Chime Inc. is part of a fast-growing class of well-funded financial technology startups offering debit cards, checking accounts and other financial services. And despite not having a banking license, Chime operates enough like a regular bank that Chief Executive Offer Chris Britt, 46, says it’s stealing away customers from companies like Wells Fargo and JPMorgan Chase by the millions.

Today, Chime has 8 million accounts, the company said, about half of which use the company for direct deposits. That’s still small compared to the biggest banks, but it’s Chime’s growth that’s catching investors’ attention. In 2018, the company had only about 1 million people signed up. “The majority of our members are coming from the big banks,” Britt said.

On Wednesday, in a bid to keep up that momentum, Chime plans to announce a new 1.6% interest rate on savings accounts, which compares with most large bank’s rates of well under 1%. Chime had not previously offered interest on savings products, and will partner with existing licensed banks to offer Federal Deposit Insurance Corp. coverage. The offering is the latest in a series of moves Chime is making to broaden its appeal to even more users, including a product that allows overdrafts of up to $100 without penalty, and a multi-year advertising deal with the Dallas Mavericks. Britt says that he is not looking at the new offering as a revenue opportunity, but as a way to bring in new customers.

Chime has a reported valuation of $5.8 billion, which makes it one of the 25 largest startups in the U.S., according to research firm CB Insights. But it’s one of many companies looking to bring new technology to the banking industry. Globally, digital banks-sometimes also called challenger banks, or neobanks-raised more than $3.7 billion in 96 separate deals in 2019, according to a report from CB Insights released on Wednesday, marking a record-breaking year in terms of both funding and the number of deals.

That uptick in funding has followed rapid user growth. Financial technology startups that first launched with checking accounts or credit cards now have more than 54 million accounts all together, the report said.

Of course, startups have hit some bumps in the road as many rush to add banking services. Most new digital banks don’t yet turn a profit. That includes Chime, the CEO recently said. Robinhood Markets Inc. ran into regulatory hurdles when it launched a checking-like service in late 2018 without securing deposit insurance (it has since debuted a similar product after partnering with an existing licensed bank). And Chime experienced widespread outages last fall that rendered its website and debit cards inoperable, stranding some customers.

“The opportunity is obviously there,” said Conor Witt, a fintech analyst at CB Insights, adding that the savings product could boost customers’ trust. Eventually, “the goal is still to build a standalone challenger bank that becomes a mainstream bank over the course of time,” said Satya Patel, a partner at Homebrew and one of Chime’s first investors.

If you’ve seen an ad for Chime on TV, it was likely talking about one of its most popular features: getting your paycheck two days early. In order to use this feature, as well as a few others, users have to set up their paychecks for direct deposit into their Chime accounts, something about about half of its members opt to do. Britt said that’s a key element of the company’s business model, which does not charge monthly fees and generates revenue primarily through interchange fees on debit cards and other transactions. “Once a user signs up for direct deposit,” Britt said, “engagement is off the charts.”

While the industry is growing rapidly, there are still risks ahead for rising digital banks. After a certain point, investors worry, growth could become trickier, particularly as competition increases and each additional user gets more expensive to win over. And as some people feel less tied to a single bank, they could become harder to reach with multiple products-for example, a user might choose Chime for a checking account, Robinhood for a brokerage account and Chase for credit cards-undermining financial institutions’ attempts to cross-sell.

At Chime, Britt wants to transform the company from an upstart into an “iconic, nationally known brand.” That will mean big sustained growth and even more product announcements in the future. “I think this next chapter for us is going to be a lot about expanding our voice and raising awareness of the brand more broadly in the population,” Britt said, brushing aside competitive fears: “It’s a big market.”

The company clinched the highest number of bandwidth from the multiband auction last Sunday.

Its subsidiary Advanced Wireless Network (AWN) grabbed one licence of 700MHz band totalling 2x5MHz bandwidth, 10 licences of 2600MHz, totalling 100MHz bandwidth and 12 licences of 26GHz totalling 1200MHz bandwidth.

While declining to specify the launch schedule, he said that AIS now has a strong portfolio of low frequency, medium frequency, and high frequency bands, including 700 MHz range of 30 MHz bandwidth (2×15 MHz), 2600 MHz range of 100 MHz bandwidth and 26 GHz range of 1200 MHz bandwidth.

