SCANDINAVIA – Denmark’s Unibank Investment Management, Finland’s Merita Asset Management and Sweden’s Trevise Unibank Investment Management - all part of the Nordea Group, have changed their names to Nordea Investment Management, in a move that may herald a gradual rebranding of all the group’s businesses under the Nordea banner.
Some investment divisions of Norway’s Christiania Bank og Kreditkasse have also changed moniker, but due to its acquisition by MeritaNordbanken, now Nordea Companies Finland, only last autumn, the brand overhaul is not complete yet.
The Nordic financial group Nordea, headquartered in Sweden, changed its name from Nordic Baltic Holding last November.
“ The process of re-naming is taking place as we speak. In Finland, for example, the company that was Merita Asset Management has been Nordea Investment Management since yesterday (Jan 16),” says Timo Ronkainen, managing director of Nordea Investment Management in Finland, part of Merita Bank.
“ Companies that handle portfolios for institutional clients and briefs for fund management companies form the new Nordea Investment Management from now on, joining portfolio managers together,” Ronkainen sums up.
“ Gradually, I think Nordea will be the name of the group. Currently, we’ve decided that only certain parts will adopt it; the global parts of the business that is, while the local companies will keep a mixed branding until later. I don’t know how long this will take, it’s up to the customers and what’s good for the business,” says Ib Mardahl-Hansen, head of life insurance and pensions at Nordea Group.
Even though names are being changed, there is no plan for corporate restructuring, nor are there plans for mergers, the group says: “ Companies are beginning to use the name Nordea, but that does not entail any corporate restructuring,” confirms Timo Lahtinen, first vice president of corporate communications at Merita Bank, part of Nordea Companies Finland.
Nordea Companies Finland comprises the Finnish Merita Bank, Swedish Nordbanken and Norwegian Christiania Bank og Kreditkasse; Nordea Companies Denmark (previously Unidanmark) comprises the Danish insurance group Tryg-Baltica and the Danish Unibank. Together the two form Nordea, the Swedish holding company.
Currently, the group is listed in Copenhagen, Helsinki and Stockholm, but is also looking for a listing in Oslo.
Nordea is the largest financial services group in the Nordic region, with e230bn in total assets.