Pan-Nordic bank with diversified business model by geography and business line. More efficient than international peers, further supported by Nordea's early-introduced simplification program. Resilient earnings and strong risk-adjusted capitalization combined with significant financial flexibility. Reliance on wholesale funding exposes the group to confidence sensitivity. Intense competition and group reorganization have put some strain on business growth. The stable outlook reflects our view that Nordea's change of jurisdiction to Finland will not meaningfully alter the group's operations and financial profile over the next two years. As such, we do not expect a marked change in the bank's capitalization, and project the risk-adjusted capital (RAC) ratio will remain above 10% over the next 24 months. We also assume Nordea will maintain its
