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At the end of 2023, there were 123 banks in Sweden. They can be divided into four groups: Swedish corporate banks, foreign banks, savings banks and member banks. [1] 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]
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.
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]
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.
The same year SpareBank 1 purchased VÅR Bank from the labour union Landsorganisasjonen (LO). This bank was renamed Bank 1 Oslo, with branches in Oslo and Akershus while other branches of the bank were taken over by other alliance members. LO acquired at the same time 10% of the stocks in SpareBank 1.
These are – Swedbank, Revolut, SEB bankas, Luminor, and ŠiauliĊ³ bankas. Majority of the market historically has been dominated by branches of the Scandinavian majors . [ 2 ] The largest banks and financial institutions in Lithuania , Latvia and Estonia are largely the same and mostly dominated by same Swedish companies.
In February 2019, Computer Sweden revealed that all calls made to 1177 since 2013 that were answered by the subcontractor Medicall were stored as audio files on a server that lacked both encryption and user authentication.
Nowadays, its main rivals in the Latvian banking market are Swedbank, Luminor and Citadele bank. [2] SEB banka has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank. [3] [4]