Updated July 28, 2023
Overview of Top Banks in Sweden
The structure of Sweden’s banks is significantly developed, and various banks operate in Sweden of various sizes and specializations.
The banking segment in Sweden is divided into four parts.
- Swedish Commercial Banks
- Foreign Banks
- Saving Banks
- Cooperative Banks
Most of the commercial banks in defense were established in the mid-1990s, and the first foreign bank was established in 1986. The banking sector of Sweden is mainly dominated by the big four domestic banks, which operate as universal banks and cover nearly 80% of the industry’s total assets.
Riksbank is Sweden’s central bank, and its responsibility is to ensure that money retains its value, and it’s also issued banknotes and coins. Finansinspektionen is Sweden’s financial supervisory authority, established in 1991 to create a single integrated regulator covering banking, securities, and insurance. Its role is to promote stability and efficiency in the financial system and to protect consumers. Currently, 135 to 139 banks are operating in Sweden, and Moody’s outlook on Sweden’s banking sector is stable, and a healthy economy of Sweden supports it. Banks and financial institutions in Sweden are represented by the Swedish Banker’s Association in Sweden.
Top Banks in Sweden
Here is a list of the top 10 banks in Sweden (source: relbanks.com). First, we will talk about the top four banks, and then we will discuss the rest:
1. Nordea Bank
It is one of the largest financial service groups in the Nordic region and one of the biggest banks in Europe. Bank operates in 20 countries, including four home markets Denmark, Sweden, Finland, and Norway. The total operating income of the group was EUR 9 billion, and the Total assets of EUR 551.4 billion in 2018. The bank started its operation in Sweden in the year 1832. As of February 2018, Nordea Sweden Bank has 4.2 million Household customers and 200,000 corporate institutions, and its market position is 2 or 3 in Sweden. Nordea Bank offers insurance, investment consulting, security brokerage services, banking, and related financial services to individuals, companies, and major corporations. Nordea is a financially stable bank with an AA+ rating by credit rating agencies.
2. SEB Bank
It is one of the leading wholesale Banks among large corporate and institutional clients. SEB offers universal banking services in Sweden, and the bank advanced its positions among the small and medium enterprises in Sweden. Around 15,000 highly skilled employees work in the SEB group from the location in some 20 countries. The net profit of the group during the year 2018 was SEK 23.1 billion, which was 16.2 billion in 2017, and the operating income was SEK 45.9 billion in 2018, which was 45.6 billion in 2017. Bank in Sweden generally operates as a commercial bank. It offers services like checking and savings accounts, credit cards, mutual funds, and foreign exchange and also provides financial solutions to residence and non-residence within Sweden.
3. Svenska Handelsbanken AB
Bank started its operation in 1871, and today bank operates in six Home Counties. Bank currently has 12,000 employees working in more than 20 countries. The bank received the best service in Sweden in 2018 for seven consecutive years. Bank has nearly 400 branches and 4,000 advisors across the country. The bank’s net income increased from SEK 3,760 Million years ago to SEK 4,015 Million. Bank provides services like business cards, financing for investment, group and health insurance, mortgage and private loans, etc. Recently the bank announced management changes effective from 1st March 2019.
Swedbank was founded in 1820, and today the bank is an international group that offers services to private and corporate customers. Bank today has 7.3 Million private customers and 600000 corporate customers. The purpose of the bank is to promote a sound and sustainable financial situation for many households and businesses. Bank operates through 186 branches in Sweden, and nearly 14453 employees work there. The bank’s total operating income was SEK 44,222 Million in 2018, 5% higher than in 2017. Banks’ profits also increased by 9% during 2018 compared to 2017. Bank offers investment and trading services, including equity, currency, and fixed-income trading services.
5. Forex Bank AB
Bank was established in 1965, and until 2003, the purpose of the bank was to sell and buy currency and provide payment services, and it is one of the world’s largest foreign exchange providers. After 2003, banks started offering services like loans, accounts, cards, and payments; the bank also offers online, mobile, and telephonic banking services. In 2003 Forex Company received a permit from the bank, and then it became Forex Bank throughout the Nordic bank has 107 branches. During the third quarter, the 2018 profit of the bank was SEK 60 Million, and over all of the first 9 months of 2018, it was SEK 100 Million.
6. Ikano Bank
The Kamprad family founded the international corporate group in 1988 and currently owns it. In Sweden, banks started operating in 1995, offering simpler banking products to private individuals. Bank also accepts a deposit, providing loans and other public services. The operating result of the bank for the year 2018 decreased by 18% to SEK 359 million as compared to SEK 435 Million in the year 2017. The bank is also present in the UK, Denmark, Norway, Finland, Germany, Austria, and Poland.
7. Avanza Bank
It was founded in 1999, and today the number of customers with the bank is 837,100, the number of employees is 406, and the bank covers a 4% share of the Swedish saving market. The bank’s market capitalization as of December 2018 was SEK 13 billion. Bank offers services like stock trading for individual investors, a broad range of saving products, and education and support for investment decisions, pension solutions, and mortgage loans. The bank’s operating income as of December 2018 was SEK 1,049 million. Avanza has Sweden’s most satisfied banking customers, according to a survey conducted by the Nordic bench.
8. ICA Banken
It was established in February 2002 and is owned by the retail chain ICA AB, and the bank offers financial services to Swedish customers. Banks provide products and services like banking cards, current accounts, savings accounts, unsecured loans, credit, insurance, and mortgages. The bank’s operating profit was SEK 42 Million in 2018 compared to 28 Million in 2017. In 2015 banks started offering insurance services through their subsidiary ICA Insurance.
Bank was founded in 1977 and offers retail banking financial services in Sweden. Bank operates in payment solutions and consumer loans. Bank also provides services like saving and other deposit accounts, Insurance policies and retail finance, and online purchases. The bank’s operating income at the end of 2018 increased by 11% to SEK 3,437 million, and its operating profit increased by 6% to SEK 1,487 Million. The total number of employees working with the bank is 765 as of December 2018.
10. Westra Wermlands Sparbank
It is one of the oldest banks in Sweden, founded in 1856. It is a savings bank that provides services like retail banking products, current accounts, payment cards, saving accounts, funds, pension plans, consumer loans, and car loans. In 1998, the bank became part of the Swedbank group and employed over 100 employees. The bank’s primary purpose is to create long-term financial security and growth for customers, and they have been trying this for the last 160 years.
This has been a guide to Banks in Sweden. Here we have discussed the 10 topmost banks in Sweden with their financial structure. You may also look at the following articles: