The official cause of the branch's closure was that the parent company hoped to concentrate its activities in Scandinavian countries. Unofficially, the bank was subject to much criticism following the publication of the Panama Papers. An open auction was held on Sunday, selling off furniture and art works that adorned the offices in Luxembourg.

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The bank decided to cease its Luxembourg activities in 2018, leading to redundancy plans for the 350 employees. Those former employees at the auction claimed the decision to close down came as a surprise. Many attributed the closure to the Panama Papers, despite the bank's official justification. On Sunday, around 200 objects went under the hammer, with the majority selling for amounts higher than their estimated worth.

For those former employees of Nordea Bank, this marks the end of a chapter of their lives.