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Nordea bans investment funds from buying Facebook shares

Nordea has temporarily banned the purchase of Facebook shares after revelations that it had indirectly shared millions of Facebook users' data with a Donald Trump-linked analytics firm.

Nordean lippu.
Image: Derrick Frilund / Yle

Banking group Nordea has temporarily banned its investment funds from buying Facebook shares following a scandal involving the use of data from millions of Facebook user profiles.

”We are now putting the brakes on”, said Katarina Hammar from Nordea’s responsible investments unit.

Nordea funds have been barred from buying Facebook shares for three months, but retain the right to sell them.

At the moment, only one of Nordea’s funds owns Facebook shares. That fund invests in companies that meet standards on human rights, environmental protection and employee rights, according to the fund manager’s assessment . In that fund, Facebook shares make up under 2 percent of the portfolio.

Facebook recently landed in hot water after revelations that data analysis firm Cambridge Analytica, which has ties to President Trump’s election campaign, acquired and used data from 50 million Facebook users without their consent.

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