7. The Internationalisation of Swedish Banks and Their Business Networks: Push Versus Pull Strategies

Constrained by both domestic and foreign regulations, Swedish banks’ operations have historically primarily occurred in Sweden (Engwall 1992). National regulations only allowed minor operations in foreign markets, whilst internationally, other countries did not permit foreign banking ventures. The Swedish banks’ choices and possibilities for internationalisation were clearly constrained. Since the 1990s conditions have changed due to foreign and domestic deregulation, allowing Swedish banks to broaden their foreign ownership and expand internationally, often following their corporate customers to global markets (Marquardt 1994). To deepen our understanding on banks’ internationalisation, this chapter seeks to explore how their relationships with existing and potential corporate customers and, in turn, their business network, might influence the internationalisation process.