The board is not satisfied with Nordea's revenue development. This says President Björn Wahlroos to Di.
He points out Danske Bank – this as a reason for the valuation pressured by Nordea.
After three years followed by a fall in revenues Nordea with a quarter. During the first nine months of the year, revenues were 5 percent less than in the corresponding period last year.
Nordea's president, Björn Wahlroos, has some explanations that the revenue development seems to do so. It states, among other things, that most of the income loss of the year is attributable to the commercial business of the Bank in Copenhagen.
It also highlights the efforts of recent years to strengthen the regulatory compliance of the banking and investments in ICT.
"Of course, it took our front line, that is, to our offices and other sales staff, forced to perform purely administrative tasks," he said.
When the board predicts an improved revenue trend?
"Our liquid financiers did not drop in the last quarter."
But are you 5 percent less than last year's income for the first nine months?
"Yes, but it happens in an environment when the interest rates are absolutely extraordinarily low. It's for all banks, I know, but what you should also keep in mind is that they sold large amounts of the bank," says Björn Wahlroos, pointing out Other things, the Russian and Baltic operations of Nordea.
In addition to the Danske Bank, Nordea is the most underrated main bank in the Nordic region. What do you think is the reason why Nordea's relatively low valuation?
"There are many explanations for this. If you take the two most important, it's partly because we had large investments," says Björn Wahlroos.
"The banks that invest heavily rarely are subject to higher valuation and rarely have the best performance image, because it costs," he continues.
In addition, Björn Wahlroos points to the great money laundering force of the Danske Bank, as Nordea showed in the neighborhood.
"We suffer, quite irrationally, from being on the brink of this Danish Bank, but I think they will correct me in the market."
Björn Wahlroos also claims that Nordea "does not deal with money laundering," but in a crime question he claims that the fund company Hermitage Capital, with its founder Bill Browder, was filed against Nordea, he responds a bit of evasion with respect to accusations
"I read yours (Bill Browders, note from Di.) Book and thought it was excellent, because basically he is out on the right side. Now, remember that your main agenda, and this I say with great respect, is for Of course to create a situation where Russia is isolated as much as possible. "
If you want that Russia must be completely isolated is the correct agenda, it reaches.
"I think we should also have a little respect for those people in Russia who get involved in legal business."