Handelsbanken has launched its new UK subsidiary Handelsbanken PLC as it looks to continue the next stage of its growth in the UK.
Last month, the bank – which has over 200 branches across Britain – secured authorisation from UK regulators and was granted permission by the High Court to transfer its business from the UK branch of its Swedish parent company.
As part of the creation of Handelsbanken PLC, a comprehensive new governance structure has been implemented, including a UK board with three independent non-executive directors.
Mikael Sorensen, UK CEO, said that since its launch in the UK in 1982, it had grown organically, through recommendation and referral.
“By launching a subsidiary, we will be able to take full advantage of the growth potential we see in the UK, and we are excited about the opportunities to do more business with our existing customers, as well as welcoming new individuals and businesses to the bank.
“There are some clear benefits to creating our UK subsidiary structure.
“Improvements to our systems will ensure that our branches will have access to better information flows, helping them to further improve on the already high levels of customer service they provide.
“We will also be placing expertise in areas such as capital and liquidity management closer to our branches and the customers they serve, meaning that the bank – and ultimately our customers – will benefit from a deep understanding of the UK markets.”
Mikael Hallåker, chairman of the board, added that he was delighted to welcome the independent non-executive directors to the company.
“Together with our Handelsbanken directors, we have a wealth of expertise from both within the banking sector and well beyond it.
“The board’s contribution to Handelsbanken’s stewardship will be key to our continued development as we enter this next phase of our UK growth.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Starling Bank raises £30m to fund European expansion
Starling Bank has raised £30m from its latest funding round to accelerate its expansion into Europe...
five degrees plans to expand into North America
Fintech firm five degrees has revealed plans to expand its operations into North America...
How can specialist banks continue to embrace difference?
Everyone’s different — and with big banks not geared up to meet the specialist challenge, the opportunity for smaller lenders is clear. But as the market evolves, how do we keep up?...
Precise Mortgages adds capital raising to Help to Buy offering
Precise Mortgages has enhanced its Help to Buy offering through the addition of capital raising...
Unity Trust Bank and Triodos Bank funding package supports opening of new Surrey care centre
Unity Trust Bank has provided funding to the Whiteley Homes Trust for the delivery of the latter’s Eliza Palmer Care Hub in Whiteley Village, Surrey, which will positively impact as many as 500 vulnerable individuals...
Could the Spotify of banking be closer than we think?
Spotify cracked the music market wide open because it understood exactly how people wanted to use music; what will it take for banking to do the same?...
Arbuthnot Banking Group loan balances grow by 33%
Arbuthnot Banking Group has announced that its loan balances have grown by 33% compared with the previous year in its update on trading for the three months to 30th September 2019...
British Business Investments supports over 34,000 SMEs
British Business Investments has announced that it is supporting over 34,000 SMEs across the UK, an increase of 28% on the previous year...
A spotlight on BTL
At Investec Private Bank, we are seeing a continued demand for BTL mortgages with clients taking advantage of low interest rates to make their portfolios more efficient...
Tide names new chief technology officer
Tide has recruited Guy Duncan (pictured above) to its executive team as its new chief technology officer...
OakNorth Bank lends £650,000 to Casa Italia
OakNorth Bank has provided a £650,000 loan to Liverpool-based, 160-cover independent Italian restaurant Casa Italia...