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'''Swedbank AB''' (formerly called '''FöreningsSparbanken''') is a leading [[Sweden|Swedish]] [[banking]] group with 9.5 million retail customers and 534,000 corporate customers in [[Sweden]], [[Estonia]], [[Latvia]], and [[Lithuania]]. In Sweden, the group has 377 branches. In the Baltic countries, it has another 224 branches. Elsewhere, the group is present in [[Copenhagen]], [[Helsinki]], [[Kaliningrad]], [[Kiev]], [[Luxembourg]], [[Moscow]], [[Marbella]], [[New York]], [[Oslo]], [[Shanghai]], [[Saint Petersburg]], and [[Tokyo]].
'''Swedbank AB''' (formerly called '''FöreningsSparbanken''') is a leading [[Nordic countries|Nordic]]-[[Baltic States|Baltic]] [[bank]]ing group with 9.5 million retail customers and 534,000 corporate customers in [[Sweden]], [[Estonia]], [[Latvia]], and [[Lithuania]]. In Sweden, the group has 377 branches. In the Baltic countries, it has another 224 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<ref>http://www.swedbank.com/sst/inf/out/infOutExtern/0,,24021,00.html</ref>.
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<ref>http://www.swedbank.com/sst/inf/out/infOutExtern/0,,24021,00.html</ref>.

Revision as of 04:27, 11 March 2011

Swedbank AB
Company typePublicly traded Aktiebolag (Nasdaq Stockholm: SWED)
IndustryFinancial services
Founded1820
HeadquartersStockholm, Sweden
Key people
Michael Wolf (President and CEO), Lars Idermark (Chairman)
ProductsRetail banking, mortgage loans, corporate banking, merchant processing services
RevenueSEK 31.04 billion (2010)[1]
SEK 9.955 billion (2010)[1]
SEK 7.444 billion (2010)[1]
Total assetsSEK 1.717 trillion (end 2010)[1]
Total equitySEK 95.04 billion (end 2010)[1]
Number of employees
17,220 (FTE, end 2010)[1]
SubsidiariesSwedbank Luxemburg, Swedbank Russia, Hansabank Estonia, Swedbank Latvia, Swedbank Lithuania, Swedbank Ukraine
Websitewww.swedbank.com

Swedbank AB (formerly called FöreningsSparbanken) is a leading Nordic-Baltic banking group with 9.5 million retail customers and 534,000 corporate customers in Sweden, Estonia, Latvia, and Lithuania. In Sweden, the group has 377 branches. In the Baltic countries, it has another 224 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[2].

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.[3]

Organisation

Swedbank sign above a automated teller machine in Karlskrona.
File:FSB logo.jpg
The Swedbank logo (1997—2006). FöreningsSparbanken was created in 1997 through a merger between Sparbanken and Föreningsbanken. The unusual corporate name and logo were compromises of the merger of two different corporate cultures.

Swedbank has a close cooperation with about 80 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 about 640 branches across Sweden. The bank has moer than 18,000 employees across its operations in Sweden and abroad. Michael Wolf is the Chief Executive Officer and Lars Idermark is Chairman.

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.

Owners

Swedbank is listed on the Stockholm Stock Exchange. The bank has no clear majority owner, but is mainly owned (7.8%) by Folksam. The second largest owner is a number of local savings banks, controlling 7.6% of the stocks. Also, a number of large financial institutions control small blocks of shares in the bank but none of these exceed 5%. 24% of the shares are owned by foreign individuals and companies.

See also

References

  1. ^ a b c d e f "Annual Results 2010" (PDF). Swedbank. Retrieved 8 February 2011.
  2. ^ http://www.swedbank.com/sst/inf/out/infOutExtern/0,,24021,00.html
  3. ^ "Swedbank to accept bailout funds". UPI. November 4, 2008.
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