Swedbank

It is a leading Swedish institution in banking operations in the Nordic and Baltic countries. It provides commercial, investment, retail, mortgage, loan, and insurance banking services. Some of its subsidiaries are located in Luxembourg, Russia, Estonia, Latvia, Lithuania, and Ukraine.

History

In the year 1820, the concept of a savings bank was beginning to be very common. Therefore, in that same year, Sweden’s first savings bank was created, specifically in Gothenburg, called Göteborgs Sparbank. At that time, the symbol of the savings banks was an oak drawn by the artist Acke Kumlien.

For several centuries more and more savings banks and new commercial banks were established. Savings banks remained independent of any regulatory legislation until 1892. The bank began to present problems because it could not respond to the demand for cash that had been imposed at that time.

Due to the benefits to save money offered to customers, especially in the agricultural field, the first Swedish agricultural bank was created in 1915 in Västerhaninge. Its objective, like savings banks, was to provide loans to farm owners and savings services so that their activities can thrive.

Savings banks could not compete with commercial banks because they had more significant benefits. After the Savings Bank Association was established in 1900, savings banks began to make propaganda, marketing strategies, offer school products, and more.

In the period after World War II, it began to establish various subsidiaries to expand nationally. The most important were Sparbankernas Datacentraler in 1962, Sparbankernas Revisionsbyrå in 1966, and Svenska sparbankernas Fastighetsbyrå in 1966. Years later, savings banks and agricultural banks began to have the same rights in banking operations. Agricultural banks started to be called Föreningsbanken.

With the financial crisis of 1990, several banks were forced to borrow from the Swedish government. That led to the establishment of stronger institutions capable of overcoming the crisis. Therefore, in 1992, several Swedish savings banks merged to create Sparbanken Sverige AB and Föreningsbanken AB. That allowed a little stabilization of the problems caused by the financial crisis. Two years later, they had improved their situation considerably. To become a stronger bank, Sparbanken Sverige and Föreningsbanken decide to join to form FöreningsSparbanken in 1997. This bank was further extended in the Baltic and Nordic regions. FöreningsSparbanken changed its name to Swedbank in 2006.

Routing Number

To identify the Swedbank bank in the United States for a bank transfer, the routing number used is 026012577.

Number of Employees

The Swedbank group has 14,664 employees.

Rating

The rating determines long-term financial risks when a debt is presented.

Swedbank has a rating of:

  • S&P = AA-.
  • Moody’s = Aa2.
  • Fitch = AA-.

AA- (S&P Global) = The entity has excellent quality, is very stable, and with little risk.

Aa2 (Moody’s) = It refers to the bank’s high quality and susceptible to long-term risks.

AA- (Fitch) = It has very high security.

Headquarters

The headquarters are located in Stockholm, Sweden.

Website

The website of the Swedish bank is http://www.swedbank.com

Services

1.Financing Services: It makes all kinds of financing agreements and bank loans to clients and companies in Sweden.

2. Global Transaction Services: It offers cash management services, foreign transactions and securities services.

3. Advisory services and investment banking: It offers personal advice in all banking operations. It includes corporate finance, structured finance, debt capital markets, and loans.

Contact

Address: Landsvägen 40, 172 63 Sundbyberg, Stockholm.

Phone Number: + 46-8-585 900 00 (Central office).