Finnair (AY, Helsinki Vantaa) has given up hope of landing an external industry investor as the Finnish government is reluctant to relax laws governing the carrier's ownership and thus, permit privatisation.

"We will go for our growth opportunities and define our future by ourselves," CEO Pekka Vauramo told Reuters in an interview.

In line with Finnish law which requires that the state controls the majority stake in the airline, Finnair is currently 55.8% state-owned. Vauramo has repeatedly called for revisions to the law, hoping to enter into a tie-up with one of the major airline groups, but has now dropped this plan.

Finnair's expansion will concentrate on Asian routes which has helped it record healthy profits over the last few years.

In 2015, rumours surfaced that IAG International Airlines Group may acquire Finnair, although both parties subsequently denied any such talks.

Finnair's privatisation will remain off the table at least until after parliamentary elections, scheduled for 2019, are held. The future government may then reconsider its position.

As of now, the Finnish flag carrier remains one of the relatively few mid- and large-sized European Union carriers still controlled by the state. Others on the list include SAS Scandinavian Airlines, LOT Polish Airlines, airBaltic, Tarom, TAP Air Portugal, and Nordica.