This report does not constitute a rating action. Overview Enterprise risk profile Financial risk profile --Strong governance standards and risk management policies. --Extremely strong capital with risk-adjusted capital (RAC) after adjustment of 23.8% as of end-2022. --Robust shareholder commitment, as demonstrated through capital increases. --Higher-than-peers' asset credit quality on mandate related exposure. --Important role in countries of operations, but the mandate has a niche focus relative to that of peers. --Regular benchmark issuer and the second-largest Nordic issuer of green bonds. The bank effectively banned direct financing of fossil fuel-based energy generation and continue supporting its borrowers? green transition. Still, the institution has a niche focus of lending to private sector mainly in the Nordics. The bank's RAC ratio was
