Swedish banking group Handelsbanken is to increase its presence in north-east Scotland, with the addition of a branch in Dundee later this year.
The Stockholm-headquartered institution has rapidly expanded its UK operations in recent years, having increased its network from 117 branches in late 2011 to almost 190 today.
However, the group only has six established branches north of the border two outlets in Edinburgh and further branches at Perth, Glasgow, Aberdeen and Stirling and is keen to add to its Scottish footprint.
The new Dundee branch will be managed by Vic Bicocchi, a well-known figure in the local business community, who left RBS in December after five years as its local director for Tayside.
The bank a full-service offering catering for individuals and businesses is scouting for suitable new premises in Dundee and expects to be up and running in the city by the summer.
An Inverness branch is also set to come online later in the year.
Mr Bicocchi said it was an exciting time to be bringing a new financial institution to Dundee.
“I am really delighted to be opening a branch for Handelsbanken in Dundee,” he said.
“This area is rich in heritage and its Waterfront Development, bringing the V&A Museum to Dundee, will add to its existing attraction.
“I have no doubt that Handelsbanken’s investment in the city will be warmly and successfully welcomed.”
Confirmation of the new Dundee branch came as Handelsbanken reported a 6% increase to £1.7 billion in operating profits for the year to December 2014. It is the best return in the bank’s history.
Operating profit in the UK rose by 41% during the year as the bank opened a total of 17 new branches, while assets under management at fund manager Heartwood, which Handelsbanken acquired in May 2013, have since grown by 53% to £2.3bn.
UK chief executive Anders Bouvin said Handelsbanken, which is committed to allowing local branch managers to make unencumbered lending decisions, was ambitious but was only interested in expanding into new areas where the market supported investment.
“For us, it’s not about how far or how fast we grow in the UK,” Mr Bouvin said.
“Instead it’s about ensuring every day that our branches are able to deliver the best possible service to their customers, based only on their individual needs,” he added.