Best bank 2025: Swedbank
Swedbank had nothing short of an excellent year, defined by a combination of financial resilience, digital momentum and sustainability.
The lender closed 2024 with resilient earnings and a sturdier balance sheet. Full-year profit in Sweden grew to SKr34.9 billion ($3.7 billion), delivering a 17.1% return on equity, while disciplined cost management pushed the cost-to-income ratio down to 0.34. Net interest income held near SKr49 billion despite lower policy rates, while its CET1 ratio stood at 19.8%.
Management used that headroom to fast track its strategic plan. In January, the bank signalled a temporary lift of roughly SKr1 billion a year in extra investment through 2024-25, earmarked for bolstering data capacity, modernising cards and payments infrastructure and completing an omnichannel communications upgrade – developments that created a SKr1 billion cost headwind this year and positions the group for efficiency gains later.
Sustainable transformation also continued: assets eligible under Swedbank’s sustainable funding framework leapt 70% to above SKr120 billion and fully 36% of bond mandates were green or sustainability-linked. The bank even adopted the EU’s new Corporate Sustainability Reporting Directive standard a year ahead of schedule.
On the technology front, the bank also channelled capital into an in-house advisory engine, a cloud-based client-communication stack and a rebuilt, end-to-end lending journey aimed at faster remote advice.
Asset-management arm Swedbank Robur signed a five-year deal to shift its entire investment-operations backbone onto SimCorp’s Azure-native SaaS platform, promising both scalability and a lighter carbon footprint.
For retail savers, the bank introduced its Savings Account Plus product with delayed withdrawals and added time-delay controls to transfer-limit changes to blunt fraud risks. A new digital savings platform was rolled out, with the bank successfully migrating one-third of Swedish customers by autumn 2024.
Best investment bank 2025: Citi
Citi has demonstrated exemplary performance in Sweden’s investment banking landscape, particularly distinguishing itself across M&A, debt capital markets (DCM) and equity capital markets (ECM), claiming more equity deals than any other international bank in the region in the last five years.
Sovereign, supranational and agencies debt issuance is another strength of the American bank.
Notable corporate undertakings include Swedbank’s $650 million AT1 bond, SEB’s €750 million ($877 million) senior preferred offering, and Volvo’s €500 million green bond – underscoring Citi’s proficiency and flexibility in managing substantial and complex debt issuances.
Furthermore, Citi’s adeptness extends into ECM, where it accomplished significant transactions including Beijer Ref’s $325 million secondary accelerated equity offering (AEO), Truecaller’s $50 million secondary AEO, and RevolutionRace’s $43 million secondary AEO. These operations highlight Citi’s capability to support major Swedish corporations in navigating equity financing to foster growth and expansions.
In the realm of mergers and acquisitions, as well as syndicated loans, Citi’s influence remains robust. The bank played a pivotal advisory role in AP Möller’s $902 million acquisition of Concentric and facilitated Vattenfall’s strategic €2 billion divestiture of Vattenfall Wärme Berlin AG.
Its prowess in the syndicated loan market is exemplified by managing transactions like Polestar’s €950 million club loan and Epiroc’s extensive €4 billion debt financing, confirming the bank’s capacity to mobilise substantial capital for its clients.
Citi’s notable contribution to the Swedish financial services market through diverse deals spanning debt, equity and mergers asserts its deserving recognition as Sweden’s best investment bank.
Best investment bank for ECM 2025: Carnegie Investment Bank
Carnegie Investment Bank, a leading player in Sweden’s investment banking sector, has demonstrated exceptional performance in equity capital markets (ECM) for 2024.
Carnegie’s impressive track record includes pricing four out of seven IPOs in Sweden. It executed a total of 33 equity market transactions over the year, significantly outpacing its closest competitor, who completed 15. This volume of transactions not only underscores Carnegie’s dominant position in the market but also highlights its capability in facilitating significant capital market movements.
The bank executed several standout transactions that underscore its expertise and strategic execution capabilities. It played a pivotal role in the successful handling of Catena’s accelerated bookbuilding transactions, raising SKr2.1 billion ($220 million) and SKr 3.1 billion in the first and third quarters respectively. Additionally, Carnegie’s adept handling of Nyfosa’s primary issue, which was fully subscribed within minutes, raising SKr 1.7 billion, further attests to its efficacy and robust market positioning.
Moreover, through Camurus, Carnegie orchestrated the largest biopharmaceutical-directed issue in Sweden for several years. The bank also executed innovative capital solutions such as with Flerie, combining a reverse merger with a private placement, totalling SKr600 million. Its advisory of Vimian’s rights issue, incorporating a 6% discount, led to a substantial 20% rally in stock price from announcement to closing.
Carnegie’s clear leadership in handling sophisticated, high-stakes transactions solidifies its reputation as Sweden’s premier investment bank for ECM, reflecting its deep market intelligence, financial acumen and exceptional transaction execution capabilities.
