Nordic cooperation – cultural and economic factors:
Many companies experience continual change and some become larger as a result of mergers or organic growth. This often entails that such companies also become more international.
There are many similarities between the Nordic countries, primarily geographically, but also linguistically, culturally and financially. Though there are certain distinctions between the countries’ payment systems and banking operations, there has traditionally been close forms of cross-border cooperation between the banks within payment transfers and financial transaction flows.
The financial sector’s knowledge, expertise and creativity are important resources for the Nordic countries and for the region’s competitive power. The development of the welfare states in these countries and global sustainable industries are based on good financial cooperation between the countries and the financial market participants.
The Nordic countries have emerged relatively unscathed from the financial crisis. This was a topic on the agenda, at the beginning of February, when representatives from politics, businesses, international organisations and the media were gathered at the annual World Economic Forum in Davos. In connection with the Davos meeting, the Nordic Council of Ministers has contributed to the publication ”The Nordic Way” which presents some of the success factors which have contributed towards the Nordic countries’ welfare and industrial development.
Norwegian companies are increasingly willing to spend large amounts on corporate takeovers, both in the home market and internationally. Nevertheless, it seems that the majority of merger and takeover transactions outside Norway’s borders take place within the Nordic region. Similarities in language and business culture are very important in such mergers since they contribute to reducing the risks involved. It is reasonable to assume that Norwegian companies will continue to engage in acquisitions in their neighbouring countries in the future. Globalisation has made the Nordic countries even more aware of the importance of bank cooperation, joint banking systems and joint projects to achieve equal financial framework conditions.
In the future, companies must have more focus on internal routines and cash management solutions in light of the experiences gained during the financial crisis. Many need to increase their liquidity and reduce the risks of international trade. One should choose a bank which is financially sound and which has in-depth knowledge of the new markets.
DNB is represented in all of the Nordic countries and can deliver good financial and cash management solutions.
Effective cash management can:
DNB Connect, with self-service functions, provides you with full control to administer your accounts, your users and their roles regarding electronic access to the banking services.
Call your cash management officer, account officer, or telephone customer service on: 04800 for more information.
