Biggest Nordic bank puts the brakes on traders from buying VW shares

The biggest bank in the Nordic region, Nordea, said Thursday it was barring its traders from buying Volkswagen shares and bonds for six months over the German manufacturer’s emissions scandal, reports AFP.

“We believe this action, or lack of action, from the management is outrageous. It’s poor judgment in terms of business, but it’s also very costly from a financial point of view,” Sasja Beslik, head of responsible investments at Stockholm-based Nordea, told AFP.

Volkswagen chief executive Martin Winterkorn resigned on Wednesday following the revelation that the firm manipulated US diesel car emissions tests. The world’s biggest carmaker admitted last week that it deceived US regulators in exhaust emissions tests by installing a device to give more positive results.

More at SR

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