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Overview of Banks in Sweden
As per the Moody’s Investors Service, Sweden’s banking system is quite stable. The reasons behind this rating is the following –
- Sweden has strong operating conditions that allow the banking system to thrive.
- Secondly, Sweden banking system maintains a low interest rate which will help the profitability and asset quality to increase.
- Thirdly, Sweden’s economic growth is commendable that allows the banking system to evolve in near future.
Moody’s Investors Service has also mentioned that they expect the banking system’s creditworthiness will improve in the next 12-18 months.
As in economic growth, Sweden will outperform many economies in the Europe; Moody’s Investor Service has high hope for Sweden’s banking system.
Structure of Banks in Sweden
There are total 114 banks in Sweden. As we all know there are big 4 top banks in Sweden. The best part is these four banks have acquired around 80% of total assets of the industry’s total assets.
We can divide these 114 banks into four categories – commercial banks, savings banks, co-operative banks, and foreign banks.
As you can expect, the four top banks in Sweden has got the major stakes and other banks are small to medium sized banks.
Top banks in Sweden
Here is a list of top 10 banks in Sweden (source: relbanks.com). We will first talk about the big four banks and then we will discuss the rest.
#1. Nordea Bank AB:
This is the top bank in Sweden. It is also the first major bank among big four banks in Sweden. In 2001, this bank was formed by a merger among four banks – Chritiania Bank, Merita Bank, Unibank, and Nordbanken. It has been serving around 11 million customers. Around 32,000 employees work here. And it has 600 branches across Sweden. At the end of June, 2017, the total assets acquired by this bank were SEK 6183 billion. It is head-quartered in Stockholm.
#2. Svenska Handelsbanken AB:
This is the second largest bank in Sweden and needless to say that it is also one of the big four top banks in Sweden. It is quite an old bank and it was established in the year 1871, around 146 years ago. Around 11,000 employees work here. It has presence in over 20 countries. And this bank has 430 branches only in Sweden. At the end of June, 2017, the total assets acquired by this bank were SEK 2961 billion. Its head-quarter is also located in Stockholm.
#3. Skandinaviska Enskilda Banken:
This is the third largest bank in Sweden. And also one of the big four banks in the country. It has been providing services for 4 million customers. And it has presence in over 20 countries. It is older than Svenska Handelsbanken AB; it was established in the year 1856, around 161 years ago. At the end of June, 2017, the total assets acquired by this bank were SEK 2777 billion. Its head-quarter is also located in Stockholm.
This bank is one of the largest in Sweden. It is also one of the big four banks in the country. It has been serving over 7 million customers and it has around 240 branches in Sweden. Around 14,000 employees work in Swedbank. It has presence in many countries like South Africa, Luxembourg, Norway, Finland, Denmark etc. At the end of June, 2017, the total assets acquired by this bank were SEK 2426 billion. Its head-quarter is situated in Sundbyberg.
#5. Carnegie Investment Bank AB:
This is one of the oldest top banks in Sweden. It was established in the year 1803, around 214 years ago. This is one of the most significant investment banks in Sweden. It has been providing services like investment banking, securities brokerage, and also private banking. It has many branches in Nordic region. In the year 2001, Carnegie Bank acquired HQ Fonder and HQ Bank and has become the leader of investment banking in Nordic region.
#6. Ikano Bank:
Ikano Bank is one of most prominent internet bank operating in Europe. Previously, it was known as IkanoBanken. In the year 2009, the name was changed to Ikano Bank. It provides all sorts of financial services like car loans, mortgage loans, insurance, corporate leasing etc. It was established in the year 1988 and it is a part of Ikano group. Around 3800 people work here. At the end of December, 2016, it has total assets of SEK 41.5 billion.
#7. Forex Bank AB:
This was established in the year 1927, around 90 years ago. But until 1990, it was just a company. It got its license from the Bank of Sweden in 1990s. As of now, Forex Bank AB is the world’s biggest foreign exchange bureaus. It has a turnover of SEK 20 billion. It has around 110 branches in Sweden, Norway, Finland, and in Denmark. It is head-quartered in Stockholm. At the end of March, 2017, it had total assets of SEK 9 billion.
It is also another internet bank which has a significant repute in Sweden. It has been serving over 450,000 customers and it has employed around 300 employees. Skandiabanken is the subsidiary of Scandia group, a Swedish banking and insurance company with 2.5 million customers. It was established around 23 years ago, in the year 1994. At the end of June, 2017, it had total assets of SEK 62,322 million. Its head-quarter is situated in Kungsgatan.
#9. Sveriges Riksbank (Bank of Sweden):
This is the most important bank among all, because Sveriges Riksbank (alternatively, Bank of Sweden) is the central bank of Sweden. This bank controls and regulates the monetary policy of the banking system so that the price remains stable. This bank was founded long, long ago, around 349 years ago, in the year 1668. And it is considered to be the oldest central bank in the whole world. It is authorized under the Riksdag, the parliament of Sweden.
#10. Westra Wermlands Sparbank:
It was one of the oldest banks of Sweden. It was established in the year 1856, around 161 years ago. It is one of most significant savings banks in Sweden. The head-quarter of this bank is located in Arvika and it operates majorly in Western Warmland. In the year 1998, it has become a part of Swedbank. It has employed around 100 employees. At the end of 2016, it had total assets of SEK 9.5 million.
We hope you liked this guide to top banks in Sweden. If you are looking forward to making a career in Banking, then you can checkout some of the awesome resources –
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