June 19, 2018 / 10:06 AM / a month ago

Swedish trade union body LO drops Nordea for Swedbank after HQ move

STOCKHOLM, June 19 (Reuters) - The Swedish blue collar trade union confederation LO on Tuesday said it had decided to switch banks for transactions to Swedbank from Nordea , following Nordea’s decision to move its headquarters from Stockholm to Helsinki.

LO is trade union heavyweight in Sweden. It is the central organisation for 14 affiliates which organise over 1.4 million workers.

“We are convinced that the members want us to have our money in a Swedish bank,” LO Chairman Karl-Petter Thorwaldsson said in a statement.

LO could not immediately answer questions about what the switch means in monetary terms for the banks.

Nordea, the Nordic region’s biggest bank, won shareholder approval in March to move its headquarters from Sweden to Finland to avoid tougher rules. (Reporting by Olof Swahnberg; editing by Johannes Helllstrom)

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