Skandia Forms Major Private Bank For Nordic Customers

by Philip Morton, InvestorsOffshore.com

30 May 2001

Skandia, the Swedish insurance, savings and asset management giant, announced yesterday that it was taking a further step in the battle for private banking customers in the Nordic market. The group said that SkandiaBanken is forming a private bank for customers "in need of qualified, personal financial services and who want access to more than their own bank's offering of financial services." The goal is that SkandiaBanken will have two million Nordic customers within five years' time.

The new private bank, which will have 700 advisers at some 80 locations throughout the Nordic countries, will be formed through the integration of Skandia Asset Management, which manages global investments with a combined value of SEK 360 billion; Skandia Marketing, which offers savings and insurance products in the Nordic market; and SkandiaBanken, which offers savings products produced by Skandia and others via an Internet-based marketplace. Customers of the new private bank will have access not only to Skandia's own products but to those from rival financial services companies.

Lars-Eric Petersson, President and CEO of Skandia, said in a statement: 'This is a natural step for Skandia. We have built up unique experience and a depth of knowledge in the global savings market over a long period of time. We are now mustering our strengths by integrating our businesses to form the premier private bank in the Nordic region. The new private bank will meet the customers' expectations for qualified financial advisory services and an open menu of the market's best savings products.'

Peter Carrick, the new President of SkandiaBanken, added: 'The Nordic banking market is currently in a phase of strong consolidation, and there is a need for greater competition. We are now launching an integrated, distinct offering that will simplify things for individuals, and this is a development that is in the best interest of the customers.......We are doing what no one else has previously done in the Nordic region. We are creating a private bank that is steered by the customers' preferences. We will be offering a holistic view of our customers' finances and savings. We are developing our advisory services and building further upon our focus on diversity and freedom of choice.'

Recommended