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
N26 introduces MoneyBeam to UK users
N26 has introduced MoneyBeam to its UK users which will enable them to instantly send money to other users of the mobile bank...
NatWest names new CEO for Mettle
NatWest has named Marieke Flament (pictured above) as the CEO of its SME digital banking subsidiary Mettle...
CYBG to rebrand as Virgin Money and launch a new business current account
CYBG has revealed that it will rebrand to Virgin Money over the next two years with new Virgin Money-branded products...
New bank Chetwood Financial reveals long-term ambitions
Chetwood Financial is aiming to use technology to offer better deals to customers, having secured a banking licence late last year...
The opportunity for accountants to help businesses
In light of bank and building society branch closures, a new report published by Oxford Economics in partnership with Funding Circle has revealed that in the UK — despite the vast economic output generated by SMEs — small business lending accounts for only 2% of banks’ balance sheets...
Paragon Bank’s structured lending team passes £100m milestone
Paragon Bank’s structured lending team has passed its £100m milestone 18 months after launching...
Hanley Economic expands intermediary support team
Hanley Economic Building Society has appointed Kate McKeon (pictured above) as an intermediary sales assistant...
Gatehouse Bank names new direct adviser
Gatehouse Bank has appointed Robert Siddall (pictured above) as a direct adviser...
British Business Bank increases facility with Simply to £180m
Non-bank lender Simply has received a third facility of £60m from the British Business Bank under the latter’s ENABLE funding programme...
OakNorth provides facility for cloud platform provider acquisition
OakNorth has provided a loan to managed service and cloud platform provider Oncore IT for the acquisition of Fuse Technologies...
Monzo to launch first USA accounts this summer
Monzo has announced it will be launching its first accounts in the USA this summer...