Swedbank named Bank of the Year 2006

Swedbank has been presented the award for Bank of the Year 2006 in Sweden by the British magazine The Banker. Swedbank received the award in part for having regained and raised its share of the increasingly competitive Swedish residential mortgage market. The prestigious award was presented yesterday at a ceremony in London.

The jury’s comment: “The successful implementation of Swedbank’s expansion plans internationally and the reinforcement of its domestic presence has increased profitability and its potential to grow. The acquisition of the remaining outstanding 40% of the shares in Hansabank, the leading player in the Baltic region, has increased Swedbank group’s profitability. In its home market, Swedbank has launched initiatives to safeguard its leading position in the Swedish mortgage market, by reducing its mortgage prices, retaining and increasing its mortgage customer base and banking on cross-selling opportunities.”

“We regard the award as further proof that we have chosen the right direction by focusing on attractive and economical offerings for large customer groups – in mortgages as well as other product areas,” says Jan Lidén, President and CEO of Swedbank.

In addition, Hansabank was named Bank of the Year in Estonia for the seventh consecutive year. Hansabank in Latvia also received the award in 2005.

The Bank of the Year award recognizes and underscores positive examples in the international banking market. The jury consists of The Banker’s editorial team, which, based on responses from banks in 137 countries, names a winner in each country. The awards were presented for the seventh year.