If counting only AIS’ 5G frequency ranges, there are all at 1330 MHz bandwidth. If counting all bands, AIS has the highest bandwidth of combined 4G and 5G spectra, totalling 1420 MHz. Besides, AIS also provides 2100MHz service totalling 30MHz bandwidth, using TOT’s 2100MHz band.

He added that AIS intended to use the 5G spectrum to its full potential, aiming to provide 5G to all sectors, not only the consumer group but also in industries.

In the first phase, AIS intended to expand 5G to the Eastern Economic Corridor area, where it has tested the new technology with leading organisations in the zone.

The acquisition of the 2600MHz from the auction will not only serve AIS’ planned 5G launch on the band but will also enhance its existing 4G service, as 4G mobile devices of all its existing 16 million 4G customers also support the 2600MHz band.

Currently AIS has around 42 million mobile phone service subscribers.

In a related matter, the board of the National Broadcasting and Telecommunications Commission on Wednesday approved the results of the multiband auction last Sunday.

Besides AWN, CAT Telecom clinched two licences of 700MHz, TrueMove H Universal Communication obtained 9 licences of 2600MHz and 8 licences of 26GHz, TOT four licences of 26GHz, and dtac TriNet of Total Access Communication (dtac) two licences of 26GHz.

Dtac chief executive officer Sharad Mehrotra said on Tuesday (February 18) that dtac is expected to kick off its 5G wireless broadband service on the newly acquired 26GHz band in selected locations in the first half of this year. Deployment of the 5G network on its 700MHz band is planned for the second half of 2020.

True Corp will announce its 5G business direction tomorrow (February 20).

This agreement reflects PTTEP’s “Expand” strategy and will strengthen its presence in the Middle East, one of the company’s strategic investment areas, to create long term growth.

Under EPSA for Block 12, PTTEP MENA and Total will realise geological and geophysical studies, 3D seismic surveys and exploration wells during the initial 3-year exploration phase (2020 – 2022).

Phongsthorn Thavisin, PTTEP President and Chief Executive Officer, said “the signing of this Exploration and Production Sharing Agreement for Block 12 strategically strengthens PTTEP exploration investment and presence in Oman which is a high petroleum potential area in the Middle East with a favourable investment climate. The deal will also widen opportunity for PTTEP to further expand investment in the region for long term growth and to partner with a prudent operator that has extensive experience in Oman.”

PTTEP MENA holds 20 per cent participating interest in Block 12 with Total, the operator, controlling 80 per cent. Located in central Oman, Block 12 is a large onshore exploration block with an acreage of around 10,000 square kilometres. The area has high gas potential and is the focus of the Oman’s government for exploration, development and production.

This investment in Oman is another important milestone for PTTEP following its acquisition of Partex Holding B.V. in 2019 which includes three projects in Oman namely PDO (Block 6), the country’s largest onshore producing oil and gas project; Mukhaizna (Block 53), a large producing onshore oil field; and Oman LNG, the only gas liquefaction complex in Oman.

This joint investment is subject to approval from the Philippines Competition Commission, expected in June.

MPIC is a developer of power plants, toll roads, waterworks, light rail, and other infrastructure megaprojects in the Philippines.

The agreement with Dusit reflects MPIC’s plans to invest in real estate projects comprising hotels and condominiums, for which it requires an experienced and trusted management partner.

Two new entities – MPIC’s real estate, hospitality and tourism subsidiary Metro Vantage Properties Inc and Dusit Philippines Corp – will together invest in Metro Dusit Inc (MDI) and Dusit Hospitality Management Corp (DHM).

MDI will develop the hotel and residential condominium projects while DHM will manage these and other projects developed in partnership with third-party business operators. DHM will also manage all of Dusit’s existing properties in the Philippines.

The partnership, initially worth Bt979.05 million, is in line with Dusit’s strategy for sustainable and profitable growth, which includes balance, expansion and diversification.

“While we recognise the novel coronavirus outbreak is currently impacting trade and business throughout Asia, our partnership with MPIC is a long-term investment scheduled to be in place at the end of the year, when we believe business as usual will be resumed,” said Dusit International group chief executive Suphajee Suthumpun.

“Last year more than eight million foreign tourists visited the Philippines and 111.4 million domestic tourists were recorded in 2018. Both of these figures are only expected to grow.”

“Through our partnership with Dusit International, a company with over seven decades of experience in delivering Thai-inspired gracious hospitality all over the world, we hope to play a significant role in changing the landscape of this thriving industry,” said MPIC chairman Manuel V Pangilinan.

