If there is a common economic theme in the Nordic and Baltic countries in the past few years it has been the collective resilience they have shown to the gyrations of the eurozone crisis and the slowing of the global economy. In 2012, however, that resilience took a knock as Denmark and Finland slid into recession as part of a broader economic slowdown in the Nordic and Baltic regions, even though Norway, Sweden, Estonia, Latvia and Lithuania are still growing. For the big local and regional banks, navigating recession and weakening economic growth among other macro-risks has been challenging, but for one bank in particular the strategy it set out in 2011 is now delivering record-breaking results. With more customers, capital and profits than ever before in 2012, Nordea stands out this year for an admirable performance delivered against a background of weaker growth, low interest rates, higher regulatory costs, fierce competition and persistent eurozone turmoil. |
