Nordic economies show resilience as corporates resume deal activity

Corporate lending is up, and demand for M&A, DCM and ECM services is picking up across the Nordic region, signalling renewed confidence among businesses despite ongoing geopolitical tensions and trade uncertainties.

This was one of the key messages from our annual Nordea Talks event on 20 May, where international bank partners gathered for strategic dialogue on the Nordic financial landscape, economic outlook and the forces reshaping global markets.

From caution to investment

Petteri Änkilä, Head of Large Corporates & Institutions and member of the Group Leadership Team, highlighted a shift in corporate sentiment across the region.

"Corporates are proving resilient to the constant flow of bad news on geopolitics and are starting to invest again," Änkilä said. "Demand is picking up not only in lending and DCM but also in M&A and ECM."

Änkilä outlined Nordea's strategy built on three pillars – growth, offering and scale – with ambitious 2030 targets including over 15% return on equity and a cost-to-income ratio of 40-42%.

Nordic economies more resilient than expected

The traditional "Economist Battle" featuring Nordea's economists from across the Nordic region – Helge Pedersen, Torbjörn Isaksson, Kjetil Olsen, and Juho Kostiainen – revealed economic resilience across all four markets.

Finland experienced the highest growth in the euro zone in the first quarter. Sweden’s overall exports have increased despite declines to the US. Norway's seafood exports increased last year, while Denmark continues to benefit from its pharmaceutical sector strength.

Payments transformation accelerating

Kirsi Wiitala, Head of Transaction Banking, outlined the forces reshaping Nordic payments, including instant cross-border payments, digital currencies and evolving regulatory requirements. 

"We want to offer you simplified access to the Nordics – to be your gateway bank," Wiitala said.

Europe must step up, says Jyrki Katainen

In a fireside chat, Victoria Barbary, Senior Advisor to Milken Institute, and Jyrki Katainen, Head of Group Public and Regulatory Affairs at Nordea and former Prime Minister of Finland, emphasised the need for European companies to take greater responsibility for Europe’s direction.

"We cannot afford intellectual laziness anymore. Companies are corporate citizens with rights and duties. We need to take responsibility and fight for our own future," Katainen said.

Partnership-driven growth

Jacob Strauss, Head of International Institutions, closed the event by reinforcing Nordea's partnership philosophy: “We want to be an extension of your team, and for you to be the same for us. That kind of partnership is how we’ll grow together.”