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.
The banking system in Sweden is stable due to strong operating systems as well as low-interest rates, which have been a source of solid profitability and asset quality.
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 the 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.