Dusit International’s portfolio now features 307 properties (nine owned, 298 managed) under six brands in 14 countries.

He was earlier deputy secretary-general of the National Broadcasting and Telecommunications Commission.

Frasers will hold a 51 per cent stake in the joint venture and Mitsui Fudosan 49 per cent. A groundbreaking ceremony was held recently to mark the start of construction for Bangpakong Logistics Park.

The first phase of this project development is scheduled to be completed by the end of 2020.

Sopon Racharaksa, president of Frasers Property (Thailand) Pcl, said, “We will introduce the next generation of large-scale industrial and logistics park that combines best-in-class facilities with full amenities in a green environment. The project is well placed to cater to rising demand from the logistics and supply chain industry in Thailand’s Eastern Economic Corridor [EEC] area.”

With a project value of Bt3.5 billion, Bangpakong Logistics Park is strategically located in the EEC at Bangna-Trad KM46 in Chachoengsao province. The 200-rai logistics park is easily accessible by a comprehensive road network (Highway No 34 and Highway No 314) to Suvarnabhumi Airport and Laem Chabang Sea Port.

Bangpakong Logistics Park will offer up to 170,000 square metres of premium logistics and warehousing spaces for lease, including customised flexible solutions.

Close to the city and surrounded within established industrial estates and automotive hubs, Bangpakong Logistics Park will also house a free trade zone cluster, approximately over 50,000sqm with a wide range of warehouse sizes catering to different requirements. These warehouses will be designed for maximum space efficiency for logistics operations.

CRC will be listed under SET’s service industry group under commercial business. CRC has 6,031,000,000 registered and paid-up shares with par price at Bt1 per share. It’s 1,691,000,000 initial public offering comprises 1,331,000,000 capital increase shares and 360,000,000 rights shares for existing shareholders. The IPO price is set at Bt42 per share.

CRC is a retail operator of numerous products via various channels in Thailand, Italy and Vietnam. It is a pioneer of omni-channel retail business in Thailand focusing on creating a retail network that brings products and services to consumers’ attention.

But then she started hearing about “the cruise ship from hell” – the Diamond Princess, which was quarantined off the coast of Japan with thousands aboard on Feb. 5. As of early Tuesday, authorities said 542 of the 2,404 passengers and crew whose test results were known had been infected; more than 1,000 additional people were still awaiting their results. Forty-four Americans onboard have tested positive for coronavirus, according to U.S. health officials.

“I don’t want to be involved in a worst-case scenario,” said Sagebiel, a nature photographer in Colorado. “Cruises are off the table until they figure this out.”

That sentiment is bad news for the growing cruise industry, which has taken a multimillion-dollar financial hit as the situation unfolds. Bookings are down, according to some major players, and the nonstop attention has been damaging.

“We’re always covering these things in terms of the ability to move ships out of harm’s way,” said Mike Driscoll, editor in chief of the trade publication Cruise Week. “The industry is known for its resiliency, etc., etc. But this one’s just so different.”

Four days before the Diamond Princess quarantine was set to end on Feb. 19, U.S. officials said they would evacuate American citizens from the ship, as long as they showed no symptoms, and fly them to the United States – where they would be placed into another 14-day quarantine.

The Diamond Princess is the only cruise ship where coronavirus was believed to have been spreading, but it was not the only one affected by the outbreak, which has sickened more than 73,000 people and killed more than 1,870.

Another ship, the World Dream, with more than 3,800 people aboard, was stuck in quarantine in Hong Kong for four days after authorities learned that passengers on a previous cruise had tested positive for the virus. Everyone was allowed to disembark after crew members tested negative and passengers passed health screenings.

No one on Holland America Line’s Westerdam was known to be ill during a voyage that started in Hong Kong, but that ship and the more than 2,200 people onboard spent days at sea when port after port denied permission to dock. Cambodia came through, and passengers began to disembark on Friday. But that decision was called into question the next day when officials announced that one woman who was on the ship tested positive in Malaysia after flying there from Cambodia. Since then, Malaysia, Thailand and Singapore have said they will not allow passengers from the ship to travel through their airports, according to Bloomberg News.

Several other ships have been told they cannot stop at ports because of coronavirus fears, and earlier this month, Royal Caribbean International’s Anthem of the Seas delayed departure by two days while passengers who had been in China previously were tested. None had the illness.

Similar ordeals have played out across the world, with headlines referring to the “coronavirus cruise ship nightmare,” the “pariah cruise ship” and “floating petri dishes.” The attention comes at an inopportune time, during the busy “wave season,” when many travelers book cruises.

