Handelsbanken


(Richard Müller) #1

While it is not a neobank, Handelsbanken is regarded as a challenger bank. While you may not know it yet, it does actually have more branches in the UK that the better known Metro Bank!

Due to the uncertainty of the Brexit deal Handelsbanken have decided to restructure their UK branch.

Handelsbanken currently operate their UK business thru a branch of their main Swedish company Svenska Handelsbanken or SHB. All deposits are covered by the Swedish equivalent of the FSCS (the SDGS).

They plan to transfer all their business in Great Britain and Northern Ireland to a wholely owned subsidiary called Handelsbanken PLC (subject to High Court approval* and authorisation by the Prudential Regulation Authority or PRA).

It is expected the plans will take effect from 1st December 2018. All deposits will then be secured by the UK’s FSCS.

*Part VII of the Financial Services & Markets Act 2000


#2

I’m curious, is this better than the UK’s FSCS in terms of how much cash is protected?

I also wonder if there’s much difference in terms of overall protection?


(Liam) #3

I’ve heard good things about Handelsbanken - mainly their personal approach is supposed to be more akin to what customers of private banks like Coutts would experience.

I am just metres away from my nearest branch. I find it peculiar that they have opted to build a branch network, but to squirrel their branches away on obscure business parks rather than more visible/accessible locations.

Any customers here?


#4

Couple of things to know about them:

https://www.bloomberg.com/news/articles/2018-09-13/handelsbanken-now-sweden-s-smallest-major-bank-in-historic-shift


(Richard Müller) #5

The Swedish scheme is just like the German, French, Italian, Irish etc schemes i.e. it is like FSCS but has Euro amounts specified for the limits.

The reason why UK limits were raised recently was to keep in line with the European cover levels. The exchange rate had deteriorated since the Brexit Referendum so they increased the Sterling amount to take into account the declining value of the pound.


(Richard Müller) #6

“I’ve heard good things about Handelsbanken - mainly their personal approach is supposed to be more akin to what customers of private banks like Coutts would experience”

I can confirm Handelsbanken customer service is akin to Drummonds private banking.


#7

I had never heard of Handelsbanken until I joined this forum a couple of days ago. Then, bizarrely, I was driving through Winchester City centre just yesterday, sat at a set of lights, looked to my right and ‘BAM!’ there’s a branch right opposite me! Weird!


(Matthew) #8

Couple of times in the past I’ve called Handelsbanken to discuss the possibility of moving my company account to them (currently with with Drummonds) and they seemed completely uninterested so never bothered pursing it further.


#9

How’s Drummonds like?

Do you get a special branded debit card or is it the standard RBS card?


(Matthew) #10

We’re just in the ‘normal’ part of Drummonds, not the the Private Client side. So, the cheque book is branded Drummonds, but the debit card is RBS. It is fine, but I doubt any different to the rest of the RBS business banking side


(Matthew) #11

But I also have a Child & Co, personal account - you do get a branded Child & Co debit card with that.