Meet our people: Antti Saha on jazz band banking and Finland’s growth momentum
The Finnish corporate landscape is pivoting towards growth as firms transition from a focus on profitability to expansion, a sentiment championed by Antti Saha from Nordea, who likens his role to orchestrating a jazz ensemble. Per the full note source, this transition is indicative of rising confidence in Finland's economic momentum. Recent indicators, such as Finland's GDP growth forecast of 2.5% for 2026, support this shift, suggesting that investments in growth might bear fruit in a stabilizing economic environment. This evolving narrative highlights the potential for strengthened currency valuation amid improving corporate performance.
What the desk is arguing
The desk asserts that the shift in Finnish corporates towards growth strategies could enhance the NOK's appeal, bolstered by the positive economic context. Antti Saha's insights into the nuanced, collaborative aspects of banking with large institutions align with the growing trend towards innovation and adapted strategies that leverage external economic conditions.
Supporting this view, Finland's anticipated GDP growth of 2.5% in 2026 indicates a robust corporate environment and sentiment, fostering an atmosphere conducive to investment and expansion. This growth trajectory may attract additional foreign capital, providing upward pressure on the euro against other currencies as Finnish firms assert their market presence.
Where it sits in our coverage
Our current consensus target for EUR/NOK stands at 1.075, within a range of 1.04 to 1.12. Notably, jpmorgan forecasts a target of 1.10 for March 2026, whereas bofa positions their target lower at 1.04.
This outlook aligns with our desk's view, suggesting that the market is primed for a strengthening euro, particularly with the upper bound reflected by jpmorgan's forecast, echoing the growing corporate optimism discussed in Saha's commentary.
How other firms see it
Firms such as jpmorgan and credit suisse share a similar bullish outlook on the EUR/NOK, aligning with the anticipated growth narrative for Finland. Conversely, bofa expresses a more cautious stance, indicating potential volatility in economic indicators.
The dynamics of EUR/NOK are expected to be influenced by Finland's macroeconomic stability, as well as broader trends in the European Central Bank's monetary policy, particularly regarding interest rates and inflation measures that can sway currency values significantly.
What the calendar says
No significant events are scheduled that would directly impact our evaluation of Finland's growth momentum and corporate outlook in the coming month.
How firms align with this view
Aligned with the desk view
Contrary positioning
Key takeaways
- 01Finnish corporates are pivoting towards growth, signaling confidence in the economic landscape.
- 02Antti Saha of Nordea highlights the collaborative nature of banking as crucial to fostering this growth.
- 03Finland's GDP growth is projected at 2.5% for 2026, reinforcing the positive trend.
- 04The EUR/NOK currency pair may benefit from increasing foreign investments linked to this growth narrative.
Market implications
Traders should watch the EUR/NOK as it may approach the upper range target of 1.10 in light of Finland's growth prospects. Additionally, movements in this pair could be further influenced by shifts in ECB policy or unexpected economic data releases.
Risks to this view
Key risks to this bullish outlook include changes in global economic sentiment that could negatively impact foreign investment in Finland or a significant monetary policy shift from the European Central Bank that could strengthen the NOK against the euro.
Meet our experts Meet our people: Antti Saha on jazz band banking and Finland’s growth momentum 17-06-2026 3 min to read Finnish corporates are shifting gears: from building solid foundations and profitability to pursuing growth. Antti Saha, Head of Large Corporates & Institutions in Finland, explains what’s driving the shift, and why he compares his role to conducting a jazz band. Antti Saha leads Large Corporates & Institutions in Finland, where he orchestrates what he calls “artisan banking” for Nordea’s largest clients.
His path to banking started with a rescued email from the trash bin, and he’s been on that journey ever since. Let’s start at the beginning. What did you dream of becoming when you were younger?
I remember being quoted in our local newspaper during high school. It was a small town, so it didn't take much to make that cut. I said I had two wishes: either to be a successful football player or work in international business as a consultant.
My football career ended with a knee injury when I was in my twenties. I was playing in a very low league, and honestly, the talent probably wasn't quite there either. So I had to go for the business side instead.
How did you end up in banking? Completely by accident. I was finishing my studies and working at an engineering company when someone from Nordea reached out via my university email on recommendation from a professor.
I was busy, so I just threw it in the trash bin. Then that evening, for whatever reason, I thought, "Why on earth did I get an email from Nordea?" So I pulled it back out and read it. I'm still on that journey, so you really can't plan these things.
How would you describe your role today as head of LC&I Finland? LC&I is what I call artisan banking. This is not mass market.
We're like a jazz band. We work with multiple product units and many stakeholders who are all experts in their fields. One person is drumming, another is playing saxophone, someone else is doing a solo.
It needs to function together, but they all need to be highly competent experts in what they do. What’s your strategic focus right now? Growth is a top priority.
That’s what all our business areas are striving for, combined with a winning mindset and collaboration. I’m also specifically focused on connecting the dots, looking at how LC&I can work across different banking areas to serve our clients better. The best way to help clients is to bring our full capabilities to the table.
After years of subdued activity, Finnish companies are turning their growth engine on. What gives you energy in your daily work? The moments when we can impress our clients with our advice and get their appreciation.
We play in the elite league. Our clients expect the best, and when you realise you're doing well in this environment, that's pretty motivating. What do you see as the biggest opportunities for Finnish corporates?
After years of subdued activity, Finnish companies are turning their growth engine on. It's not only KONE's EUR 29 billion acquisition of TK Elevator , the largest Nordic M&A anyone can remember, but many others, with KONE potentially acting as a bit of a catalyst. Companies have the courage and willingness to grow.
For a bank, the easiest way to grow is with clients, and we have an opportunity to help them do exactly that. And the momentum is real – Finland had one of the highest GDP growth rates in the euro area in Q1 this year. What do you do to relax after demanding days?
I have two kids who are 6 and 10, so I'm the logistics chief of the family. Basketball, tennis, dancing – there's no problem filling spare time. There's no more important role than facilitating your kids doing the things they want to do.
What advice would you give to others in their careers? I've had the pleasure of working with so many talented colleagues and clients over the years. If there’s one thing I’d share it’s this: always pursue learning something new, and make sure you have some fun along the way.
About Antti Saha Position : Head of Large Corporates & Institutions Finland at Nordea Family : Wife and two children, boy and girl Studies : Masters, Turku School of Economics Interests : Various smaller and bigger experiences between work and family life Daily news sources : Nordea sources, Bloomberg, Kauppalehti, HS and NYT Favourite book : The Next One… I have started to read biographies, so I am getting older. Favourite TV show : As an amateur cook, I liked The Bear. Meet our experts Our people Insights Corporate insights After reading this article, is your perception of Nordea? * (Required) * Required fields are shown with an asterisk.
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