And although Asia still makes up a fraction of the market for global cruising – the Caribbean and Mediterranean, for example, attract far more people – it has been a focus for cruise operators looking to expand their global footprint. In 2018, according to the Cruise Lines International Association, 28.5 million people took a cruise on one of its member lines. Approximately 2.5 million of them were from China.

In a financial update on Feb. 12, industry leader Carnival Corp. – which owns Princess Cruises and Holland America Line – said the company expects to take a hit higher than initially expected as a result of trip cancellations in China and other parts of Asia. Carnival also expects global bookings to be affected, but it could not yet quantify how that would impact the bottom line.

“Since the situation continues to evolve, the company is currently unable to determine the full financial impact on its fiscal year 2020,” the update said. If Carnival had to suspend all operations in Asia through the end of April, the operator said, the financial blow would amount to $385 million to $445 million, a total that does not include the hit from softer bookings. Carnival reported a $3 billion profit last year.

Royal Caribbean Cruises, the world’s second-largest cruise company, said in its update on Feb. 13 that it has had to cancel 18 trips in Southeast Asia and modify several other itineraries. Those changes have already cost the company about $136 million. Canceling remaining trips in Asia through the end of April, which is not the current plan, would cost another $115 million.

“While the early impact due to concerns about the coronavirus is mainly related to Asia, recent bookings for our broader business have also been softer,” the update said.

The company said Friday that it was sending Spectrum of the Seas, one of its ships that previously sailed in China, to Australia to give free trips to first responders who have been fighting bush fires. Celebrity Millennium is leaving Asia early and offering free cruises from Los Angeles for firefighters, emergency workers and veterans.

Like Carnival, Royal Caribbean said there was still too much unknown to make a reasonable forecast for 2020.

“I think this is a very confusing situation for a lot of people,” Richard Fain, Royal Caribbean’s chief executive, said in an interview. “And governments around the world are taking pretty strong action. But it is front-page news every day, every way. And so I think that just makes people sometimes be a bit more cautious about planning a vacation. I think for many people, it’s a big distraction.”

January was a stellar month for travel agents who specialize in cruises, but some report that February has been a different story entirely.

Alex Sharpe, president and chief executive of Signature Travel Network, a cooperative of travel agencies that includes more than 7,000 advisers, said in a statement that demand for cruises overall was down 10 to 15% year-over-year so far in February. Although Asia cruises make up only about 5% of sales, he said they have dominated the attention of agents who are trying to help customers whose plans have been changing.

“My hope is now that much of the logistical crunch is over, we can all focus on selling cruises for all destinations and driving demand back up,” Sharpe said.

Travel Leaders Network, which includes more than 55,000 travel advisers, said a survey of its members found that about 30% of respondents had seen a high to moderate number of cancellations for China and elsewhere in Asia. Sixty-four percent said they didn’t have any cancellations as a result of the virus.

Erika Richter, a spokeswoman for the American Society of Travel Advisors, said some agents are helping clients rebook for other areas or times of the year. One reported an increase in business for all-inclusive resorts in the Caribbean.

“Ultimately what we want to make sure that we’re conveying is, we don’t want travelers to give up traveling,” she said. “If they’re hesitant, travel advisers are suggesting alternate parts of the world to travel to.”

Industry observers expect people who already like cruising to keep coming back, regardless of the coronavirus scare. But newcomers such as Sagebiel – who are key to helping the industry grow as cruise lines add more ships – are less of a sure bet.

“It’s going to affect the new-to-cruise business,” said Driscoll. “How much it is, we don’t know.”

Of course, cruising has had plenty of experience overcoming disasters and bad publicity. The Costa Concordia wreck in 2012 killed 32 people, and the ship stayed on its side off the coast of Italy for more than two years, a visible reminder of the catastrophe. The infamous Carnival Triumph “poop cruise” in 2013 also garnered significant coverage as the powerless ship was slowly tugged to shore. More recently, a norovirus outbreak that sickened more than 350 people onboard a Princess Cruises vessel made headlines.

Still, the number of cruise passengers continues to rise every year, and operators have seen their profits increase. Jaime Katz, an analyst for Morningstar who covers the cruise industry, said she expects some short-term bumps but an eventual recovery.

“I think most people feel that this will pass,” she said.

For some non-cruisers, though, the past couple of weeks have reinforced their decision never to step onboard a ship.

