Data from greenfield investment monitor fDi Markets shows that FDI into Finland’s financial services sector has decreased significantly in recent years. Between January 2003 and August 2012 a total of 33 FDI financial services projects were recorded in Finland, with $1.11bn invested and 753 jobs created. Project numbers and job creation both peaked in 2007, when seven projects were announced and 161 jobs were created. Capital expenditure peaked in 2006, when $280.9m was invested in the country’s financial services sector.
Since 2007, Finland’s financial services sector has seen a drop in capital expenditure, project numbers and job creation. Only two projects were completed in 2011, with just $32m invested and 27 jobs created. This represents a 71% decrease in project numbers and an 89% decrease in capital expenditure from the peaks in 2007 and 2006, respectively.
Between January 2003 and August 2012, Sweden has been Finland’s most prolific investor in financial services, creating 285 jobs and investing $362m in 14 projects in the country. The US invested $83.7m and Germany invested $56.8m, making them the second and third largest investors in Finland’s financial services sector. Sweden-based Nordea has created the large number of jobs in this period, creating 138 jobs with $178m-worth of investment.