{
  "id": 9358405,
  "title": "Nordea at Bank of America 31th Annual Financials CEO Conference: scale, digital edge",
  "url": "https://urgent.news/2026/09/23/nordea-at-bank-of-america-31th-annual-financials-ceo-conference-scale",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-23T15:22:03.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/transcripts/nordea-at-bank-of-america-31th-annual-financials-ceo-conference-scale-digital-edge-93CH-4913502"
  },
  "original_language": "en",
  "account": "On Wednesday, 23 September 2026, the Nordic bank Nordea used the Bank of America's 31st Annual Financials CEO Conference to highlight its strategy for steady growth. CFO Ian Smith emphasized the bank's regional scale, digital tools, pricing discipline, and capital efficiency as key factors for future growth. The bank's strategy through 2030 centers on four main customer areas: savings, payments, mortgages, and corporate lending, along with a focus on expanding its Nordic footprint. Management noted a mixed backdrop, with strong market conditions in some regions, such as Norway, Finland, and Denmark, but also rising costs and a competitive banking market. Nordea aims for a cost-income ratio between 40% and 42% by 2030, up from 45% at the strategy's launch. The Nordic Scale Program could deliver EUR 800 million in benefits, offset by EUR 350 million in investment, resulting in a net gain of EUR 250 million. Digital leadership remains Nordea's main competitive advantage, particularly in Swedish retail banking. Norway's retail sector shows growth, with lending up 2%, deposits up 7%, fee income up 15%, and savings business up 24% year-over-year. Credit quality remains strong, and capital conditions are balanced, with benefits from Finland and Denmark. Smith emphasized that the bank has made significant progress on efficiency, cutting the cost-income ratio by about 10 percentage points over the past five years. The next phase will be more challenging due to persistent inflation in wages and technology. The ex-regulatory cost-income ratio guidance is currently 44% to 45%, with a long-term target of 40% to 42% by 2030. The Nordic Scale Program has a potential EUR 800 million in benefits, requiring EUR 350 million in investment, with an expected net benefit of EUR 250 million. Smith highlighted that inflation impacts about 60% of the cost base, primarily through wage settlements that start each year with a 4% increase. Technology costs have also risen sharply, with some years experiencing double-digit inflation. The bank has initiated a restructuring exercise, with the majority of benefits expected next year. Nordea continues to gain market share in Swedish retail lending, particularly in mortgages, maintaining its premium pricing strategy and top market position. The digital platform provides Nordea with speed, availability, and ease of use, which competitors have yet to match. The SME business remains a consistent and profitable growth engine, while the large-corporate unit benefits from focus, leadership changes, and activity in various sectors such as defense, energy transition, infrastructure, technology, and AI. The Swedish retail business, built on a strong digital foundation, has been successful due to Nordea's digital leadership, which focuses on making banking easier for customers. Nordea's digital edge lies not just in technology itself but in how it enhances the customer experience. The bank also addressed competition from SBAB, a Swedish mortgage lender, noting that while SBAB was a meaningful competitor during the rate-hiking cycle, it did not cause major market disruption. Nordea's pan-Nordic model reduces its exposure to single policy changes in Sweden. The \"Grow Norway\" initiative is one of six key growth priorities in the bank's 2030 strategy. Nordea acquired 250,000 customers from Danske Bank's retail portfolio, giving it a strong base for further expansion. In Norway's second-quarter results, lending grew by 2%, deposits grew by 7%, fee income grew by 15%, and the savings business grew by 24%. Management emphasized the focus on deposits and a higher share of ancillary income, aiming to improve Norway's retail business compared to other retail segments. The bank is willing to invest margin into more attractive deposit pricing if it helps deepen relationships and support cross-selling, referred to as \"dressing the customer\" to add more products over time. In Finland, the market is moving from a weak growth period to a more dynamic one, supported by exports, especially in defense and technology. The bank sees a strong pipeline of opportunities and has benefited from regulatory changes providing a capital advantage.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Investing.com",
        "title": "Apollo Global Management at Bank of America conference: liquid private markets",
        "url": "https://urgent.news/2026/09/23/apollo-global-management-at-bank-of-america-conference-liquid-private",
        "published": "2026-09-23T12:46:12.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}