​​​The history of the Swedish savings banks

 

Sweden´s first savings bank was founded in Gothenburg, in 1820.

The man behind the venture was Eduard Ludendorff, an immigrant German merchant. The bank was established without the involvement of the government or authorities.

The most important tasks were to accept deposits and promote savings. Other features included close ties with the local community and the absence of individual profit interests. However, from an early stage, loans to local businesses and the public became important operations for many savings banks.

In 1915, Sweden´s first agricultural bank, a cooperative bank, was established in Västerhaninge in the southern part of Stockholm. The main task of the agricultural bank was to provide operational credits to the smaller farms, although they also encouraged saving.

At most there were 498 savings banks and almost 800 agricultural banks in the country.

In 2004 Hansabank, with business area in the Baltic States, became part of Swedbank.

Today´s Swedbank has its historical roots in the savings banks movement and acts in many aspects in accordance with the fundamental savings banks ideology.

Links

Read More about Swedbank and the Savings Banks :  www.swedbank.com/about-swedbank/our-history/index.htm

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