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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 7 million private customers and 555 000 corporate customers. Swedbank is the largest bank in both Estonia and Latvia. [7]
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In December 2007, the company was headed by a new foreign investor from the Swedbank Group and the bank was renamed as Swedbank Invest. [8] [9] In 2009, the form of ownership and the name of the bank was changed to PJSC Swedbank. [10] [11] In 2013, the Swedbank Group decided to exit the financial market of Ukraine.
Sweden's largest banks regardless of measurement type (employees, revenue, capitalisation, assets) is typically a list of four – Swedbank, Nordea, SEB and Handelsbanken. [ 2 ] [ 3 ] Swedish banks and financial institutions dominate the financial market in the Baltic states – Lithuania , Latvia and Estonia .
BankID is an electronic identification system in Sweden.With a usage rate of 94% among smartphone users, it is the single largest such service in Sweden by a large margin, and is administered by Finansiell ID-Teknik BID AB that is owned by several Swedish and Scandinavian banks.
SEB serves 2,000 large corporations and 1,100 financial institutions, 400,000 small and medium-sized enterprises (SMEs) and some 4 million private individuals. [ 18 ] The company is operating through six business divisions; Large Corporates & Financial Institutions, Corporate & Private Customers, Private Wealth Management & Family Office ...
In 2014 organisations could register for receiving payments, although some organisations used a private bank account of someone in the organisation before that. In January 2017 Swish was launched for web based sales which quickly became popular, for example used by the train operator SJ. [6] It is possible to pay by scanning a QR code.
Latvia's four largest banks are Swedbank, SEB Group, Citadele Banka and Luminor. [2] In 2023, Swedish Swedbank and SEB Group held more than half of Latvia's banking market. [3] [4] The largest banks and financial institutions in Lithuania, Latvia and Estonia are largely the same and mostly dominated by Swedish companies. [5] [6] [7]