Nordea Will Exit Russia After Years of Cuts Targeting Risk Bloomberg 12/18/2020 Kati Pohjanpalo (Bloomberg) -- Nordea Bank Abp is winding down what’s left of its operations in Russia, after years spent cutting back its business there as part of a plan to minimize its risks. The Helsinki-based bank had already axed its Russian retail business, but previously indicated it would keep some services open for corporate clients. Late on Thursday, it said its decision to focus on the Nordics entails the “closure and liquidation of Nordea Bank Russia.” The biggest Nordic bank has spent the past half decade cutting thousands of jobs and shrinking its international presence in an effort to become a leaner, more profitable business. Its former chief executive officer, Casper von Koskull, had identified Russia as a market from which to retreat as part of a plan to “de-risk” the whole bank.