Nordea Bank Abp Capital Markets Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Sofie Caroline Elisabet Peterzens - JPMorgan Chase & Co, Research Division - Analyst : It's Sofie from JPMorgan. So I would have a follow-up question on the buyback. You're still waiting for more clarity on your models. My understanding is that you're also waiting for the MREL requirements. Realistically, when could you start with the buyback? When is the earliest that you can REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 25, 2019 / 8:00AM, NDASE.ST - Nordea Bank Abp Capital Markets Day potentially ask ECB for the approval? And when do you think you could then potentially get the buyback, given that we have seen with some other European banks, it takes quite a long time to get buyback approvals.

Question: Sofie Caroline Elisabet Peterzens - JPMorgan Chase & Co, Research Division - Analyst : Sorry, I do have a follow-up question on that. Why do you like buybacks over special dividends? Because your stock is trading close to book value. So what's the rationale behind doing buybacks?

Question: Sofie Caroline Elisabet Peterzens - JPMorgan Chase & Co, Research Division - Analyst : And can I just ask a final question. On the cost saves of EUR 700 million to EUR 800 million. Yesterday, you decreased restructuring costs of EUR 204 million, which sound very low compared to what we have seen for other banks. Should we expect more restructuring costs going forward? And could you also give a little bit more details on where the kind of EUR 500 million to EUR 600 million of cost saves are coming from? We know that only EUR 200 million come from the Wholesale Banking, but where is the remaining? Which divisions are the remaining cost saves coming from?