Nordea’s Nordic private banking business
generated a net inflow of €100m ($131.8m) in assets under
management for 2011 – representing a fall of 96.3% compared to
2010.
The bank said financial market volatility in
2011 challenged its investment performance.
Go deeper with GlobalData
Overall, Nordea’s Nordic Private Banking
assets under management (AuM) stood at €51.4bn in 2011 compared to
€57.3bn in 2010, which is a fall of 10.3 %.
The bank noticed customers deleveraging and
shifting to deposit products to reduce risk.
The increase in its customer base also slowed,
with only 2,400 new clients accepted compared to 5,600 in 2010.
Efficiency drive
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataNordea said it embarked on an efficiency drive
in 2011, whereby it has been transferring customers from the Small
Private banking category to retail banking to make room for higher
net worth clients.
The bank has also enhanced its discretionary
offering and the share of its AuM managed on a discretionary basis
rose to 7%.
Nordea’s Nordic Private Banking business
employs 971 people and serves 95,200 customers from 95 branches in
the Nordic countries.
International Private
Banking
Nordea’s International Private Banking
business reported a decrease in AuM in 2011 to €9.6bn AuM compared
to €10bn in 2010.
Located in Luxembourg and Switzerland with
offices in Spain and Singapore it serves around 12,000 clients,
with the majority of its Nordic HNW individuals resident in
Europe.
