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    <labelArc xlink:type="arc" xlink:from="nordea_FoersaeljningAterkoepAvEgnaAktierInklusiveFoeraendringarITradingportfoeljen" xlink:to="label_nordea_nordeaFoersaeljningAterkoepAvEgnaAktierInklusiveFoeraendringarITradingportfoeljen_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="nordea_BetaldRantaPaOvrigtPrimarkapital" xlink:to="label_nordea_nordeaBetaldRantaPaOvrigtPrimarkapital_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="nordea_Foeraendring" xlink:to="label_nordea_nordeaFoeraendring_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="nordea_Köpeskilling" xlink:to="label_nordea_nordeaKöpeskilling_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="nordea_Kassabehållning" xlink:to="label_nordea_nordeaKassabehållning_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <label xlink:label="label_nordea_nordeaNegativAvkastningPaFinansiellaTillgangar_Standard" id="nordea_nordeaNegativAvkastningPaFinansiellaTillgangar_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Negativ avkastning på ﬁnansiella tillgångar</label>
    <label xlink:label="label_nordea_nordeaNegativAvkastningPaFinansiellaSkulder_Standard" id="nordea_nordeaNegativAvkastningPaFinansiellaSkulder_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Negativ avkastning på ﬁnansiella skulder</label>
    <label xlink:label="label_nordea_nordeaFoersaekringsintaekterNetto_Standard" id="nordea_nordeaFoersaekringsintaekterNetto_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Försäkringsintäkter, netto</label>
    <label xlink:label="label_nordea_nordeaAvkastningPaTillgangarSomTaeckerFoersaekringsskulder_Standard" id="nordea_nordeaAvkastningPaTillgangarSomTaeckerFoersaekringsskulder_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Avkastning på tillgångar som täcker försäkringsskulder</label>
    <label xlink:label="label_nordea_nordeaFinansiellaIntaekterOchKostnaderFranFoersaekringsavtalNetto_Standard" id="nordea_nordeaFinansiellaIntaekterOchKostnaderFranFoersaekringsavtalNetto_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Finansiella intäkter och kostnader från försäkringsavtal, netto</label>
    <label xlink:label="label_nordea_nordeaNettoresultatAvFoersaekringsverksamhet_Standard" id="nordea_nordeaNettoresultatAvFoersaekringsverksamhet_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Nettoresultat av försäkringsverksamhet</label>
    <label xlink:label="label_nordea_nordeaNettoResultatAvPosterTillverkligtVarde_Standard" id="nordea_nordeaNettoResultatAvPosterTillverkligtVarde_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Nettoresultat av poster till verkligt värde</label>
    <label xlink:label="label_nordea_nordeaLagstadgadeavgifter_Standard" id="nordea_nordeaLagstadgadeavgifter_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Lagstadgade avgifter</label>
    <label xlink:label="label_nordea_nordeaResultatForeKreditforluster_Standard" id="nordea_nordeaResultatForeKreditforluster_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Resultat före kreditförluster</label>
    <label xlink:label="label_nordea_nordeaNettoresultatAvUtlaningIPortfoeljerSomHallsTillFoerfallOchObligatorisktVaerderasTillVerkligtVaerde_Standard" id="nordea_nordeaNettoresultatAvUtlaningIPortfoeljerSomHallsTillFoerfallOchObligatorisktVaerderasTillVerkligtVaerde_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Nettoresultat av utlåning i portföljer som hålls till förfall och obligatoriskt värderas till verkligt värde</label>
    <label xlink:label="label_nordea_nordeaInnehavareAvOvrigtPrimarkapital_Standard" id="nordea_nordeaInnehavareAvOvrigtPrimarkapital_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Innehavare av övrigt primärkapital</label>
    <label xlink:label="label_nordea_nordeaSkattPaOmklassificeratTillResultatrakningenFVOCI_Standard" id="nordea_nordeaSkattPaOmklassificeratTillResultatrakningenFVOCI_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Skatt på omklassiﬁcerat till resultaträkningen övrigt totalresultat</label>
    <label xlink:label="label_nordea_nordeaSkattPaOmklassificeratTillResultatrakningenCF_Standard" id="nordea_nordeaSkattPaOmklassificeratTillResultatrakningenCF_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Skatt på omklassiﬁcerat till resultaträkningen, kassaflödessäkringar</label>
