Baltic, Banks, Financial Services

International Internet Magazine. Baltic States news & analytics Saturday, 30.05.2020, 12:00

Swedbank cuts trading, safekeeping fees to zero in Baltics

BC, Tallinn, 02.12.2019.Print version
Starting from today, Swedbank is offering free of charge trading in the Baltic equity market for its retail and corporate customers and applies zero safekeeping fee for private customers' security portfolios of up to 30,000 euros, reported LETA/BNS.

This is an exceptional move, which enables the bank's customers to invest into funds and securities as well as safekeeping their portfolio without incurring additional costs, the bank said.

"Our aim is to make investing more accessible to everybody. Savings and investing culture in the Baltics is not very advanced compared to European standards. For example, if we exclude the mandatory pension system, only eight percent of the working population in the Baltics invests in voluntary pension funds and less than one percent is actively investing in stocks or funds. In Sweden, up to 80% of the population owns financial investments," Tarmo Ulla, head of Swedbank's private customers division, said.

Trading fees have always been one of the obstacles to investing, especially when starting with small amounts. Swedbank decided to remove all fees in internet-bank for trading in the Baltic equity market and for operations with funds, managed by Swedbank Group. Zero fees are also applied for safekeeping for security portfolios of up to 30,000 euros.

"This offer should enable people to invest starting from smaller amounts on a regular basis. It also makes investing in the Baltic market more attractive and adds to the development of local capital markets," Ulla said.

Search site