Svenska Handelsbanken is akin to a European Wells Fargo. Like its American equivalent, it is almost entirely focused on one country – Sweden – and very successfully, at least until recently. A cohesive workforce, consistent strategy and conservative risk attitude made Handelsbanken the ideal bank for the post-2008 world: a “strategic blueprint that other banks should aspire to follow”, according to a 2015 Berenberg report.
Ten years after the crisis – and with Wells Fargo brought to earth by a series of consumer scandals – is the Handelsbanken model of banking under threat?
Handelsbanken maintains the highest consensus price-to-earnings ratio among the Nordic banks at 11.3x,
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