Shareholders in Nordic bank Nordea have agreed to cover half of its €2.5bn ($3.2bn) rights issue in a sign that the UK sub-underwriting model is broadening its appeal in Europe, although investment banks' appetite for underwriting risk is continuing to diminish.

Nordea is the third Scandinavian company to announce a large rights issue aimed at strengthening their balance sheets this month, all of which have won the support of their large shareholders.