Swedbank
 |
|
| Type | Publicly traded Aktiebolag (OMX: SWED) |
|---|---|
| Industry | Financial services |
| Founded | 1820 |
| Headquarters | Stockholm, Sweden |
| Key people | Michael Wolf (President and CEO), Lars Idermark (Chairman) |
| Products | Retail banking, mortgage loans, corporate banking, merchant processing services |
| Revenue | SEK 33.515 billion (2010) |
| Operating income | SEK 15.423 billion (end 2011) |
| Profit | SEK 11.744 billion (end 2011) |
| Total assets | SEK 1.857 trillion (end 2011) |
| Total equity | SEK 98.133 billion (end 2011) |
| Employees | 16,287 (FTE, end 2011) |
| Subsidiaries | Swedbank Luxemburg, Swedbank Russia, Hansabank Estonia, Swedbank Latvia, Swedbank Lithuania, Swedbank Ukraine |
| Website | www.swedbank.com |
Swedbank AB (formerly Föreningssparbanken) is a leading Nordic-Baltic banking group with 9.5 million retail customers and 622,000 corporate customers in Sweden, Estonia, Latvia, and Lithuania. In Sweden, the group has 317 branches. In the Baltic countries, it has over 200 branches. Elsewhere, the group is present in Copenhagen, Helsinki, Kaliningrad, Kiev, Luxembourg, Moscow, Marbella, New York, Oslo, Shanghai, Saint Petersburg, and Tokyo.
On 8 September 2006, Föreningssparbanken AB changed its name to Swedbank AB. The name change took place in the afternoon local time, after the Swedish Companies Registration Office registers the changes in the company’s articles of association. On the same date the subsidiary AB Spintab changed its name to Swedbank Hypotek AB (Swedbank Mortgage AB in English). At the same time, Föreningssparbanken Jordbrukskredit AB changed its name to Swedbank Jordbrukskredit AB. Other subsidiaries will change their names at later dates.
Contents |
[edit] History
The first Swedish saving bank was founded in Gothenburg in 1820. In 1992 a number of local savings banks merged to create Sparbanken Sverige ("Savings Bank Sweden"), which was known simply as Sparbanken ("The Savings Bank"). In 1995 this bank was listed on the stock exchange. In 1997 the bank merged with Föreningsbanken and the names were combined to create FöreningsSparbanken. During the late 2000s global financial crisis, Swedbank accepted government assistance due to its losses from loans made to neighboring Baltic economies.
[edit] Organisation
Swedbank has a close cooperation with about 60 local, and still independent, saving banks who chose not to join in at the time of the merger 1992. These banks use FSB logos and customers have the same access to independent banks and branches belonging to FSB. Two relatively large independent savings banks, including the one in Skåne, have chosen not to cooperate with Swedbank and continue to use the logo used by Sparbanken before the merger with Föreningsbanken.
Together with the independent savings banks, Swedbank has branches all over Sweden. The bank has more than 16,000 employees across its operations in Sweden and abroad. Michael Wolf is the Chief Executive Officer and Lars Idermark is Chairman.
[edit] Market position
Swedbank is one of the main banks in Sweden, together with Nordea, Handelsbanken, and SEB. In 2001 a deal to merge Swedbank (then FSB) with SEB failed as the European Commission thought that the merged company would have had too dominant a position in the Swedish banking market. Today, Swedbank has 4.1 million private customers in Sweden.
[edit] See also
[edit] External links
|
|
|||||
