Swedish bank continues UK growth

Swedish lender Handelsbanken is continuing its expansion in the UK.

A branch is being opened in Dundee later this year at River Court, West Victoria Dock Road.

It will have a team of five managed by Vic Bicocchi, former director of RBS in Tayside.

Operating profit by Handelsbanken’s near-200 branches in the UK rose 47% to £180.5 million, with loan losses remaining at 0.02%.

Profit was helped by higher business volumes and lower funding costs.

Handelsbanken is aiming to gain ground from UK high street banks by exploiting their unpopularity after the financial crisis.

There are also new rules that make it easier for new banks to establish themselves and for customers to move between banks.

Seven new UK branches were opened in the second quarter.