    <label xlink:label="label_nordea_nordeaKassaOchTillgodohavandenHosCentralbanker_Standard" id="nordea_nordeaKassaOchTillgodohavandenHosCentralbanker_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Kassa och tillgodohavanden hos centralbanker</label>
    <label xlink:label="label_nordea_nordeaUtlaningTillCentralbanker_Standard" id="nordea_nordeaUtlaningTillCentralbanker_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Utlåning till centralbanker</label>
    <label xlink:label="label_nordea_nordeaUtlaningTillKreditinstitut_Standard" id="nordea_nordeaUtlaningTillKreditinstitut_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Utlåning till kreditinstitut</label>
    <label xlink:label="label_nordea_nordeaUtlaningTillAllmanheten_Standard" id="nordea_nordeaUtlaningTillAllmanheten_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Utlåning till allmänheten</label>
    <label xlink:label="label_nordea_nordeaTillgangarIPlaceringsportfoeljerOchFondfoersaekringsavtal_Standard" id="nordea_nordeaTillgangarIPlaceringsportfoeljerOchFondfoersaekringsavtal_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Tillgångar i placeringsportföljer och fondförsäkringsavtal</label>
    <label xlink:label="label_nordea_nordeaMateriellaTillgangar_Standard" id="nordea_nordeaMateriellaTillgangar_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Materiella tillgångar</label>
    <label xlink:label="label_nordea_nordeaForutbetaldaKostnaderochUpplupnaIntakter_Standard" id="nordea_nordeaForutbetaldaKostnaderochUpplupnaIntakter_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Förutbetalda kostander opch upplupna intäkter</label>
    <label xlink:label="label_nordea_nordeaSkulderTillKreditinstitut_Standard" id="nordea_nordeaSkulderTillKreditinstitut_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Skulder till kreditinstitut</label>
    <label xlink:label="label_nordea_nordeaInOchUpplaningFranAllmanheten_Standard" id="nordea_nordeaInOchUpplaningFranAllmanheten_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">In- och upplåning från allmänheten</label>
    <label xlink:label="label_nordea_nordeaInlaningIPlaceringsportfoljerOchFondforsakringsavtal_Standard" id="nordea_nordeaInlaningIPlaceringsportfoljerOchFondforsakringsavtal_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Inlåning i placeringsportföljer och fondförsäkringsavtal</label>
    <label xlink:label="label_nordea_nordeaUpplupnaKostnaderochFörutbetaldaIntäkter_Standard" id="nordea_nordeaUpplupnaKostnaderochFörutbetaldaIntäkter_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Upplupna kostnader och förutbetalda intäkter</label>
    <label xlink:label="label_nordea_nordeaInnehavareavovrigtprimarkapitalEQ_Standard" id="nordea_nordeaInnehavareavovrigtprimarkapitalEQ_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Innehavare av övrigt primärkapital</label>
    <label xlink:label="label_nordea_nordeaInvesterategetkapital_Standard" id="nordea_nordeaInvesterategetkapital_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Investerat eget kapital</label>
    <label xlink:label="label_nordea_InvesteratFrittEgetKapitalMember" id="nordea_InvesteratFrittEgetKapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Investerat Fritt Eget Kapital Member</label>
    <label xlink:label="label_nordea_InnehavareavovrigtprimarkapitalMember" id="nordea_InnehavareavovrigtprimarkapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Innehavareavovrigtprimarkapital</label>
    <label xlink:label="label_nordea_InnehavareAvOvrigtPrimarkapitalMember" id="nordea_InnehavareAvOvrigtPrimarkapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Innehavare Av Ovrigt Primarkapital Member</label>
    <label xlink:label="label_nordea_nordeaBetaldRantaOvrigtPrimarkapital_Standard" id="nordea_nordeaBetaldRantaOvrigtPrimarkapital_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Betald ränta övrigt primärkapital</label>
    <label xlink:label="label_nordea_nordeaForandingIInnehavareAvPrimarkapital_Standard" id="nordea_nordeaForandingIInnehavareAvPrimarkapital_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Förändring i innehavare av övrigt primärkapital</label>
