Handelsbanken expands in Great Britain
Handelsbanken continues to grow in Great Britain. More than 70 branches have been opened so far and business volumes are increasing all the time.
"We also think that there will be good growth in the future. Our decentralised model - where almost all important business decisions are taken close to the customer at our branches - requires direct, effective and rapid contact with the central support functions. In order to retain and reinforce this working method, we will be opening another regional bank and simultaneously setting up a separate head office for Great Britain," says Pär Boman, president and group chief executive.
Each branch of Handelsbanken is linked to a regional bank with joint administrative resources, regional expertise and specialists to support the branch's business. In Sweden, there are six regional banks. Norway, Denmark and Finland each have a regional bank.
Handelsbanken in Great Britain will now have its third regional bank.
"We already have one regional bank for southern Great Britain and one for northern Great Britain. Our business there is now large enough to organise the branch network into three regional banks: northern, central and southern Great Britain," says Pär Boman.
Handelsbanken is a full-range universal bank. It therefore also needs central units to guarantee a broad, competitive range of products and services. For business with institutions and large companies, Handelsbanken has also gathered separate, highly specialised expertise in an investment bank and for asset management. These units are centrally located at Handelsbanken's head office in Stockholm. The task of the head office is to give the branches access to the overall expertise and strength of a large bank.
"We have now reached the point where there is every reason to carry out a similar pooling of resources and expertise, but perhaps more tailored to the situation in Great Britain."
This is why Handelsbanken is now starting the process of building up a separate head office for Great Britain in London, with some of the expertise that so far has been in Stockholm.
"The alternative - where only the head office in Stockholm would grow to meet the expanded needs in Great Britain is considered to have less impact, cost more and actually go against our idea of being a bank where all business decisions are taken as close to the customer as possible."
Anders Bouvin has today been appointed head of Handelsbanken in Great Britain. He is an executive vice president of Handelsbanken and a member of the Bank's senior management team. Anders Bouvin takes up his new position on 1 March.
His previous position was as head of Handelsbanken's regional bank in northern Great Britain. Simon Lodge will be acting head of this regional bank. At present he is regional area manager at the same regional bank.
On 1 March, head of the regional bank in southern Great Britain, Magnus Uggla, will leave this position to become head of Handelsbanken International (see separate press release). Tracey Davidson, currently regional area manager, will be acting head of the regional bank in southern Great Britain. No head of the regional bank in central Great Britain has yet been appointed.
"We will be implementing this change at a pace that suits our branches - it is important that nothing disrupts their business. Our decentralised business model is appreciated - and receives a lot of attention - here in Great Britain, not least now when many of our competitors are becoming more centrally controlled with decisions made far from the customers. Our new organisation will allow us to make something really good even better," says Anders Bouvin.
For further information, please contact:
Pär Boman, president and group chief executive, +46 8 22 92 20
Anders Bouvin, executive vice presiden, +44 (0) 161 602 0200
Johan Lagerström, press officer, +46 8 701 13 95, mobile: +46 70 265 80 14