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(Bloomberg) — SB1 Markets, a newly established investment bank from Swedbank AB and SpareBank 1, plans to become one of the top three firms for mergers and acquisitions in Sweden and Norway, according to Chief Executive Officer Stein Husby.
Speaking in an interview in Stockholm, Husby said the bank would also target top-three positions in equity and debt capital markets. “We have no new product launches or new geographies,” he added. “Our focus is to improve our position in Norway and Sweden.”
SB1 Markets, which began operating in Sweden on Monday, will face stiff competition in an industry comprising established local corporate banks such as SEB AB and Nordea Bank Abp, as well as a growing cohort of international banks.
“We’re not trying to compete with the Goldmans and the Morgan Stanleys,” said Husby, who sees local advisory firms such as ABG Sundal Collier ASA, Pareto Securities AS and the recently merged DNB Carnegie Holding AB as primary competitors.
As part of the merger, SB1 Markets has taken over Swedbank’s investment banking and leveraged debt capital markets operations in Stockholm. There will be 65 employees in Sweden out of a total workforce of 260.
Research will also be a central pillar of the bank’s strategy, according to Husby. He says SB1 Markets will boost its analyst coverage to about 400 companies from the current crop of 140. That move will see Swedbank wind down its research distribution partnership with Kepler Cheuvreux SA.
Husby said the firm remains in “constant recruitment mode” and expects to bring in as many as 20 new employees in Sweden and Norway over the next six months. The unit has already hired 18 research analysts, several of whom came from Kepler and other downtown rivals.
Asked why all of the 18 recruits were male, the CEO said it reflected a limited pool of female candidates with sufficient experience.
“We always strive to get diversity and increase the number of women, but we will never lower the hurdle,” he said. “The job should go to the best person.”
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