OREANDA-NEWS. March 03, 2010. Nordea Bank celebrates its 15-year anniversary in the Estonian market. During all of that time, the keyword of the biggest Nordic Nanking group’s local affiliate has been „stable growth strategy” – avoiding the rollercoaster of highs and lows has helped Nordea grow into a valued partner for both retail and corporate clients, reported the press-centre of Nordea Bank.

From a Niche Bank into a Universal Service Provider
On February 27, 1995, the affiliate office of Merita (current Nordea) was opened in Tallinn, at 6 Harju Street. It was a small office mainly focusing on servicing Nordic companies and their managers in Estonia. The name of Merita Bank would then not ring a bell with an average Estonian; perhaps a number of people from Northern Estonia had heard the name in an ad on Finnish television. In reality, by then, Merita was already a huge player in the Nordics and the office in Harju Street was the first representation of a foreign bank in the newly independent Estonia.

In December 2001, Merita’s trademark in Estonia was replaced with the current name Nordea, which stands for the words “Nordic Ideas.”

The second office in Tartu was set up five years after the initial arrival and by today Nordea Bank has 22 well-run branch offices and more than 100 ATMs across Estonia. Thus, as a result of 15 successful years, the small niche bank has grown into a big universal service bank with a nationwide branch office network and a wide product range.

Over the years, the headquarters of the bank have been moved several times. When the bank grew out of its first Harju Street office, a new location in Tallinn was found in Hobujaama Street. But these premises soon proved to be too small as well, so Nordea got a new home in the Nordea House on Liivalaia Street and relocated in the autumn of 2009.

New Headquarters
Today, Nordea’s new main building in Liivalaia Street makes the company proud.  The building of Nordea House started in July 2007 and ended in August 2009. The first tenant moved in on September 1, 2009. The building has 14 stories, 9 of which are used by Nordea, accommodating a branch office, as well as the back offices of Nordea’s leasing company and Nordea Pensions. Under the building, there is a 3-level parking house.

The architects and interior designers of the house are renowned in Estonia in their field; the main criterion for selecting the furniture for the building was also the fact that it was produced in Estonia.

Nordea Today
Nordea Group has a 190-year history, more than 10 million clients, 1400 branch offices and, with 5,3 million online clients, it is one of the world’s leading netbanking companies. Nordea shares are listed on Stockholm, Helsinki and Copenhagen stock exchanges. In addition to the Nordic countries, the Baltics and Poland that make up the home market of the group, Nordea is present in 19 other countries of the world.

The current Nordea Estonia is an affiliate of Finnish Nordea and a part of the biggest Nordic banking group Nordea Bank AB. In addition to the bank, two subsidiaries – Nordea Finance (leasing) and Nordea Pensions – operate in the market; both have strong market positions. In total, Nordea Estonia has 527 employees (460 of them at the bank and 67 in the leasing company), more than 120 000 clients and 75 000 online banking clients.

Nordea has based its development on a stable growth strategy and reasonable decisions have helped it to avoid steep falls and extensive loan provisions, thus allowing Nordea to offer its customers credit even during the recession. What’s more – in spite of a contracting market, Nordea has managed to grow its loan and leasing portfolios in both retail and corporate sectors. Nordea – a top three bank in Estonia and part of the largest Nordic financial group – is a safe choice for the customer.