The Positive Outlook reflects the improvements in governance and risk management embedded now as key element of the group’s culture, as the closure of the corporate probation period under ad-hoc regulatory oversight is approaching.

The rating reflects the bank’s broadly diversified business model, strong franchise in very resilient Nordic economies and sound financial metrics.

Rating action concludes review for possible upgrade initiated last May. Scope also upgrades senior unsecured debt to A+ from A in line with its bank rating methodology and assigns A rating to non-preferred senior debt. Negative Outlook on all ratings.