Handelsbanken results show demand for local relationship banking
14th March 2019
ONE of Sweden’s top banks’ latest annual report shows strong growth, reaffirming the group’s decision to open a UK subsidiary.
Handelsbanken, which has operated in the UK since 1982 and has over 200 branches, including its Mount Ephraim presence in Tunbridge Wells, published its full year 2018 annual results, which reveals a 10 per cent year-on-year increase in customer lending.
Over this period, business lending rose 12 per cent, to £13.7bn, while lending to personal banking customers rose 7 per cent, to £6.5bn. Customer deposits increased 11 per cent to £13.8bn.
The results are the first to be announced since the launch of the Bank’s UK subsidiary in December—a move that will ensure it can continue operating without interruption after the UK leaves the EU.
Nick Green, manager of Handelsbanken’s Tunbridge Wells branch, said: “It is great to be part of a truly local banking service and that our success here in Tunbridge Wells is mirrored throughout the UK.
“Becoming a full UK subsidiary serves to enforce our commitment to the UK, to continue to grow and deliver a branch based, local service to both individuals and businesses alike.”
He added that 2018 saw particularly strong growth in household deposits, up 22 per cent, while corporate deposits also increased by 6 per cent.
Mikael Sorensen, Handelsbanken’s UK CEO, continued: “Our continued growth demonstrates ongoing appetite for our distinctive banking model which is based on the development of long term, personal relationships with our customers.
“Through these relationships we aim to consistently deliver the highest levels of service possible, whilst doing our utmost to meet our customers’ individual banking needs.
“Following the launch of our UK subsidiary in December, we are excited to be embarking on a new journey, serving more and more customers and building a bank for the future.”