Handelsbanken has received banking authorisation for its UK subsidiary Handelsbanken PLC.
This will enable the bank to enter the final stage of establishing its UK arm.
The Swedish bank entered the UK market in 1982 and has over 200 branches across the country.
It believes that by creating a UK subsidiary, it will be well placed to take advantage of future UK growth.
The creation of the UK arm will involve a court process to transfer business from the existing UK branch into the new, wholly-owned, subsidiary of Svenska Handelsbanken AB.
Once that is complete, customers’ banking relationships will be with the new company but there will be no change to the current service or the local branch teams.
Mikael Sorensen, UK CEO at Handelsbanken, said: “We are delighted to receive authorisation from the regulators for Handelsbanken PLC.
“It is an important milestone in the creation of our UK subsidiary.
“We are now building a bank for the future.
“By establishing Handelsbanken PLC, we are strengthening our foundations for future growth and are showing our commitment to bringing local relationship banking to more people in communities across the UK.”
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