Nordea

Nordic Compass sets out first steps towards a more integrated Nordic market

05-11-2026

More than 200 business and political leaders are gathering in Gothenburg today for the inaugural Nordic Compass Summit to present concrete initiatives to strengthen Nordic competitiveness and resilience. From the capital markets track co-hosted by Nordea a total of five initiatives are being presented as the first steps towards building a more integrated Nordic capital market.

Hotel Draken in Gothenuorg — Photo: Happy Visuals/Mediabank Göteborg & Co.

Europe is falling behind in key areas of innovation and growth, while pressure on its security and economic resilience is growing. The Nordic countries have many of the ingredients to meet these challenges, but unlocking that potential will require them to think and act more as one.

This ambition is driving the inaugural Nordic Compass Summit, bringing together more than 200 decision-makers from across the region to advance concrete initiatives in four areas where joint Nordic action can make a real difference: capital markets, deep tech, defence and energy.

Unlocking Nordic scale

The Gothenburg summit is the first major milestone for Nordic Compass. At the summit, 15 initiatives will be presented as the result of work across the four thematic tracks.

“The Nordics have all the ingredients to succeed globally. What we lack is scale. Our companies are strong and compete globally, but our capital markets are still divided along national lines. Today’s initiatives are good first steps towards helping companies scale and creating more global champions. We have an opportunity to move faster and we should seize it together,” says Nordea’s CEO Frank Vang-Jensen.

The alliance rests on a clear principle: Strengthening competitiveness cannot be left to governments alone. Each initiative has clear ownership and a credible path to delivery – some can be advanced by industry, while others depend on cooperation with governments and public institutions.

For Nordea, deeper Nordic integration is not a new ambition – as the leading pan-Nordic financial services group, Nordea has operated across the region since 2001. With our strong local presence in each market, we see closer integration as a path to long-term growth, stronger competitiveness and thriving societies across the Nordics.

Towards a single Nordic home market

Capital markets will play a central part at the summit. Nordea is co-hosting the track focused on unlocking the region’s economic potential. Five initiatives will be presented at the summit for their credible paths towards implementation: A Nordic growth and scale-up fund, an integrated public market, increased pension allocation to growth, retail activation, and one common Nordic fund market.

Jyrki Katainen, Nordea's Head of Group Public & Regulatory Affairs and Chair of Nordic Compass. Photo: Elmrin-Thanner.

“The Nordics can no longer afford to let their shared strengths remain fragmented. Today, we move from ambition to action by putting forward concrete initiatives to unlock Nordic scale, strengthen our resilience and contribute to a more competitive Europe. Now the task is to turn them into actual change,” says Jyrki Katainen, Nordea's Head of Group Public & Regulatory Affairs and Chair of Nordic Compass.

The initiatives mark concrete steps towards a single Nordic home market where companies can access capital, invest and expand across borders more easily. The Nordic countries have the savings, entrepreneurship, companies and capabilities to build one of the world’s strongest capital markets.

Capital markets track initiatives

1. A Nordic growth and scale-up fund

Establish a pan-Nordic fund providing patient, risk-tolerant capital for Nordic companies during critical growth stages. The fund could help close a projected funding gap of up to EUR 10 billion between 2027 and 2031.

2. An integrated public market

Develop the Nordic stock markets into a more coherent investment destination by addressing remaining regulatory, legislative and market barriers. Together, the region’s markets represent approximately 1,400 issuers and EUR 2.5 trillion in market capitalisation.

3. Increased pension allocation to growth

Enable pension funds and institutional investors to invest more in Nordic venture and growth companies. The initiative will identify practical, regulatory and market barriers and recommend improvements while maintaining sound risk-return discipline.

4. Retail activation

Encourage broader household participation in capital markets through simple, low-cost and diversified investment products. The initiative will examine barriers including access, costs, financial literacy, taxation and administrative complexity.

5. One common Nordic fund market

Create a more efficient and competitive Nordic market for establishing and distributing investment funds. The initiative will assess differences in fund structures, taxation and regulation, and benchmark Nordic markets against Luxembourg.

About Nordic Compass

Nordic Compass is an industry-led alliance focused on four priority tracks: capital markets, deep tech, defence and energy. Nordea is a founding member, and the alliance brings together more than 40 major Nordic companies, foundations and organisations. The second Nordic Compass Summit on 10–11 November 2027 will take stock of progress within the four tracks.

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