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Swedish bank turns to savers as source to boost their coffers and liquidity

Wednesday, 09 November 2011
Swedish bankers have their last hope to boost their liquidity through their savers. There is an on going fight at the moment among banks on the best saving deals that could be found out there with aggressive promotions according to media reports.

Competition between banks for the Swedes’ savings has increased. For example, SBAB and ┼landsbanken are at this moment running large campaigns to lure customers, according to Swedish business daily Dagens Industry.

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Behind the call of banks is that the higher interest rates means that the banks customers would earn more on deposits than it did a year ago. At the same time there is the recently prepared banking regulations, Basel III, which stipulates that banks must have more secure funding to operate under stressed conditions.

"The tendency that the banks want more savings have been seen since the Basel III was presented, "said the Swedish Bankers' Association chief economist Johan Hansing of the paper.

Sweden has traditionally had a lower bank balance than many other countries because there is has been lot saved in funds. But in the wake of the stock market collapse and rising interest rates, Swedish savings in bank accounts have increased by 5.6 percent so far this year.

"The competition will continue between banks and between niche players who use the money for unsecured loans, "said Michel Skytt, savings and loan manager at Nordea to the paper Dagens Industri.
By Scancomark.se Team










































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