At 38, Jimmie Whisman, a comedian and podcast host from Phoenix, is a prime target for cruise companies, which want millennials to start a cruise habit that will carry them into retirement.

But he said he would “never, ever, ever” go on a cruise – and can’t understand why anyone else would want to, either.

Whisman, who co-hosts the “Small Town Murder” and “Crime in Sports” podcasts, said the coronavirus outbreak demonstrates what has concerned him all along.

“To take a chance of getting on a cruise ship where everybody getting on appears healthy, and then throughout the trip they all get sick – that’s my nightmare,” he said.

The retail giant – which has hundreds of stores in China and gets about 15 percent of its products from factories there – says that while it is monitoring the outbreak, it has no immediate plans to lower its sales forecast because of it.

Though consumers continue to prop up much of the U.S. economy, there are mounting fears the public health crisis in China will have a cascading economic impact. A number of major companies, including Tesla, Nike and Disney have warned that the virus could take a long-term toll on earnings, and Apple this week said it would miss its quarterly revenue goals because of slowing iPhone production in China. Global markets remained jittery on Tuesday as investors looked for signs that other major brands may also take a hit.

“Potential supply chain pressures, in light of virus related challenges in China,” continue to present a wild card for the company, Michael Lasser, an analyst for UBS, wrote in a note to clients on Tuesday.

“Make no mistake: If anything is going to dent the world economy, it’s coronavirus,” said Bob Phibbs, chief executive of the Retail Doctor, a New York-based consulting firm. “It’s going to hit all retailers, but the problems are especially magnified for Walmart.”

With $524 billion in annual sales, he said Walmart is a closely watched bellwether for the rest of the industry. Its share price remained largely flat Tuesday, as investors digested the news.

So far, Walmart executives said Tuesday, sales in China have not be affected even as the country is largely on lock down. Residents have become increasingly reliant on the company for home delivery of groceries and other supplies.

The majority of Walmart’s 438 stores in China are operating on reduced hours, and have shifted their inventory to focus on fresh food and necessities instead of toys and apparel, chief executive Doug McMillon said in a meeting with investors on Tuesday.

“We don’t know what’s going to happen next,” he said. “One of the reasons we couldn’t put it in our guidance is because there are so many moving parts right now, including sourcing coming out of China, not only to the U.S. but other markets as well…which makes it really difficult to call how it’s going to play out in the quarter.”

But industry experts said the outbreak could have far-reaching effects, extending to the company’s supply chain.

“Like many other U.S. companies, Walmart has set up a robust supply chain over many years in China,” said George Calhoun, professor of quantitative finance for the Stevens Institute of Technology. “There is no question that it will be impacted and disrupted.”

Last week, the Bentonville, Arkansas, company said it would lay off nearly 300 workers in New York as it shutters its Jetblack personal shopping service. It also is whittling down mid-level management positions at 1,100 Neighborhood Market and Supercenter stores, leaving workers around the country worried they’ll lose their jobs and insurance in coming months.

“Everyone’s on pins and needles right now,” a customer service manager at a Neighborhood Market in South Carolina told The Washington Post. “People are worried they’re going to lose their jobs, their homes, their cars. It’s very tense.”

Walmart’s tepid results come as retailers across the country struggle to get customers into their stores. Same-store sales – a closely watched measure at stores and websites open at least one year – grew a tepid 1.9 percent during the fourth quarter, versus 4.2 percent growth a year earlier.

“Unlike past quarters Walmart was not firing on all cylinders during the last part of the year,” Neil Saunders, executive director of GlobalData Retail, said in a note to clients. The company’s clothing selections, he added, “were uninspiring, difficult to shop, and did very little to stimulate the consumer. In a relatively weak market, Walmart presented a very weak offer and suffered for doing so.”

Online sales, which grew 35 percent from a year earlier, remained a bright spot for the company, as did groceries. Walmart has invested heavily in its e-commerce business in recent years, as it looks for new ways to win over customers. The company said Tuesday it expects that growth to slow this year, to about 30 percent.

Fourth-quarter revenue grew 2.1 percent to $141.7 billion, falling short of analysts’ expectations, while profits rose 12 percent to $4.3 billion.

For the year, Walmart reported $524 billion in revenue – nearly double Amazon’s $280.5 billion. (Jeff Bezos, Amazon’s founder and chief executive, owns The Washington Post.)

