The biggest Nordic bank’s shipping loan book continued to fall in the third quarter.
Nordea’s gross loans to the sector dropped to €4bn ($4.3bn) from €4.2bn at the end of the second quarter.
Lending volumes were relatively stable in what continued to be slow markets, according to the Helsinki-based bank.
Chief executive Frank Vang-Jensen said: “We actively engaged with our corporate customers who were focused more on refinancing loans rather than increasing borrowing to invest in new growth and thereby maintained solid corporate lending volumes.”
Large corporates & institutions maintained “the good momentum” from the first half, actively supporting Nordic customers with their investment plans, according to Vang-Jensen
“This year, we have arranged more than 500 debt capital markets transactions for our customers, as we helped them continue to make the most of favourable funding markets,” he added.
“Furthermore, we are one of the lead banks supporting DSV in its planned acquisition of Schenker, one of the largest ever deals by a Nordic company.”
Nordea also made changes in the group leadership team, according to a separate statement.
Petteri Ankila has been appointed the new head of large corporates & institutions.
Ankila is the current CEO of Nordea life & pension.
Previously, he headed the Finnish large corporates & institutions business unit for nine years.
“Petteri’s long experience, broad background and strong customer focus will secure continued success within large corporates & institutions,” Vang-Jensen said.
Ankila will replace Martin Persson, who has been named head of asset & wealth management.
Persson will continue as the country branch manager in Sweden. He joined Nordea in 2012 as head of markets equities.
Snorre Storset will step down as head of asset & wealth management after nine years.
The changes will take effect on 1 January 2025.
Nordea kept its target for 2025 of a return on equity of more than 15%.
“Our ambition remains unchanged — to be the preferred financial partner for customers in need of a broad range of financial services,” Vang-Jensen said.
