Scandinavian banks look east

"In the event of a ‘yes’ vote [on Sweden joining the euro], we would not be able to compete on euro/dollar," said Håkan Larsson, head of FX at Handelsbanken Capital Markets in Stockholm. "If we want to grow, we have to find an area where we are better," he said.

To this end, the bank has increased its emerging markets trading team in Stockholm from two to six this year, he said, adding traders Denis Collot, Krister Ericsson and Jenny Mannent and transferring Marga Kampinnen internally from b