Swedish bank with old-fashioned values opens new branch in Glasgow

Handelsbanken has opened second branch in Glasgow – its 10th branch in Scotland.

The Swedes have gone back to the future to woo customers by building long-term relationships with local, decentralised bankers who are not locked in to bonuses and commissions.

The Swedish bank’s latest branch in Scotland, in Finnieston, is headed by former RBS veteran banker David Waddell.

Mr Waddell told The Herald: “We get to be closer to customers. The branch is a bank – the vast majority of decisions are made here. Myself and my team expect to make decisions – how we interact with the community is down to us.”

He added: “There are no sales targets. There are no bonuses, which suits a lot of people. We just want to do a good job and get the reward and satisfaction from that.”

Mr Waddell is one of a four-strong team with extensive corporate banking and wealth management experience at the Finnieston branch. It includes Ian Gibson, formerly of Adam & Co, the private banking arm of RBS, and Michael McCuaig, also formerly of RBS and Bank of Scotland. Like Mr Waddell, both are well-known figures in west of Scotland banking circles.

They are supported by Monika Walker, the longest-serving member of the team having joined Handelsbanken in 2009 – the year the Swedish bank opened its first branch in Glasgow, in St Vincent Street.

Mr Waddell told the newspaper that Handelsbanken is gaining momentum among business customers who are looking for an alternative approach to that offered by the major high street lenders.

He explained: “The calls come in to us – not a call centre.

“If the customers know the four people in the team then they know the team. It’s traditional – it goes back to how I worked in a branch myself.”