisition of Afore Oy, adds access to yet another exciting market benefiting from global technology megatrends.
Waselius & Wist represented Gardner Denver Holdings Inc. in the acquisition of Runtech Systems Oy for a total consideration of US$ 93 million. Gardner Denver is a leading global provider of mission-critical flow control and compression equipment and Runtech Systems Oy is a Finnish market leader in environmentally friendly and energy efficient turbo vacuum technology. Together Gardner Denver and Runtech plan to expand the technology to broader flow control, vacuum and pressure systems, and services to drive future profitable growth.
Waselius & Wist successfully represented the winning tenderer CityBike Finland Oy in the procurement by the City of Espoo of a city bike system, and in related Market Court proceedings. The city bike system includes 700 bikes and 70 bike stations for eight biking seasons with an option for extension. The estimated value of the procurement is some EUR 10 million.
Waselius & Wist represented the Mandated Lead Arrangers and the Lenders in the Finnish law aspects of the financing of the acquisition of ADB Safegate by the Carlyle Group. ADB Safegate is a leading provider of intelligent solutions that deliver superior airport performance from approach to departure and has more than 900 employees in over 20 countries and serves some 2,500 airports in more than 175 countries.
Waselius & Wist advised Firesteel Resources Inc. (TSX-V: FTR) (“Firesteel”) in entering into a joint venture with Nordic Mines AB, giving Firesteel a controlling stake in Nordic Mines Marknad AB. The joint venture included related financing arrangements where Firesteel received USD 20,6 million in funds under a Prepaid Forward Gold Purchase Agreement with PFL Raahe Holdings LP, an investment vehicle controlled by Pandion Mine Finance, LP.
Firesteel will operate the Laiva gold mine in Finland which is estimated to hold one of the largest gold deposits in the Nordic region.
Jouni Weckström joins Waselius & Wist as Specialist Partner on 1 January 2018 to strengthen the firm’s Tax & Structuring practice. Jouni has more than 18 years of prior experience from tax practices of other leading Finnish law firms and as a tax litigator for the State of Finland and the City of Helsinki. Jouni is recognized as a leading tax disputes practitioner in Finland and is also renowned for his analytical mind and tax structuring skills, especially within the field of cross-border M&A and real estate. Jouni is a regular panel speaker at Finnish and international tax conferences.
“We are delighted to welcome Jouni, who has acted on a large number of high profile tax disputes and complex M&A transactions”, says Niklas Thibblin, the firm’s Managing Partner. “Jouni’s experience in both tax disputes and international acquisition structuring will broaden and deepen the reach of our already strong tax practice.”
“I am truly excited to join Waselius & Wist. My appointment shows both Waselius & Wist’s commitment to growing our tax practice and the strength that we already have in the market. I look forward to contributing to its outstanding profile”, says Jouni Weckström.
Waselius & Wist advised Söderbergföretagen J AB in the Finnish law aspects of its acquisition of a majority stake in SEAB Intressenter Aktiebolag from Svante Landström AB. SEAB is the largest distributor of car care products in the Nordic region and a leading supplier of car wash systems. The SEAB Group includes SEAB and Constant Clean in Sweden, Auto Care in Norway, and SEAB in Finland and Denmark. Söderbergföretagen J AB is a Swedish family-owned group of industrial and trading companies.
Waselius & Wist advised Inlook Oy, the leading Finnish service company supplying interior building solutions, in the acquisition of the assets of Jahti-Rakennus Oy. Inlook employs over 400 people with annual sales of some EUR 65 million.