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Sweden to sell 5.7% stake in Nordea

Jun 18 2013 20:07 AFP

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Stockholm - Sweden's centre-right government on Tuesday said it would sell up to 5.7% of Nordea, the largest Nordic bank, reducing its holding to 7.8%.

The sale of 230 million shares, worth 18.1bn kronor (€2.1bn, $2.8bn) at Tuesday's market close in Stockholm, will take place on Wednesday.

"The state's role is to regulate the banks, not to own them. Banking shares are risky assets," Minister for Financial Markets Peter Norman said in a statement.

"The focus of the government is therefore to reduce the state holding in Nordea," he added.

The proceeds from the sale would go toward reducing Sweden's public debt, he said.

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