May 2026
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Largest Commercial Banking Public Companies in Sweden
Benchmark revenue and EBITDA valuation multiples for public comps like
Swedbank, SEB Group, Handelsbanken, Avanza Bank Holding and TF Bank.
 | Swedbank is one of the oldest banks in Sweden, where it derives the lion's share of its income. The bank is the result of merging savings and union banks in Sweden in the aftermath of the financial crisis in the early 1990s in Sweden. The remaining independent savings banks in Sweden remain in close collaboration with Swedbank, acting as an additional product distribution channel to Swedbank and sharing Swedbank's IT systems and part of its development costs. In addition, the bank operates in the three Baltic states: Estonia, Latvia, and Lithuania. Swedbank has a market-leading position in the Baltics, with a market share ranging from 20% to 55% in retail banking, where it generates 16% of revenue. | $36 | +33% | $40B | $150B | 19.4x | - | ||
| Skandinaviska Enskilda Banken is a Swedish universal bank with a strong focus on the corporate lending sector. The bank operates in the Nordics, the Baltics, Germany, and the United Kingdom but derives the majority of its operating profits from Sweden. SEB specializes in corporate lending, particularly to large corporations. Additionally, it serves large midcorporate and multinational companies, financial institutions, and about small and medium-size enterprises. It also serves about 4 million private customers in Sweden and the Baltics. The bank offers asset management, life insurance, and to a lesser extent private banking services to its clients. | $20 | +10% | $38B | $104B | 12.0x | - | ||
| Handelsbanken is one of the largest Swedish banks with significant exposure to the Swedish mortgage market; about 44% of total loans are tied to the Swedish real estate market. Outside of Sweden, the bank operates primarily in the UK and Netherlands. Handelsbanken generates about three fourths of its income through its interest spread-based business, including mortgages, household loans, and corporate loans to large and small enterprises. | $15 | +6% | $29B | $219B | 34.7x | - | ||
| Avanza Bank Holding AB is a digital bank that operates in Sweden and serves predominantly private customers. The bank emphasizes its online to drive lower costs for its deposit base based on the law of large numbers. Its cost base is centered on a high percentage of fixed costs and personnel costs. The bank does not charge its customers fixed fees or deposit fees. Income is generated when customers carry out transactions themselves, predominantly through brokerage fees from securities trading, net interest income from deposits and lending, fund commissions, foreign exchange income, and other income from suppliers of investment products. Over the long term, income growth depends on the bank's ability to grow savings capital. | $36 | +5% | $6B | $6B | 11.7x | - | ||
| TF Bank AB is a digital bank offering consumer banking services and e-commerce solutions through a proprietary IT platform with a high degree of automation. The business is divided into three segments: Credit Cards, e-commerce solutions, and Consumer Lending. TF Bank prioritizes organic growth under controlled conditions, and expansion is taking place in carefully selected segments and markets. The business is conducted in Sweden, Finland, Norway, Denmark, Estonia, Latvia, Lithuania, Poland, Germany, Austria, Spain, Ireland, and the Netherlands through subsidiary, branch, or cross-border banking with the support of the Swedish banking license. | $19 | +52% | $1B | $1B | - | - | ||
| Norion Bank AB, formerly Collector Bank AB specializes in financing solutions for corporate and private individuals, with particular focus on small and medium-sized companies. The main business is conducted through four segments namely Corporate, Real estate, Consumer and Payments. The Corporate segment includes corporate loans and factoring directed mainly at small and medium-sized companies in a wide range of industries in Sweden, Norway and Finland. The Real estate segment comprises real estate loans focusing on metropolitan areas and university cities in the Nordic region and the Consumer segment offers unsecured loans to private individuals The Payments segment offers payment and checkout solutions for e-commerce and retail chains. | $6 | -- | $1B | $2B | 3.5x | - | ||
| Median | $19 | +10% | $17B | $55B | 12.0x | - |
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