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Home > About Nordea > Nordea overview > History > Timeline

Timeline

2011

At the annual General Meeting, Björn Wahlroos was elected chairman of the Board of Directors.

Nordea implemented a value chain based organisation with three main business areas to become more flexible and increase the focus on capital and cost efficiency.

The Financial Stability Board (a regulatory unit within the G20 group) recognized Nordea, as the only Nordic Bank, as one of the most important banks for the global economy.

S&P affirmed Nordea’s AA- rating, which is higher than most European banks.

2010

Nordea presented a new vision, to be a Great European bank, as well as a prudent growth strategy and new group initiatives.

Nordea was awarded the Bank of the Year 2010 prize in Denmark, Norway and Sweden by The Banker, a magazine of the Financial Times Group.

When the Committee of European Banking Supervisors published its stress test of the European banking sector, Nordea passed the test by a significant margin.

CEO Christian Clausen, representing Nordea and the Swedish Bankers' Association, was appointed President of the European Banking Federation, which has over 5,000 banks and 43 countries as members or associates.

2009

During the financial crisis Nordea stood firm and increased its number of relationship customers and market shares.

Nordea acquired Fionia Bank in Denmark with 75,000 household customers and 9,500 corporate customers.

Nordea became 100% owner of OJSC Nordea Bank in Russia and the Nordea brand was fully incorporated in all business activities in Russia.

The Nordea share was the most liquid Nordic financial share with an average daily trading volume of some EUR 90m.

2008

Nordea took over 68 branches from Svensk Kassaservice, increasing Nordea’s Swedish network by one-third.

Nordea acquired branches from Roskilde Bank in Denmark.

Nordea Life & Pensions expanded into the Baltic region with the launch of pension funds.

The magazine Euromoney named Nordea the Best Regional Bank in the Nordic and Baltic regions.

2007

Christian Clausen was appointed President and Group CEO, succeeding Lars G Nordström.

As the first Nordic bank, Nordea started to implement the Equator Principles, a benchmark for the financial industry to manage social and environmental issues in project management.

Nordea opened 65 new branches in New European Markets.

Nordea won the category for Best Regional Bank in the Nordic and Baltic regions in Euromoney’s Awards for Excellence.

2006

Nordea divested its minority shareholding in International Moscow Bank and acquired a majority shareholding in Orgresbank, Russia.

Nordea Asset Management implemented a Socially Responsible Investing concept.

The magazine Euromoney awarded Nordea the prize for Best Private Banking in the Nordic countries.

Nordea was recognised for the best investor relations financial information from a Swedish company by the British magazine IR Magazine.

2005

Nordea decided to increase the number of financial advisers by some 500 over a 2-year period.

Nordea was a pioneer in Poland in marketing and selling international funds. In addition, Nordea purchased Sampo’s life and pension companies in Poland.

Nordea’s electronic invoicing system received an award from The Banker, a magazine owned by the Financial Times Group.

Nordea was awarded the prize for Best Private Banking in the Nordic countries by the magazine Euromoney.

2004

With 4 million Internet services customers, Nordea was the world’s biggest Internet bank measured by payments.

Nordea's e-banking services received a global award for using information technology to introduce new dimensions in customer service from The Banker, a magazine owned by the Financial Times Group.

Nordea received the Nordic award for Excellence in Institutional Asset Management from Financial News.

Nordea acquired Kredyt Bank S.A. in Lithuania.

2003

The legal structure of the Group was simplified, with one parent company in Sweden and branches in the other countries.

Nordea Bank Polska and LG Petro Bank merged into one of the 15 largest commercial banks in Poland.

A 10-year outsourcing agreement was signed with IBM, and 900 Nordea employees were transferred to a new services company.

Nordea, one of the biggest real estate owners in the region, divested a significant part of its properties, including an agreement comprising 97 properties in three countries.

2002

Hans Dalborg was appointed Chairman of the Board and Lars G Nordström new President and Group CEO.

Nordea entered into an agreement to acquire LG Petro Bank in Poland.

Nordea in Sweden merged with Postgirot Bank.

Nordea reached 3.3 million e-banking customers.

2001

Nordic Ideas became Nordea. The Nordea name was adopted by Nordbanken, Merita, Unibank and K-Bank, combining the entire Group under one common brand.

Nordea’s banking operations in Poland merged with BWP-Unibank S.A.

Nordea opened an office in Shanghai as a complement to the Beijing office, which was established in 1984.

Nordea reached 2.7 million e-customers.

2000

MeritaNordbanken and Unidanmark merged, and the Group acquired the Norwegian bank Christiania Bank og Kreditkasse. A new organisation was implemented with pan-Nordic business areas.

The magazine The Banker granted MeritaNordbanken a global award for Best Online Business Strategy, for being a pathfinder in Internet banking.

