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"Poland and the Baltic countries are rapidly-growing markets with huge potential. This makes it interesting for a bank like Nordea to have a presence here, but it won't be easy to increase our market share."
So said Tomas Nordin, Head of Administration for Nordea in Poland and the Baltic countries at the seminar in Spala. He nevertheless promised that the bank would continue to invest in these countries and to a certain extent in Russia too.
In total, the region has a population of 56 million (of which 10 million in North-Western Russia). After China, it is the fastest growing region in the world, with an annual growth of 5 to 7 per cent.
Nordea is the only foreign bank that has its own branch network in Poland and all three Baltic countries. Nordin underlined the fact that the Baltic and Polish operations are fully integrated into the Nordea Group.
Compared to the Nordic countries, the level of deposits and lending is much lower in the Baltic countries and Poland, but this also offers opportunities for growth.
”We have the huge ambition to grow at twice the market growth. The ambition is to be among the leading banks in the Baltic countries and among the top five in Poland in our targeted segments,” said Tomas Nordin.
"The targeted customer groups are more or less the whole market," he added.
New jobs will be created as the operations expand. In 2006, the total workforce in the four countries is expected to increase from approximately 1 500 to almost 1 900.
In the section on human resources management, Tomas Nordin emphasised Nordea's three strategic initiatives:
- keep the right staff
- develop the staff
- motivate the staff.
Benefits
Nordea has one profit sharing programme for the 350 top executives and another one for all employees. There are also other incentives, for example bonus systems and so-called smart money for exceptionally good performance.
The main goals of these benefits are:
- to attract, develop and retain highly motivated and competent employees
- to increase employees commitment, work quality and efficiency
- to create long-term loyalty to the company.
"But the list of benefits may grow longer," said Tomas Nordin:
"We need additional benefits so that we can compete with other banks and employ skilled people.”
A list of proposed new benefits has been drawn up and is being discussed at the company. This list covers everything from insurance schemes and company health care to birthday presents and parental leave.
Exerting influence
With regard to the influence of the employees, Nordin noted that co-operating with the trade union is part of the everyday work of a Swedish manager, but that the traditions are completely different in Poland and the Baltic countries.
"I am often asked if we are against the trade unions. Of course we are not, but it takes two to tango. However, we talk to the employees even where there are no trade unions and agreements. We want local managers who co-operate and who ask their employees for their point of view.”
Despite the fact that this is the bank's policy, Tomas Nordin heard testimony from the participants that relations between the local management and the employees in Poland are not running at all smoothly and that employees are being treated badly.
"This is not the way we want things to work in Nordea. We should have the same rules everywhere and behave in the same way in the whole Group. It may take time to change old traditions, but I cannot take over management from the managers here. Try to solve these problems locally, and send me an e-mail if you can't,” said Nordin.
Bengt Rolfer
Facts about Nordea in the Baltic countries and Poland
Facts about Nordea in Estonia (E), Latvia (La), Lithuania (Li) and Poland (P).
Business volumes (loans+deposits) EUR billion:
1.2 (E), 1.1 (La), 0.9 (Li), 2.2 (P)
Customers
- private: 33 000 (E), 25 000 (La), 12 000 (Li), 283 000 (P)
- corporate: 5 500 (E), 1 800 (La), 900 (Li), 36 600 (P)
Employees: 250 (E), 235 (La), 150 (Li), 850 (P).
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