According to World Economic Forum's Global Competitiveness Report 2019, financial market development in Sweden is scored 88.0 out of maximum 100.0 and ranked 8th out of 144 analysed economies.
Chart 1. Financial Market Development in Sweden. Source: WEF.
Soundness of banks is scored 5.5 bringing Sweden into the 44th place.
Chart 2. Soundness of Banks in Sweden. Source: WEF.
Banks in Sweden are mainly focused on the following areas:
Financial Supervisory Authority
Currently there are 161 credit institutions operating in Sweden.
In 2019 consolidated banking assets in Sweden were 1,263.94 bln EUR. The consolidated banking assets' evolution is shown at Chart 3 below.
Chart 3. Consolidated banking assets in Sweden.
Recent structural changes (2013 - 2018) of the banking sector of Sweden are summarised in Table 1.
|Number of Opened Banks||0||7||1||1||9||5|
|Number of Closed Banks||1||11||5||2||3||9|
Table 1. Recent structural changes in the banking sector of Sweden.
The list of the most recently opened banks in Sweden is provided in Table 2.
|Landesbank Hessen-Thüringen Girozentrale Stockholm Filial||September 2018|
|Nordea Bank Abp, filial i Sverige||September 2018|
|Express Bank Sverige Filial||September 2018|
|J.P. Morgan Bank Luxembourg S.A. - Stockholm Bankfilial||July 2018|
|HSBC Private Bank (Luxembourg), Stockholm Filial||January 2018|
|Adyen Nordic Bank Filial||December 2017|
|Societe Generale SA Bankfilial Sverige||December 2017|
|National Westminster Bank Plc, Sverige Filial||October 2017|
|EnterCard Group AB||September 2017|
|Danske Hypotek AB (publ)||August 2017|
Table 2. The most recently opened banks in Sweden.
All the credit institutions operating in Sweden can be classified into several categories. Table 3 summarises the number of banks in each category.
|Category||Number of Banks|
|Branches of foreign banks||38|
There are 38 branches of foreign banks from 10 different countries in Sweden. Table 4 shows the number of branches grouped by the country of origin.
|Country of Origin||Number of Branches|
Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.
From a depositor's point of view it is important to know:
All these details about deposit guarantee scheme in Sweden are summarised in Table 5.
Table 5. Deposit guarantee scheme in Sweden.
Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.
Local currency (Swedish krona/kronor) deposit ceiling for Sweden is set to Aaa (prime), foreign currency deposit ceiling is Aaa (prime).
Chart 4. Deposit Rates in Sweden. Source: ECB.