Includes special features of this country’s banking system and rules/laws that might impact U.S. business.
Last Published: 7/23/2019

The Swedish market is made up of four main categories of banks: Swedish commercial banks, foreign banks, savings banks, and co-operative banks. All the above-mentioned types of banks are - since the amendment of banking legislation in 1969 - entitled to operate in all areas of banking. In 2018 Sweden had a total of 124 banks. The four largest Swedish banks are Nordea, Skandinaviska Enskilda Banken (SEB), Svenska Handelsbanken, and Swedbank.

In 1986, Sweden issued a charter for the first 12 foreign-owned commercial banks and since 1990 foreign-owned banks have been entitled to open branch offices in Sweden.  These branch offices have primarily concentrated on servicing the business sector. Also, in 1990, the restrictions concerning foreign ownership of Swedish bank stock were abolished. In 2017 there were a total of 29 foreign banks represented in Sweden, the largest being the Danske Bank, which is the fifth largest bank in Sweden. As mentioned above, Sweden is not part of the Eurozone; however Swedish commercial banks offer euro-denominated accounts and payment services.

Banks' and financial institutions activities are closely supervised by the Swedish Financial Supervisory Authority. Banks and financial institutions are represented by The Swedish Bankers’ Association in Sweden. See both websites for information in English about the Swedish financial sector.

In 2014, Sweden entered into the Foreign Account Tax Compliance Act (FATCA) agreement with the US. For clients identified as “US persons”, Swedish banks provide information to the Swedish Tax Agency, who then in turn provide the information to the IRS.

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