MeritaNordbanken was first in the world to offer its customers the possibility of paying bills and approving electronic invoices via a WAP telephone.

Unidanmark and MeritaNordbanken launched a joint website.

1990s

As the Internet developed, people in the Nordic area were early adopters. Electronic banking services were a key focus for the banks of the Nordea family. In particular Nordea predecessors in Finland were succesful with the e-service brand Solo.

During the 1990s Nordea established itself in the countries east of the Baltic Sea. The first Estonian branch was opened in Tallinn in 1995. In 1999 Nordea acquired Bank Komunalny in Gdynia, Poland. The same year Nordea became the only shareholder of a Latvian bank. The year after Nordea got permission to start operations in Lithuania.

1980s

Many Finnish commercial banks provided their employees with uniform outfits. Outfits paid by the employer were not only a branding matter but also an important addition to the modest salaries of bank employees.

In 1984 the customers of Finnish Yhdyspankki could for the first time use their PCs and do their banking business at home.

In 1989 Nordea (Finnish Kansallis-Osake-Pankki) was one of five international banks which founded International Moscow Bank.

1970s

Drive-in banks came into existence, but that service did not survive long. Instead, the ATM was introduced, a service which soon became very popular.

During the same period the world’s first electronic system for currency exchange was developed in Norway closely assisted by Christiania Bank og Kreditkasse.

1960s

The 1960s marked the arrival of something that would in a decisive way change the relationship between the bank and its customers: the salary account. Employers began to transfer salaries or wages to employees' accounts instead of putting cash in an envelope. Bank services evolved from loans and deposits on an occasional basis to products for customers’ daily banking transactions with giro payments instead of bills and payments by cheque instead of cash. The steadily increasing volumes of account data had until now been stored automatically with the help of punch card machines. These machines were soon replaced by a new invention – the computer. The miracle machine Sverker came by air from the United States to Sveriges Kreditbank in December 1960.

1950s

In the 1950s mobile services did not refer to mobile phones but to bank offices. Norwegian Christiania Bank og Kreditkasse developed a service intended for tourists, where mobile branches for currency exchange were established on tourist boats, at hotels, at the airport and at large conference centres.

Bank-in-bus services were also established.

1940s

During the war in the summer of 1941 the staff of Finnish Kansallis-Osake-Pankki’s Hamina Branch used the basement of a demolished house as its temporary premises. Air raids were continuously a threat, but customers were served no matter what happened.

When an alarm sounded, ledgers, archives and money were taken to the boiler room, which also served as shelter to both staff and customers. Note the small sign Kansallis-Osake-Pankki above the entrance.

1930s

The previous decade had been troublesome for many. But during the world depression of the 1930s, several Nordic industries and banks stood strong. With improved liquidity for many companies, the banks turned to the real estate business.

Norwegian Christiania Bank og Kreditkasse and other Nordea predecessor banks had experienced an increasing degree of trust and the market share grew with more customers, more activities and more employees. Majorstua Branch (pictured) was established in 1930.

1920s

After the First World War commercial life assumed much greater proportions. Cash changed hands constantly and simpler and safer ways to transfer money were needed. Swedish Postgirot, which later became part of Nordea, was one of the pioneers in the world when it started its payment services in 1925.

The workplace itself was considered one of the most modern in the Nordic countries with staff dining room, sun terrace and sickroom with trained employees. Postgirot used the most up-to-date office techniques and bookkeeping apparatus.

1910s

Esteri Heikinheimo (pictured) started as Finland's first female branch manager of a commercial bank in 1911. The manager had, in line with common practice for branches in less populated areas, the branch located in her house.

Another example of pragmatic locations was when Swedish Wermlandsbanken in 1918 opened a branch in a factory – and the bank manager worked half time for the company.

1900s

Banks’ contacts with their customers have varied over the years. In the 1900s a bank teller could come to the customer’s home to empty savings boxes.

The first Finnish money box was introduced in 1902. Savings boxes were a success in Denmark, Sweden and Norway, too.

Early origins

Parallel to the development of a business sector during the first half of the 1800s, the need arose for a modern type of bank – a credit provider.
A new phenomenon was that associations of tradesmen or farmers founded local banks. The earliest banks of Nordea’s family tree include some of the oldest bank in the Nordic region: Sparekassen for Kjøbenhavn og Omegn (founded in Denmark in 1820), Wermlandsbanken (Sweden 1832), Christiania Kreditkasse (Norway 1848) and Suomen Yhdys-Pankki/Finska Förenings-Banken (Finland 1862). These banks were pioneers in the establishment of a commercial banking industry.

2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001

2000	1990s	1980s	1970s	1960s	1950s	1940s	1930s	1920s	1910s	1900s

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