There are approximately 125 banks in Sweden including 47 savings banks, 39 Swedish commercial banks, 2 co-operative banks and 36 foreign banks. Overall the banking sector employs about 40,000 people and maintains 1,300 branches and 2,655 ATMs. The number of payment cards in circulation equals 19.6 million including 10 million debit cards and 9.5 million credit and other cards. Nordea, Handelsbanken, SEB and Swedbank are the four largest banking groups in the country. Swedish Financial Supervisory Authority (Finansinspektionen), the government agency, regulates all companies in Swedish financial markets. Sveriges Riksbank, established in 1668, is the central bank of Sweden and the oldest central bank in the world. Here is a list of the largest and best banks in Sweden.

Nordea Bank

Nordea Bank Abp (Nasdaq Stockholm: NDA SE; Nasdaq Helsinki: NDA FI; Nasdaq Copenhagen: NDA DK) is the largest bank in Sweden and the Nordic region with extensive network of branches and ATMs, 10 million customers, 29,000 full time employees and US$662 billion in total assets as of March 2019. The Bank's shares are traded on the Stockholm, Copenhagen and Helsinki stock exchanges. A Finnish insurance company Sampo is the largest shareholder with approximately 20% of the bank’s shares. In 2017, DNB ASA and Nordea combined their operations in Latvia, Lithuania and Estonia to form Luminor Bank. Nordea is one of a few European banks with an AA rating. The company’s market capitalization was US$29 billion at November 29, 2019.

Svenska Handelsbanken

Svenska Handelsbanken, founded in 1871, is the second largest bank in Sweden with US$331.4 billion in total assets. It operates almost 800 branches in six home markets, including 390 branches in Sweden, 208 branches in the UK, 56 branches in Denmark, 49 branches in Norway, 36 in Finland and 29 in the Netherlands. It is rated Aa2, AA and AA- by Moody's, Fitch and Standard & Poor's, respectively. Outlook for all ratings is stable The Bank has been ranked as the safest bank in Sweden, by Global Finance.

Skandinaviska Enskilda Banken

Skandinaviska Enskilda Banken (SEB) is the third largest Swedish bank with 4.4 million customers and 15,000 employees. It offers corporate, retail and private banking services through about 200 branches in Sweden and 20 offices internationally. The company’s four main divisions are Large Corporates & Financial Institutions, Corporate & Private Customers, Baltic division and Life & Investment Management. The firm was established in 1856 and is headquartered in Stockholm.

Swedbank

Swedbank AB is the fourth largest Swedish bank by assets, with over 300 local branches, 14,865 full time employees and 7.3 million private and 600 000 corporate customers. It also has a presence in Finland, Denmark, Norway, the United States, Luxembourg, China, and South Africa. As of December 31, 2018, it had total assets of US$250 billion.

Danske Bank

Danske Bank (Sweden), part of Danske Bank Group, is the fifth largest bank in the country in term of total assets. It provides a comprehensive range of banking and financial services including deposit and lending products, mortgages, insurance products, leasing, asset management, private banking, corporate finance, real-estate brokerage, mobile and online banking and other services.

SBAB Bank

SBAB Bank AB, headquartered in Solna, is owned by the Swedish state. It serves retail and corporate customers offering deposit and loan products, with main product - residential mortgages. The company was established in 1985 and employs over 600 people. During 2018, operating profit and total assets reached US$250 million and US$50 billion, respectively.

Avanza Bank

Avanza Bank Holding AB, founded in 1999 by Sven Hagströmer, is the biggest online stock broker in the country, with over 837,000 clients and the largest number of transactions on Nasdaq Stockholm. Avanza has the cheapest mortgage in Sweden, at 0,79% interest rate. The company’s total assets were US$13.5 billion for FY 2018.

Related articles: Foreign Banks in Sweden

Updated as of December 1, 2019