15 Best Banks in Sweden
Sweden has more than 114 banks, and the four largest banks in Sweden control more than 80% of the total assets of the sector. Commercial banks, foreign banks, savings banks, and cooperative banks are the four divisions of the banking sector.
Also Read: –Top 10 Largest Banks in Denmark
These 114 banks can be divided into four groups: commercial, savings, cooperative, and foreign banks. The four largest banks in Sweden, as you might imagine, own the majority of the stakes, while the remaining banks range in size from small to medium.
The banking system in Sweden has a steady outlook, according to Moody’s, because of favourable operating circumstances and low interest rates. The likelihood of an event risk is constrained by high asset quality, adequate capital levels, and profitable operating ratios.
This ranking of Sweden’s leading banks is a useful starting point for anyone thinking about a career in finance in that country. See our lists of financial institutions for further information.
List of Top 15 Best Banks in Sweden
- Nordea Bank
- SEB Bank
- Svenska Handelsbanken
- Swedbank
- Forex Bank
- Nordnet Bank
- Carnegie Investment Bank AB
- ICA Banken
- Resursbank
- Ikano Bank
- Avanza Bank
- Westra Wermlands Sparbank
- Danske Bank
- SBAB Bank
- Bank of Åland Plc
- Nordea Bank
As the largest financial institution in the Nordic region and with a presence in 20 countries, Nordea has been in business since 1832. As of 2020, it had 1,400 branches throughout Sweden, Denmark, Norway, Finland, Latvia, and Lithuania. Its corporate headquarters are in Stockholm. The bank has achieved its position through providing wealth management services to small businesses, medium-sized businesses, and individuals as well as commercial and business banking services. The bank has an AA+ credit rating, indicating that its finances are secure.
- SEB Bank
Because of its universal banking services and commitment to making sure that its products are suitable for small and medium-sized businesses, this bank is the second-largest in Sweden. The bank has locations in 14 different countries and employs 15,000 people who have received training in how to treat clients with the utmost respect. The bank’s 23.1 billion SEK net profit in 2018 has been ascribed to the way it does business as a commercial bank and goes above and beyond to provide services including checking and savings accounts, credit cards, mutual funds, and foreign exchange. It is also crucial to remember that both members and non-members can access financial assistance.
- Svenska Handelsbanken
Having been founded in 1871, this bank is one of the oldest in Sweden and provides both retail and business clients with banking goods and services. Asset management, cash management, debt capital markets, bank relations, corporate finance, asset financing, international trade, advisory, securities, research, pension and advisory services, as well as sales and execution, have been given priority by the bank when it comes to the services it offers. The bank has 800 branches throughout 20 countries, with its headquarters in Stockholm.
Svenska Handelsbanken offers businesses and institutions access to trading markets in addition to offering banking services to private customers. Additionally, it makes standard business transactions easier. Being able to offer these goods and services places the bank among the largest in Sweden. Since the late 20th century, Svenska Handelsbanken has also been expanding its activities to other Scandinavian nations. Likewise, it has increased its service areas to include the UK and the Netherlands. One of the bank’s largest recent expansions, over 200 new branches have been added in the last few years.
- Swedbank
Swedbank, which was established in 1820, provides services to 7.3 million ordinary consumers and 600,000 corporate clients. The goal of the bak is to support a stable and long-lasting financial position for Sweden’s numerous households and enterprises. In Sweden, the bank has 186 locations and generated operating income of SEK 44,222 million in 2018. Trading services in equity, foreign exchange, and fixed income are some of the bank’s most popular offerings.
- Forex Bank
Due to its 1927 focus on providing currency exchange services, this bank is the largest in Sweden. The bank has 110 branches spread out around the country, and it is also present in the other three nations of Denmark, Finland, and Norway. It began providing services other than currency exchange in 2003, including loans, debit and credit banks, current and savings accounts, online and mobile banking, money transfers, cash management, and payments.
The Friberg family, who owns Forex Bank, has expanded its services to other nearby nations. In example, the bank maintains locations in train stations and airports where passengers may conveniently access foreign currency while travelling.
- Nordnet Bank
Over 400 people are employed by Nordnet Bank, which has its headquarters in Sweden and operates internationally. Additionally, this bank has a large presence in Finland, Denmark, and Norway. Initially a broker, Nordnet Bank now operates in Sweden and other countries as a full-service bank, including savings, loans, investments, and pension services. The bank earned $147.6 million in income in 2016 and had assets worth $48.7 billion. The digital bank reported profits after taxes of SEK 301.9 million as of June 2020, an increase of 311% from the prior year.
- Carnegie Investment Bank AB
One of the oldest financial firms in Sweden is Carnegie Investment Bank, which was established in 1803. In the entire Nordic region, it has a number of branches. By acquiring HQ Bank and HQ Fonder in 2001, Carnegie Investment Bank cemented its position as the region’s unchallenged leader in investment banking. The bank has withstood the test of time and continues to be one of the suppliers of reputable financial services, such as securities brokerage, investment banking, and private banking.
