Nordea, a Nordic financial services group and the largest bank in the Nordics, decided to re-domicile its headquarters from Sweden to Finland as of October 1st 2018. The move involved new regulatory requirements as the group moved from the Swedish jurisdiction to the Finnish one and under direct supervision of the European Central Bank (ECB) in the Banking Union.
Being such a large bank, Nordea is also subject to the Global Systemically Important Bank (GSIB) reporting. The ultimate receiver of the GSIB reporting data is the Basel Committee, but the data is channelled through the national bank of the domestic country of the GSIB bank. As Nordea moved its domicile, the GSIB data also had to be delivered to Bank of Finland (BoF) instead of Riksbanken in Sweden.
Since the data required for the national Finnish data collection and the GSIB are to a large extent overlapping, Bank of Finland decided to require one data delivery covering both the requirements. This enabled Nordea to build only one data collection, consolidation and reporting process and technical solution which covers two reporting requirements, thus being more efficient.
inlumi has been helping Nordea for years with the consolidation, planning and analytics systems, and had the required competence to design and build the solution for this project.
