AEC Chairman of the Board, Tero Vauraste, is a giant in Arctic business. Many know him as head of the Finnish company Arctic Ltd. (Photo: Archè Photography)
AEC Chairman of the Board, Tero Vauraste says he is pleased to welcome SpareBank 1 Nord-Norge as a new Arctic Partner to the pan-Arctic business community. (Photo: Archè Photography)

Arctic Economic Council Welcomes Norwegian Bank as Partner

“Sparebank 1 Nord-Norge is our first member from the banking and finance sector, and we are very happy to have them contribute to the work of the Arctic Economic Council”, says Tero Vauraste, the Chairman of the AEC.

“Investments and financing are essential in the development of the region. We are pleased to have onboard a new member with solid experience on how responsible investments in the Arctic look like”, Vauraste continues.

Sparebank 1 Nord-Norge is a provider of financial services in the private and corporate market in Northern Norway. Their headquarters is in Tromsø, Norway.

“Sparebank 1 Nord-Norge has supported the business development in Northern Norway for more than a century, and is today a leading financial institution in the region. They will be an important addition to the AEC membership, and I welcome them to the AEC”, states Erling Kvadsheim, the AEC’s Norwegian Vice Chair.

Sparebank 1 Nord-Norge also comment on the news:

“A sustainable and responsible development of the Arctic region is in the best interest of the people of Northern Norway and therefor also for Sparebank 1 Nord-Norge. This is why we see value in joining the AEC, and we look forward to participating in the work ahead.”

The AEC is a business forum established to facilitate Arctic business-to-business activities, promote responsible economic development and provide a circumpolar business perspective to the work of the Arctic Council.

AEC’s inaugural meeting was held in September 2014 in Iqaluit, Nunavut Canada. It has a 42-member board from eight Arctic states and six permanent participant organizations.

There are various levels of membership at the AEC for both Arctic and non-Arctic stakeholders.

Larger businesses may apply to join the AEC family as an Arctic Partner. The AEC’s active organizations include a diverse collection of business industries that operate in and outside of the region.

The Finnish business community holds the Chairmanship of the AEC from 2017 to 2019, and just a few weeks ago Chairman Vauraste expressed his concern regarding the recent signs of increased protectionism in global trade.

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