biggest nordic bank bars traders from buying vw shares bonds
Last Updated : GMT 00:41:51
Arab Today, arab today
Arab Today, arab today

Biggest Nordic bank bars traders from buying VW shares, bonds

Arab Today, arab today

Arab Today, arab today Biggest Nordic bank bars traders from buying VW shares, bonds

Volkswagen
Stockholm - AFP

The biggest bank in the Nordic region, Nordea, said Thursday it was barring its traders from buying Volkswagen shares and bonds for six months over the German manufacturer's emissions scandal.

"We are sending a clear message that this is unacceptable," Sasja Beslik, head of responsible investments at Stockholm-based Nordea, told AFP.

"We believe this action, or lack of action, from the management is outrageous. It's poor judgment in terms of business, but it's also very costly from a financial point of view," he said.

Volkswagen, the world's biggest carmaker by sales, admitted on Tuesday that as many as 11 million of its diesel cars worldwide are equipped with software capable of fooling official pollution tests.

Nordea, which said it holds around two billion kronor (2.1 billion euros, $2.4 billion) worth of VW shares and bonds, said however it would not sell off its stake.

"We won't sell our holdings because they are our way to engage with the management. And we could join a class action," Beslik said.

"We evaluate all investments from both financial, environmental and social perspectives. This is a textbook case of how to not behave credibly and honestly," he told Swedish financial daily Dagens Industri.

While Nordea as a shareholder was scathing in its criticism of VW, it was more measured in its forecast of the effect of the scandal on the German economy.

"I have a very hard time seeing that the scandal will hit the economy as whole," Nordea economist Holger Sandte tweeted.

Nordea, the only so-called systemic bank in the Nordic region, manages around two billion euros of assets worldwide.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

biggest nordic bank bars traders from buying vw shares bonds biggest nordic bank bars traders from buying vw shares bonds

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

biggest nordic bank bars traders from buying vw shares bonds biggest nordic bank bars traders from buying vw shares bonds

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday