Internationalization poses great challenges for banks: competing with each other in different regions and offering competitive services. The purpose of this thesis is to gain a deeper understanding of Nordic banks’ internationalization strategies. Three research questions were posed: How can the motives for internationalization of banks be described, how can the international market entry strategies available for banks be described and how can factors influencing choice of foreign markets for banks be described. Qualitative case studies of Kaupthing Bank of Iceland and DnB NOR of Norway were made. Findings showed that saturated home market and following home country customers abroad are major motives for Nordic banks’ internationalization. Market entry strategies, on the other hand, differ between Nordic banks and have to do with their corporate strategies. Finally, Sweden, mainly due to its large financial market, is the main foreign market for Nordic banks.