Nordea, the largest banking concern in the Nordic Countries, has decided to stop making its own corporate analyses. The bank has signed an agreement with Standard & Poor's, which will begin providing Nordea customers with company research services.
Under the agreement, Standard & Poor's will set up a unit in Stockholm with 20 analysts specialised in Nordic corporations. The deal gives Nordea exclusive rights to sell the services of the unit.
In spite of the outsourcing of its company research services, Nordea will continue its research and analysis operations in all Nordic Countries, and none of Nordea’s present analysts will be out of a job.
One of the aims of the deal with Standard & Poor's is to guarantee the independence of the company analysis service.
Standard & Poor's is an independent research institute known primarily for its studies on creditworthiness.
Two other Finnish banks, Sampo and OKO, do not plan to follow Nordea’s example, and will continue to conduct their company research operations themselves.