Walmart also has a majority stake in JD.com, one of the nation’s largest e-commerce sites. China, along with Mexico and India, helped drive much of the company’s sales growth in the fourth quarter, chief executive Doug McMillon said Tuesday.

The Nordic countries — best known for their universal welfare models and domination of world happiness rankings — now have a surplus of cash after years of central bank stimulus. That’s prompting banks from across the globe to line up with advice on everything from money management to mergers and acquisitions.

JPMorgan Chase, Goldman Sachs and BNP Paribas have all recently announced they’re either expanding existing operations or creating new offices in the Nordic region. Many of them are interested in hiring locally to build their presence.

“We see an opportunity locally to grow our investment banking and private banking business organically,” said Klaus Thune, co-head of Nordic banking at JPMorgan, which has about 40 bankers in London handling the Nordic corporate market. He also says that “there are a lot of new M&A mandates coming through.”

Eirik Winter, chief executive officer in the Nordics at BNP Paribas, says the region’s appeal lies in its “tendency to grow a bit faster than the rest of Europe and in some cases even faster than the U.S.”

And big U.S.-based investment managers are also turning to the region. Neuberger Berman recently opened an office in Stockholm, while Nuveen added to its presence in Scandinavia by creating an office in Copenhagen.

JPMorgan says it’s relocating bankers to the Nordic region. It also wants to hire as it tries to expand a portfolio of ultra-high net worth clients, and do more investment banking. Goldman Sachs, which already has a Nordic base in Stockholm, will open an office in Copenhagen in April, starting with around 10 people.

Pension funds in particular are desperate for investment ideas as entrenched negative rates and high stock valuations push the industry into increasingly risky corners of the asset market. Many are relying more than ever on so-called alternative investments, which tend to be illiquid and difficult to price.

The region has been able to amass its wealth despite having one of the world’s highest tax burdens. It also boasts some of the smallest gaps between rich and not-so-rich, while GDP-per-capita rankings are some of the highest on the planet. The banks and asset managers Bloomberg spoke to also cited the region’s stable political and regulatory environment, and a corporate landscape in which there’s considerable appetite for debt issuance and M&A.

BNP, which employs around 800 people in the Nordics, hired several dozen people in the past year and a half. It wants to focus on “areas where we are less known, such as M&A, investment banking and in equity markets,” Winter said. “We’re not ‘smile and dial’ bankers who fly in for deals.”

New York-based investment manager Neuberger Berman has seen its business in the Nordic region grow by more than 50% a year since 2005. It relied on flying bankers in and out of the region, but has now decided it needs an office in the Swedish capital.

“At the end of the day, we also need to have a few feet on the ground and not only operating from a hotel reception or a hotel lobby,” Mark Oestergaard, head of the Nordic operations, said. “That is to signal to the clients that this is not just for a brief moment in time in the investment industry. This is for the long haul.”

It’s also worth noting that roughly a third of Nordic corporate deals involve a buyer outside the region, and in most cases that buyer will bring its own banks. The figure is even higher, when it comes to private-equity deals, according to Nordic Knowledge Partners.

“The more foreign interest in the market, the higher the share of global banks,” NKP’s chief executive officer, Andreas von Buchwald, said. “Typically buyers would want their Goldman Sachs, rather than depend entirely on local banks.”

Meanwhile, some of the biggest Nordic banks are in the middle of sweeping cost-cut programs that are eating into personnel numbers.

Frank Vang-Jensen, the new CEO of Nordea Bank, has slashed the lender’s wholesale operations after shareholders demanded bigger returns. The second-biggest Nordic lender, Danske Bank, has frozen headcount as it grapples with the consequences of a huge money-laundering scandal.

But Nordic banks are keen to hold on to their business, with the resources they have.

Nordea plans to increase its asset management operations by doubling inflows from pension funds, Snorre Storset, head of wealth management, said. He’s also targeting private banking for growth, but points to the “tough competition” as “others also see that it’s very attractive.”

Danske wants “to show that we are a bank that can both provide solid investment advice and can provide clear and relevant perspectives on customers’ financial opportunities in the light of their individual situation,” according to John Poulsen, head of investments.

But according to Kristiina Hirva, a Helsinki-based attorney with DLA Piper, international banks with their sights set on the Nordics face few barriers.

“There are a lot of real estate transactions, a lot of M&A transactions,” said Hirva, whose employer is among those to have expanded in the Nordics, and now has 450 lawyers in the Nordic region alone.

“At least at the moment there seems to be a place for all of them,” she said. And that includes “new players in the sandbox.”