Divestments & Acquisitions 2004
Divestments
December
Nordea sells its entire shareholding, 100%, in the Finnish hotel company Oy Kämp to Palace Hotels Oy. The sell has a slightly positive impact on the result.
September
Nordea sells its entire shareholding, 47.2%, in Finnish real estate investment company Dividum Oy.
June
Nordea divests 17% of Bankgirot, Nordea's ownership stake reduced to 10%.
April
Nordea sells its central business district properties in Finland, Norway and Sweden to Cardinal Capital Partners Inc.A gain of EUR 300m reflected in the Q2 accounts 2004, net financial effect of the total real estate disposals is a gain of approx. EUR 185m.
February
Nordea's real estate divestment process continues as Nordea sells further properties in Finland. The net financial effect of recent and ongoing real estate disposals is as previously announced expected to be a gain of approx. EUR 200m. This follows as a result of a write-down of EUR 115m which will materialise in the year-end accounts 2003 and an expected gain of approx. EUR 300m in 2004.
Acquisitions
September
Nordea participates in capital increase of totally USD 100m in International Moscow Bank (IMB) and thus increases its shareholding to 26.44% from 21.7%.
June
Nordea acquires Kredyt Bank's operations in Lithuania. The acquisition is a continuation of Nordea's strategy to build up a branch network covering all the main cities in the Baltic Sea region.
