We have more than 114 banks in Sweden, and the four biggest banks within Sweden account for more than 80% of the industry’s total assets. The banking system is divided into four categories which include commercial banks, foreign banks, savings banks, and co-operative banks.
- Nordea Bank
- SEB Bank
- Svenska Handelsbanken
- Forex Bank
- Nordnet Bank
- Carnegie Investment Bank AB
- ICA Banken
- Ikano Bank
- Avanza Bank
- Westra Wermlands Sparbank
- Danske Bank
- SBAB Bank
- Bank of Åland Plc
1. Nordea Bank
Nordea began its operations in 1832, and it poses as the largest financial institution in the Nordic region and has a presence in 20 countries. Its headquarters are in Stockholm, and as of 2020, it has 1,400 branches in Sweden, Denmark, Norway, Finland, Latvia, and Lithuania. to have risen to this position, the bank offers personal banking services, commercial and business banking, wholesale banking as well as wealth management to individuals, companies and major corporations. The bank is financially stable with an AA+ rating by credit rating agencies.
2. SEB Bank
This is the second-largest bank in Sweden courtesy of its universal banking services and ensuring that its products cater to small as well as medium enterprises. The bank has branches in other 14 countries with 15,000 employees who have been trained to handle customers with utmost care. The bank recorded a net profit of SEK 23.1 billion in 2018 which has been attributed to the way it operates as a commercial bank and goes out of its way in offering services such as checking and savings account, credit cards, mutual funds, and foreign exchange. It is also important to note that there is a provision of financial solutions to both members and non-members.
3. Svenska Handelsbanken
This is one of the oldest banks in Sweden, after being established in 1871, and it offers banking products and services to individuals and corporate customers. The bank has prioritized on offering services of asset management, cash management, debt capital markets, bank relations, corporate finance, asset finance international trade, advisory, securities, research, pension, and advisory services, and sales and execution. The bank has its headquarters in Stockholm, with 800 branches in 20 countries.
Founded in 1820, Swedbank offers services to both private and corporate customers, who make up 7.3 million and 600000 respectively. The vision of the bak is the promotion of a sound and sustainable financial situation for the many households and businesses in Sweden. The bank operates 186 branches within Sweden and in 2018 reported operating revenue of SEK 44,222 million. Among the most selling services of the bank include trading services in equity, currency, and fixed income trading services.
5. Forex Bank
This is the biggest largest bank in Sweden, courtesy of specializing in currency exchange services since 1927. The bank operates 110 widespread branches and it is also present in the other three countries which include Denmark, Finland, and Norway. It is in 2003 that it started offering other services other than forex exchange, through current and savings accounts, internet and mobile banking, loans, debit and credit banks, money transfers, cash handling, and payments.
6. Nordnet Bank
Nordnet Bank is headquartered in Sweden and employs over 400 individuals in the country and across international borders. This bank also has a significant presence in Finland, Denmark, and Norway. Nordnet Bank began as a broker but is currently providing investments, loans, savings, pension services as a full-fledged bank in Sweden and other parts of the world. By 2016, the bank had assets worth $48.7 billion and an income of $ 147.6 million. As of June 2020, the digital bank registered SEK 301.9 million profits after-tax, up 311% from the previous year.
7. Carnegie Investment Bank AB
Founded in 1803, Carnegie Investment Bank is one of the oldest financial institutions in Sweden. It has several branches in the entire Nordic region. In 2001, Carnegie Investment Bank acquired HQ Bank and HQ Fonder, making it the undisputed investment banking leader in the area. The bank has passed the test of time and remains one of the providers of trusted banking products, including private banking, investment banking, and securities brokerage.
8. ICA Banken
ICA Braden Bank is headquartered in Solna, Sweden, and serves about 713,000 customers. Moreover, the provider of customer-focused private and commercial banking services employs approximately 356 people. The bank started offering private and commercial banking services when it was established in 2001. However, it was until 2015 that it started offering insurance services through ICA Insurance.
Resursbank was founded in 1927, and the bank provides customer-centric retailing financial services. Currently, the Helsingborg–based bank has a significant presence in Sweden, Finland, Denmark, and Norway and employs approximately 926 individuals. Moreover, it operates through the Payment Solution and Consumer Loans segments. Through these segments, Resursbank offers the following valuable financial services to its esteemed clients:
- Unsecured loans
- Sales-driving finance
- Payment solutions to retailers
- Credit cards
10. Ikano Bank
Ikano is offering the best internet banking services and has emerged as one of Europe’s most prominent Internet banks. It was founded in 1988 and named “IkanoBanken” but was rebranded in 2009 to Ikano Bank. In 2019, the bank had 512 employees, a 34% increase from the previous year. Given that the bank offers most of its services online, the labor-force is enough to meet its customers’ needs irrespective of their location. Ikano Bank offers a wide range of financial services. Some of the most popular ones are:
- Car loans
- Mortgage loans
- Corporate leasing
11. Avanza Bank
The Avanza Bank was created in 1999. This bank has its headquarters in the capital of Sweden, Stockholm. The bank operates with a small workforce that is less than 1,000 in number. Also, Avanza Bank averages a total yearly income of more than $100 million and it holds a total asset that exceeds $10 billion.
Avanza Bank is known for its excellent customer care service. This excellence led it to win a yearly award for over ten years in a row. Avanza Bank always tries to make banking and access to banking facilities easy for its clients.
12. Westra Wermlands Sparbank
Started in 1856, Westra Wermlands Sparbank is amongst the first banks to begin operation in Sweden. This bank is a large financial institution that caters to hundreds of thousands of people. It offers banking services such as savings account, current account, debit/credit cards, loans, pension schemes, and much more.
Although this bank still operates as Westra Wermlands Sparbank, it was purchased by Swedbank Group in 1998. Since then, the bank has expanded the number of its workforce to a few hundred.
13. Danske Bank
Danske Bank is another older financial institution that was created in 1937. Initially, when it was opened, the bank had another name. Over the years, several changes have been made to the institution, which had led to different names at different times.
Danske Bank is considered amongst the largest banks with one of the largest assets within the banking sector. Unlike other banks, this bank provides a wide range of financial services to its clients. These services include accounts services, loans, mortgages, insurance, private banking, and asset management. Also, it provides modern banking services such as online and mobile banking.
14. SBAB Bank
Opened in 1985, SBAB Bank is one of the few banks that are owned by the Swedish Government. Although this bank provides several financial services, the bank is primarily involved with residential mortgages. SBAB Bank employs a large workforce of more than 500 people. Currently, the bank operates out of Solna and it has a total asset worth over $500 billion.
15. Bank of Åland Plc
Created in 1942, the Bank of Åland Plc is a large commercial bank that provides banking services across two Scandinavian countries of Finland, and Sweden. Additionally, the bank operates out of Åland, which is a province within Finland. In 1942, the bank was made open for stock purchase as it was listed. This bank has a large workforce of over 600 staffers across all the regions.