The Stockholm-headquartered bank, Handelsbanken, has announced the conversion of its branch in the UK into standalone business.
“In accordance with previous decisions, operations are being restructured from an international branch to a subsidiary within the Handelsbanken Group,” the company stated in its press release.
The Swedish firm’s UK-based operations have formed into a subsidiary that will prevent future complications as a result of the nation departing the European Union (EU).
“This change means that Handelsbanken is creating a strong basis and a long-term platform to support the Bank’s UK customers, regardless of the outcome of Brexit.”
The firm manages more than 200 branches across the UK, with Handelsbanken’s lending in the country growing by 327% since 2008, and its deposits expanding by 886%.
The subsidiary, Handelsbanked plc, will have a CET1 ratio above the capital requirement of 13.9% set by the Prudential Regulation Authority.