Government sale of Nordea shares finalized
The Swedish government sale of 260 million shares in bank giant Nordea, which was announced last night, was finalized Wednesday morning.
The shares were sold for SEK 75 a piece, totalling SEK 19.55 billion, according to a statement from the Finance Department. The money will be used to reduce the national debt.
The sale on the Stockholm Stock Exchange was at a discounted price, the Nordea share closing yesterday at a rate of SEK 78:75 per share.
The shares sold correspond to 6.4 percent of the total amount of shares in the bank, which means state ownership of Nordea has now dropped from 13.4 to 7 percent.
"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.