June 7, 2010 / 11:46 AM / 9 years ago

UPDATE 1-Nordic bank ditched BP stock after oil spill

* Nordea says some 20 of its funds affected by decision

* Bank divested shares worth $11.94 mln

* BP has not followed safety, environmental rules-Nordea

* BP says it is open and transparent

(Adds details)

HELSINKI, June 7 (Reuters) - Nordic bank Nordea NDA.ST said it divested all its BP (BP.L) shares, worth about 10 million euros ($11.94 million), from its funds and would halt further investment in the British oil company until further notice. [ID:nN07147206]

Nordea said on Monday its responsible investment committee had made the decision on Friday, affecting some 20 of its funds. It said BP has not disclosed enough information and was not transparent about how operations similar to Gulf of Mexico are managed.

“The environmental catastrophe in the Mexican Gulf is an extraordinary situation given the size of the spill, weak response from BP, criminal investigation towards the company as well as anticipated risk for other accidents,” Nordea said.

BP had failed to follow its own safety and environmental rules in the environmental catastrophe in the Gulf of Mexico, Nordea said, adding it would halt further investment in BP until it received clarification from BP on its risk management.

Oil began leaking from BP’s well in the Gulf of Mexico on April 20 after a rig explosion killed 11 workers. BP faces a criminal investigation, lawsuits, dwindling investor confidence and questions about its credit-worthiness.

BP shares have lost about one-third of their value since the environmental crisis started. [ID:nLDE65608D]

A BP spokesman rejected the criticism.

“We’ve been open and transparent in every aspect of the response,” BP spokesman Mark Salt said. (Reporting by Helsinki Newsroom and Tom Bergin in London; Editing by Sharon Lindores) ($1=.8375 Euro)

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