    <label xlink:label="label_nordea_nordeaAktieaterkop_Standard" id="nordea_nordeaAktieaterkop_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Aktieaterkop</label>
    <label xlink:label="label_nordea_nordeaTransaktionskostnader_Standard" id="nordea_nordeaTransaktionskostnader_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Transaktionskostnader</label>
    <label xlink:label="label_nordea_nordeaForandringIMinoritetsintressen_Standard" id="nordea_nordeaForandringIMinoritetsintressen_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Förändring i minoritetsintressen</label>
    <label xlink:label="label_nordea_nordeaFoeraendringAvUtlaningTillCentralbanker_Standard" id="nordea_nordeaFoeraendringAvUtlaningTillCentralbanker_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Förändring av utlåning till centralbanker</label>
    <label xlink:label="label_nordea_nordeaFoeraendringAvUtlaningTillKreditinstitut_Standard" id="nordea_nordeaFoeraendringAvUtlaningTillKreditinstitut_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Förändring av utlåning till kreditinstitut</label>
    <label xlink:label="label_nordea_nordeaFoeraendringAvUtlaningTillAllmaenheten_Standard" id="nordea_nordeaFoeraendringAvUtlaningTillAllmaenheten_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Förändring av utlåning till allmänheten</label>
    <label xlink:label="label_nordea_nordeaFoeraendringAvRaentebaerandeVaerdepapper_Standard" id="nordea_nordeaFoeraendringAvRaentebaerandeVaerdepapper_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Förändring av räntebärande värdepapper</label>
    <label xlink:label="label_nordea_nordeaFoeraendringAvAktierOchAndelar_Standard" id="nordea_nordeaFoeraendringAvAktierOchAndelar_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Förändring av aktier och andelar</label>
    <label xlink:label="label_nordea_nordeaFoeraendringAvDerivatinstrumentNetto_Standard" id="nordea_nordeaFoeraendringAvDerivatinstrumentNetto_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Förändring av derivatinstrument, netto</label>
    <label xlink:label="label_nordea_nordeaFoeraendringAvFoervaltningsfastigheter_Standard" id="nordea_nordeaFoeraendringAvFoervaltningsfastigheter_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Förändring av förvaltningsfastigheter</label>
    <label xlink:label="label_nordea_nordeaFoeraendringAvSkulderTillKreditinstitut_Standard" id="nordea_nordeaFoeraendringAvSkulderTillKreditinstitut_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Förändring av skulder till kreditinstitut</label>
    <label xlink:label="label_nordea_nordeaFoeraendringAvInOchUpplaningFranAllmaenheten_Standard" id="nordea_nordeaFoeraendringAvInOchUpplaningFranAllmaenheten_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Förändring av in- och upplåning från allmänheten</label>
    <label xlink:label="label_nordea_nordeaFoeraendringAvEmitteradeVaerdepapper_Standard" id="nordea_nordeaFoeraendringAvEmitteradeVaerdepapper_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Förändring av emitterade värdepapper</label>
    <label xlink:label="label_nordea_nordeaFoersaeljningAterkoepAvEgnaAktierInklusiveFoeraendringarITradingportfoeljen_Standard" id="nordea_nordeaFoersaeljningAterkoepAvEgnaAktierInklusiveFoeraendringarITradingportfoeljen_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Försäljning/återköp av egna aktier, inklusive förändringar i tradingportföljen</label>
    <label xlink:label="label_nordea_nordeaBetaldRantaPaOvrigtPrimarkapital_Standard" id="nordea_nordeaBetaldRantaPaOvrigtPrimarkapital_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Betald ränta övrigt primärkapital</label>
    <label xlink:label="label_nordea_nordeaFoeraendring_Standard" id="nordea_nordeaFoeraendring_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Förändring</label>
    <label xlink:label="label_nordea_nordeaKöpeskilling_Standard" id="nordea_nordeaKöpeskilling_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Kopeskilling</label>
    <label xlink:label="label_nordea_nordeaKassabehållning_Standard" id="nordea_nordeaKassabehållning_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="sv">Kassabehallning</label>
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