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sale to take place on Wednesday

Govt to sell off millions of shares in Nordea

Published tisdag 18 juni 2013 kl 19.09
Nordea' Christian Clausen presents the yearly report to shareholders at the bank's head office. Photo: Jessica Gow/Scanpix.

The government plans to sell up to 230 million shares in Nordea, corresponding to 5.7 percent. It will mean that the state has cut its stake in the bank from 13.4 percent to 7.8 percent, according to a press release from the Treasury Department.

Nordea's shares traded on the Stockholm Stock Exchange closing at a rate of 78:75 per share. But the price will be determined on Wednesday.

The government says that revenues from the sale will be used to reduce the national debt.

"The role of government is to regulate the banks, not to own them. Banking stocks are risky assets and banks require strict regulation and comprehensive supervision. The direction for the government is to reduce government ownership in Nordea," said Financial Markets Minister Peter Norman in a written comment.

The price the government wants for its shares is certainly not set. But if they were to be sold at the closing price on Tuesday it would raise approximately SEK 18.1 billion to the Treasury.

The Government is targeting sales to Swedish and international institutional investors.

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