Strong franchise in Sweden, with a large customer base and the country's widest distribution network Leading position in Estonia, Latvia, and Lithuania Stable asset quality and low risk profile Uncertainty as a result of Baltic exposure and expansion into Russia and Ukraine Sensitivity of net interest income to shrinking margins Challenges in connection with efficiency improvements The ratings on Swedbank AB reflect the bank's strong franchise in Sweden, supported by a large customer base, the widest distribution network in the country, and its leading position in the high-growth Baltic economies. They also reflect the bank's high asset quality but are constrained by the sensitivity of net interest income to low interest rates and margin competition, which limits revenue growth potential.
