Word: hansabank
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...rates in Europe until recently. But, hit by the global credit crunch and economic downturn, the Baltics are now leading Europe into recession. By some estimates, Estonia's economy may already be shrinking. "There's an Estonian saying: Every party ends in tears," says Maris Lauri, an economist at Hansabank, a subsidiary of Sweden's Swedbank...
...been crucial too, now comprising one quarter of the region's investment flows. And the financial superpower within the Baltic Sea is undoubtedly Sweden, accounting for 60% of that regional investment. Two years ago, for example, Sweden's fourth largest bank, Swedbank, completed a $2.6 billion takeover of the Hansabank Group, the Baltics' biggest bank, whose distinctive sea-green and orange Viking ship logo can be found from Tallinn to Vilnius. The marriage has worked out well so far. "We have been very, very happy about this interest from the Nordic countries. You can't overestimate their role," says Hansabank...
...ones buying the new homes that are shooting up on the outskirts of Tallinn. Much of the building is being done on credit, leading bankers to worry about a bubble economy. "Some people think they have discovered the never-ending hockey stick," frets Erkki Raasuke, chief executive of Hansabank, Estonia's biggest...
...this is being done on credit; banks report that their lending is up by a startling 50% this year, leading some to worry about a bubble economy, especially in real estate. "Some people think they have discovered the never-ending hockey stick," frets Erkki Raasuke, 35, chief executive of Hansabank, the country's biggest bank. Estonia's current torrid growth took him by surprise; he thought it would calm down once the country joined the E.U. in May 2004. Instead, it has accelerated, from an annual rate of 7.1% in 2003, to 8.1% in 2004 and 10.5% in 2005, according...
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