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Finnish insurer Sampo cuts Nordea holding to 10.1%

HELSINKI, Sept 10 (Reuters) - Finnish financial group Sampo on Friday said it has reduced its ownership in Nordea Bank to 10.1%.

Sampo said it sold 73 million shares that accounted for 1.8% Nordea’s total capital in a book building process.

The sale generated approximately 745 million euros, 144 million above the shares’ book value, the company said, and added it plans to use the money to buy back its own shares.

At its capital markets day on Feb. 24, Sampo said it would sell over half of its Nordea shares within 18 months as part of the group’s strategy to focus on insurance.

The last time Sampo cut its holding in Nordea was in May when it sold shares accounting for a 4% stake in the bank.

Reporting by Essi Lehto; editing by Jason Neely

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