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Insights

Building business in Northern Norway – one project at a time

2 min to read

At Norway’s northernmost Nordea office in Tromsø, Business Banking plays a central role in supporting economic activity across some of the country’s most expansive and diverse regions. Covering Troms and Finnmark – an area accounting for nearly a quarter of Norway’s total landmass – the office serves customers operating in environments that are both demanding and full of potential.

Group of people standing on top of a mountain in Norway.

“Living here comes with a need to be an enthusiastic snow shoveler – among other things”, says Head of of the Business Banking team for Troms and Finnmark, Aleksander Helberg, who has been with Nordea since 2022. He moved into this role to meet the increasing regional growth and need for tailored business support in Northern Norway. 

Over recent years, the Tromsø office has developed steadily, both in size and in scope. Today, a team of just over 30 employees supports customers across a vast geography characterised by long distances, varied infrastructure, and distinct local markets. 

“We cover approximately 23 per cent of Norway's total land area, an area comparable in size to Ireland or the Czech Republic. This makes us responsible for one of the largest geographical coverage areas in the Nordic region,” says Aleksander. “This combination places high demands on collaboration, local knowledge, and adaptability.”

We cover approximately 23 per cent of Norway's total land area.

Head of of the Business Banking team for Troms and Finnmark, Aleksander Helberg.

Man in suit standing outdoors on a dock in Norway.

Tourism is a growing industry

The region’s business landscape is largely defined by a handful of key industries. Fisheries and aquaculture remain fundamental to the Northern Norwegian economy, alongside energy, tourism and real estate. These sectors form the core of the customer portfolio and require banking expertise that reflects seasonal fluctuations, long investment horizons, and close links between industry, nature and community. Supporting these businesses means understanding not only financial structures but also regional conditions and long-term sustainability.

Northern Norway is currently experiencing significant change, particularly in and around Tromsø as a destination. Tourism has grown rapidly in recent years, driven by demand for Arctic experiences and the Northern Lights. Aleksander explains:

“We expect 900,000 tourists in 2026. This creates enormous opportunities for our tourism and hospitality customers. However, it also presents challenges, particularly in the housing market where short-term rental investments are making it difficult for locals to find long-term housing, a classic example of how rapid growth requires careful balance.”

For customers and banks alike, this underlines the importance of long-term perspectives and responsible growth.

Supporting with local expertise

Maintaining close ties to the local community is something that goes beyond traditional banking. People from the office contribute to financial education initiatives in schools, work with the community to strengthen financial literacy, and collaborate with local organisations, including social partners such as Kirkens Bymisjon. 

“We're embedded in our local community. And the way we leverage the area's natural advantages in fisheries, aquaculture and energy to help our customers grow – literally helping to build Northern Norway, one project at a time. That’s pretty cool!”

Did you know?

  1. This city is also called The Paris of the North
  2. The city has the "highest number of old wooden houses in Northern Norway, the oldest dating from 1789" according to Wikipedia. But living here dates back to the Ice Age.
  3. The town is actually on an island, and is connected to the mainland via a great bridge.
  4. This is a lively place for Arctic studies and Sami culture.

  5. It has the northernmost botanical garden (!) and an Arctic marathon. 

    A place full of surprises right? 

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