Folksam

Sweden’s Folksam has announced plans to start an internet bank that managing director Tore Andersson hopes will launch within 18 months. Apreliminary study by the insurer showed scope to reduce the price of banking services, such as payments, savings, or lending, to private customers. In the first instance the new bank would target Folksam’s 4.2 million customers, but the company could seek a partner, perhaps one of the country’s trade union organisations.