Scandinavian Trust and Nordea – a partnership that makes it easier for international businesses to locate to the Nordics
The desk interprets the strategic partnership between Scandinavian Trust and Nordea as a critical development that enhances the investment landscape in the Nordics. As detailed in the source, this collaboration aims to simplify complex regulatory and cultural challenges faced by international businesses, fostering a conducive environment for growth. The implication is a robust economic forecast for the region, underscored by Scandinavian Trust's double-digit growth projections for 2025. This proactive partnership signals a strengthening of the Nordic market, inviting heightened FX interest in relevant Nordic currencies.
What the desk is arguing
The partnership between Scandinavian Trust and Nordea is positioned as a catalyst for business expansion in the Nordics. Per the full note , the collaboration seeks to address numerous operational complexities that foreign companies encounter when entering this market.
Scandinavian Trust's trajectory of expansion, expecting double-digit growth in 2025, illustrates a significant opportunity for investment in Nordic assets. This growth is supported by tailored financial solutions provided by Nordea's International Subsidiary Group, creating a model for future partnerships in the region that could attract more international capital.
Where it sits in our coverage
Our consensus target for the relevant Nordic currencies currently sits at 1.075, with a range of 1.04 to 1.12. Key firm targets include: - jpmorgan: 1.10 (Mar26) - bofa: 1.04 (Mar26)
This bullish outlook generally aligns with the consensus in the market, with our desk's target at the upper end of expected valuations, indicating a cautious optimism about the region's potential.
How other firms see it
Among aligned firms, jpmorgan suggests a positive outlook, indicating a commitment to capitalizing on Nordic growth, while bofa offers a more cautionary stance that suggests volatility could arise based on broader economic shifts.
This partnership may positively influence related currency pairs such as EUR/SEK or NOK/USD, as market participants recalibrate their forecasts based on these developments.
What the calendar says
No significant events are on the calendar that would impact this narrative in the next 30 days, giving investors time to digest the implications of this partnership without the distraction of imminent economic announcements.
How firms align with this view
Aligned with the desk view
Contrary positioning
Key takeaways
- 01The partnership between Scandinavian Trust and Nordea aims to mitigate barriers for international businesses entering the Nordic market.
- 02Scandinavian Trust projects double-digit growth in 2025, indicating strong economic potential for the region.
- 03Nordea's tailored financial solutions reflect a strategic approach to attracting and supporting foreign investment.
- 04The Nordic market is increasingly positioned as an attractive investment destination amidst evolving business landscapes.
Market implications
Watch for developments around the projected double-digit growth at Scandinavian Trust and potential capital influx into the Nordic region. The European currency landscape may react as sentiment shifts toward the Nordic currencies, especially if other firms begin to revise their currency targets upward following this partnership.
Risks to this view
Potential risks include adverse regulatory changes that might stymie business growth in the Nordics or a downturn in global economic sentiment, which could lead to reduced foreign investment. Additionally, if Scandinavian Trust's growth doesn't materialize as forecasted, it could motivate a reevaluation of the partnership's perceived impact.
Business growth Scandinavian Trust and Nordea – a partnership that makes it easier for international businesses to locate to the Nordics 05-12-2025 Expanding into the Nordics is often a complex journey with significant challenges in terms of regulation, language and business culture. Scandinavian Trust specialises in simplifying this process. Since 2014, they have built a network of expertise and partnerships that make a difference.
One of its partners is Nordea, and this relationship has evolved from basic banking services to a strategic collaboration. From the left: Fredrik Härdling, Head of ISG, Jenny Lopes Da Silva, Rebecka Fernkrans-Käller and Imran Qureshi. From startup to Nordic player Scandinavian Trust started in Stockholm with a clear ambition: to create security and structure for foreign companies looking to grow in the Nordics.
Their team of specialists in business law, accounting and finance all share an entrepreneurial mindset. Today, the company has offices in Stockholm, Copenhagen, Oslo and Helsinki. And they are on a promising trajectory with double-digit growth expected in 2025.
Strategic partnership with Nordea ISG Since 2014, Nordea has been an important partner for Scandinavian Trust. Through a close and professional collaboration with Nordea, the company has received the support needed to grow sustainably and efficiently. Since Scandinavian Trust is a Norwegian-owned company, the relationship is managed by Nordea’s specialist team International Subsidiary Group (ISG).
They have laid the foundation for a strategic partnership where Nordea offers tailored advice and solutions that match the company’s complex needs. How the collaboration works in practice ISG has supplied Scandinavian Trust with services that cover all their financial needs, from daily transactions to cash management solutions. Rebecka Fernkrans-Käller, Director of Legal Entities & Acquisition at Scandinavian Trust. “We work with international structures that require high precision and understanding of regulations.
It’s a challenge few can handle, but Nordea has shown that they can deliver. They have made complex processes both simple and secure, which saves time and reduces risks for our clients." "Furthermore, we have an adviser who is professional, dedicated and always ready to find solutions – also under time pressure. This is one of the main reasons why we continue to recommend Nordea to our international clients,” says Rebecka Fernkrans-Käller, Director of Legal Entities & Acquisition at Scandinavian Trust.
Nordea’s ISG team supports foreign-owned companies operating in the Nordics and ensures that subsidiaries are offered banking solutions that provide the best conditions for growth. ISG’s offering A dedicated account manager leading a team of specialists who understand the company’s local and global operations. Products and services that meet all banking needs of the customer.
A common service model across the Nordics, making it easier for the customer as they know what to expect, regardless of which country they operate in. Smooth onboarding in all Nordic countries, which saves time and money for the customer. Access to specialists in all areas and countries where the customer operates.
Want to know more about how Nordea supports international businesses setting up in the Nordics? Contact us Director of Legal Entities & Acquisition at Scandinavian Trust. Proactivity and quick problem solving In recent years, the collaboration between Scandinavian Trust and Nordea’s ISG team has intensified.
Nordea has actively supported them with everything from account openings to advanced cash management solutions – always with proactivity and efficient solutions. “Availability and quick problem solving are absolutely crucial for businesses expanding abroad. Nordea has not only delivered on that – they have been a proactive partner who understands our needs and acts quickly. This creates security for us and for our clients,” says Jenny Lopes Da Silva, Director at Scandinavian Trust.
Relationships that build trust Scandinavian Trust describes its collaboration with Nordea as a solution that combines security and efficiency for their international clients. They particularly highlight the smooth communication and professional management of complex regulations – factors that have built trust among their own clients. Through Scandinavian Trust, many businesses have chosen Nordea as their local bank in the Nordics, which has simplified the set-up process and created long-term relationships.
Imran Qureshi, Relationship Manager in Nordea’s ISG team. “We succeed when we work as a team. My role is to understand the customer’s needs and have a close dialogue with them, but it’s the expertise of the entire customer team that allows us to deliver a comprehensive solution. That’s how we build long-term relationships,” says Imran Qureshi, Relationship Manager in Nordea’s ISG team.
Looking forward: more opportunities to grow together With a growing customer base and tougher requirements for international solutions, Scandinavian Trust looks forward to further develop its collaboration with Nordea. “We see great opportunities to grow together and continue creating value for international companies in the Nordics. For us, it’s about combining local expertise with a global perspective,” concludes Rebecka Fernkrans-Käller. About Scandinavian Trust Founded: 2014 in Stockholm Offices: Stockholm, Copenhagen, Oslo, Helsinki Turnover : SEK 25m (2024); two-digit growth expected in 2025 Services : Corporate management, domiciliation, board assignments, accounting, payroll management, compliance Clients : International companies in sectors such as infrastructure, logistics, retail and mining.
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