Focus on customer satisfaction drives Handelsbanken's ongoing growth in Q3 results

For immediate release 23rd October 2019.

Handelsbanken, the local relationship bank, has today announced its Q3 results (1), showing consistent growth driven by the Bank’s focus on delivering high levels of customer satisfaction, through its decentralised network of over 200 branches.

2019 has seen Handelsbanken continue to invest in building strong foundations since it became a UK licensed bank in December last year. Through this period, the Bank’s local relationship banking model, which places an overwhelming focus on customer service, has helped branches achieve consistent profitable growth, supporting local individuals and businesses across the country.

Summary of the Q3 January – September 2019 figures compared to Q3 January – September 2018 figures:

UK deposits up 11% to £15bn: corporate deposits up 15% to £10.3bn; household deposits up 4% to £4.7bn

UK lending up 6% to £21.3bn: corporate lending up 8% to £14.7bn; household lending (largely mortgages) is up 2% to £6.7bn

UK income increased by 5% to £433.3m

Mikael Sorensen, UK CEO, says: “We continue down our path of investing in and building the foundations for our future growth in the UK. We also continue to deliver consistent quarterly growth, achieved through our distinctive branch-based model.

“Our most recent results are a true testament to the hard work and dedication of our branches, through which our customers receive a face-to-face, personal service from our branch colleagues who are empowered to make everyday banking decisions.

“Delivering the best possible service to our customers is central to our model. Whilst we believe it is important to give our customers choice in how they interact with us, whether that is via telephone, digital or app-based banking, our branches will always remain the cornerstone of our relationship with customers.

“We see ongoing demand for local relationship banking and look forward to delivering high levels of customer service to more individuals and businesses across the country.”

Most satisfied customers for 11th year in a row

In September this year, Handelsbanken’s distinctive branch-based model led the Bank to being ranked top for customer satisfaction, for the eleventh year running, in an independent survey of UK banking customers(2).

In August 2019, Handelsbanken was named the most recommended provider for SME banking by the Competition and Markets Authority’s Independent Service Quality Survey. Handelsbanken was ranked first out of 14 providers in four out of the five categories in the survey(3).

Handelsbanken plc, the official name of Handelsbanken’s UK subsidiary, has been assigned a long term credit rating of AA with a stable outlook by international credit ratings agency, Fitch; and a long term credit rating of AA- by Standard & Poor’s. The ratings are the same as those given for the subsidiary’s Swedish parent, Svenska Handelsbanken AB (publ) and confirm the Bank’s strength, stability and creditworthiness.

- ENDS -

For more information please contact:

Mariana Wall, Corporate Communications UK

020 7578 8198 / 07483 036 936

Notes to editors

1 Please note that the release reports Svenska Handelsbanken AB (publ)’s UK segment figures for Q3 2019. Segment reporting presents income / expenses and assets / liabilities broken down by business segments. A business segment is a part of the Group and runs operations which generate external or internal income and expenses; and of which the profit / loss is regularly assessed and followed up by the company management, as part of corporate governance.

2 EPSI Rating, September 2019. For more information, please visit - Opens in a new window

3 Competition and Markets Authority, August 2019. For more information, please visit – Opens in a new window.

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Handelsbanken is the trading name of Handelsbanken plc, which is incorporated in England and Wales with company number 11305395. Registered office: 3 Thomas More Square, London, E1W 1WY, UK. Handelsbanken plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 806852.

Handelsbanken plc is a wholly-owned subsidiary of Svenska Handelsbanken AB (publ).

In Sweden, Handelsbanken is one of country’s leading banks with approximately 750 branches in 19 countries, and over 12,000 employees.

Handelsbanken was established in Stockholm in 1871 and has operated in the UK since 1982. The UK is one of Handelsbanken’s six “home market” countries, where the bank offers relationship banking to domestic market customers, the other countries being Sweden, Denmark, Norway, Finland and the Netherlands.

In the UK, Handelsbanken is a relationship bank with a decentralised way of working, a strong local presence due to a nationwide network of over 200 branches and a long-term approach to customer relations. Handelsbanken specialises in providing personalised and competitive banking services to both businesses and individuals, as well as wealth management services provided by specialists, Handelsbanken Wealth Management. Its investment management services are provided through its UK subsidiary, Heartwood Investment Management. Each Handelsbanken branch operates as a small business enabling it to make decisions at a local level and provide a service that is bespoke. The focus is always on the need of the individual customer and not on the sale of specific products, hence the bank does not offer its branch staff bonuses.