Balder has been a major shareholder in Norion Bank since 2011, and currently has a holding a little more than 90.5 million shares.

"Balder’s board has discussed the holding in Norion Bank for some time. This directional decision should be seen as part of our work to simplify Balder’s structure as a property group,” says Balder’s chairman Sten Dunér.

The board will propose a shareholders’ meeting to distribute the shares in Norion Bank at a time when Balder’s credit metrics and rating will not be negatively affected.