The headquarters of Carnegie Investment Bank are in Stockholm. It does, however, have a number of branches in other Nordic nations. Additionally, it has a significant presence in New York, London, and Luxembourg. Additionally, the bank has established a solid reputation in the fields of financial consulting, brokerage, and equities research.
The Swedish government seized Carnegie Investment Bank in 2008. Due to the recent financial crisis, this was done. In a joint venture acquisition in 2009, Bure Equity and Altor Equity Partners acquired this bank. The bank was repositioned as one of the top financial organisations in Sweden and other Nordic nations as a result of this acquisition.
- ICA Banken
Around 713,000 people are served by the Solna, Sweden-based ICA Braden Bank. Additionally, the company that offers individual and business banking services with a focus on customers employs about 356 employees. When it was founded in 2001, the bank began providing private and business banking services. However, it didn’t begin providing insurance services through ICA Insurance until 2015.
In 2022, ICA Braden Bank first opened for business. It is a division of ICA Gruppen AB, a retail organisation that specialises primarily on offering goods and services related to food and health. As a result, this bank develops a system that enables ICA to easily serve its clients all throughout the nation. ICA Braden Bank gains extra money as a result.
- Resursbank
Resursbank was established in 1927 and offers financial services that are focused on the needs of its clients. The Helsingborg-based bank currently employs about 926 people and has a sizable presence in Sweden, Finland, Denmark, and Norway. It also conducts business through the categories for Consumer Loans and Payment Solution.
- Ikano Bank
Ikano has established itself as one of Europe’s leading online banks by providing the greatest internet banking services. It was first established in 1988 under the name “Ikano Bank,” however it was rebranded as Ikano Bank in 2009. The bank employed 512 people in 2019, up 34% from the previous year. Given that the bank provides the majority of its services online, it has an adequate labour force to satisfy the demands of all of its clients, wherever they may be. Ikano Bank provides several different financial services. Among the most well-liked ones are:
- Avanza Bank
In 1999, the Avanza Bank was established. The headquarters of this bank are located in Stockholm, the Swedish capital. Less than 1,000 people work for the bank as its whole workforce. Additionally, Avanza Bank has assets worth over $10 billion and an average annual income of over $100 million.
Avanza Bank is renowned for providing outstanding customer service. Due to its greatness, it has won an award each year for more than ten years running. The goal of Avanza Bank is to make banking and using financial services simple for its customers.
Avanza Group, a bigger financial organisation, owns Avanza Bank. Other financial institutions in Sweden are owned by this institution.
- Westra Wermlands Sparbank
Westra Wermlands Sparbank was one of the earliest banks in Sweden to open its doors in 1856. This bank is a sizable financial organisation that serves millions of customers. It provides a wide range of banking services, including savings accounts, current accounts, debit and credit cards, loans, and pension plans.
Although it was bought by the Swedbank Group in 1998, this bank still trades as Westra Wermlands Sparbank. Since then, the bank has added several hundred new employees to its staff.
Since the bank’s founding in the 19th century, it has been a pioneer in offering clients long-term support, which has sparked a lot of expansion for nearby companies.
- Danske Bank
Another established financial firm, Danske Bank was founded in 1937. The bank originally went under a different name when it was began. The institution has undergone a number of modifications over the years, each of which has resulted in a new name at certain points.
One of the major banks in the banking industry by assets is Danske Bank, which is regarded as one of the biggest banks. This bank offers a broad range of financial services to its customers, unlike other banks. Accounts services, loans, mortgages, insurance, private banking, and asset management are some of these services. Additionally, it offers cutting-edge banking services like mobile and online banking.
- SBAB Bank
One of the few banks controlled by the Swedish government is SBAB Bank, which was founded in 1985. Despite offering a variety of financial services, this bank specialises in residential mortgages. More than 500 individuals work for SBAB Bank, making it a sizable employer. The bank currently conducts business from Solna and has total assets totaling more than $500 billion.
About 400,000 people are on the client list of SBAB Bank, and more than $40 billion in loans are outstanding from those people.
- Bank of Åland Plc
The Bank of Land Plc, a sizable commercial bank founded in 1942, offers financial services in Sweden and Finland, two Scandinavian nations. Furthermore, the bank is based in the Finnish region of Land, where it conducts business. The bank opened for stock purchases in 1942 after being listed. Over 600 people work for this bank throughout all of its regions.
The Bank of Land Plc was first founded in 1919 and was first listed on the Helsinki Stock Exchange in 1942. By purchasing Kaupthing Bank Sverige AB in March 2009, this bank established a presence in Sweden. This bank’s primary clientele are wealthy individuals and businesses. Nevertheless, it offers services to businesses and retailers. Wealth management is another activity the bank engages in. The fact that this financial institution ranks highly for customer loyalty demonstrates that it has also built a solid reputation. Additionally, it has stable operations and a low rate of credit loss.
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