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.”