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Beating the Eurozone blues
29 July 2011
Dickon Harris analyses how Nordic cash and trade banks look well placed to handle Europe’s mounting challenges including unfavourable regulation and the looming sovereign debt crisis.
Read more:
Nordic trade finance
SEPA
supply chain finance
Bolero
Danske Bank
Nordea
SEB
Handelsbanken
Bank of New York Mellon
The last six months have offered a snapshot of a steady recovery within the Nordic region of Denmark, Finland, Norway and Sweden. Nordic banks modestly state that trade volumes have been encouragingly steady, if unspectacular. The IMF estimates that Sweden, the largest Nordic economy, will see 4.4% growth this year, beating the 3.2% expected for Germany and considerably higher than the 2% growth the fund predicts for the Eurozone as a whole.
Nordic exporters report increased sales over the last 12 months, but are still well below their previous peak before the crisis. As Nordic-Asian trade flows pick up, several major Nordic companies have established production facilities across Asia to support local sales and are now even exporting directly out of Asia towards Europe.
Stressful times
Nordic corporates are performing well, but Nordic banks, along with their transaction banking European counterparties, face considerable challenges. “The banks in EMEA...
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