One of Sweden's major commercial banks, Swedbank, has its origins in the Savings Banks movement from the 1820s. Sparbanken later became Swedbank and today has a strong connection to the Swedish Social Democrats. One of the major owners of the now listed bank Swedbank is Folksamsgruppen with approximately 9.3% of Swedbank's share capital.
Folksamgruppen is a mutual company that offers insurance and pension savings. Being insured at the beginning of the 20th century was not a matter of course for the common man., so the idea was to create better conditions and greater security for ordinary people. Which is the origin of today's Folksamsgruppen, which is owned by trade unions, Sweden's Social Democrats and "the people".
The chairman of the board of Swedbank since 2019 is former Social Democratic Party leader and Prime Minister Goran Persson. Yesterday, Sweden's central bank AKA Riksbanken lowered the Swedish policy rate by 25 basis points. Swedbank was extremely quick in its communication and announced that it is lowering its savings rate by 25 points. However, Swedbank chooses NOT to change the interest rate on either mortgages or other loans.
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