Sweden-based lender Swedbank has announced the extension of its partnership with 58 savings banks, strengthening the latter’s local presence with large-scale infrastructure and a full product range.

The extended partnership will enable a broad distribution of products and services for the Swedbank banking group.

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It offers Swedbank’s and the savings banks’ customers access to competitive products along with local presence and knowledge.

The 58 collaborating savings banks operate nearly 190 branches and cater to roughly two million retail and corporate customers. Nordic and Baltic countries

Swedbank on the other hand offers financial services in the Nordic and Baltic countries. It caters to around seven million retail customers and around 600,000 corporate customers.

Swedbank deputy president and deputy CEO Tomas Hedberg said: “This agreement is based on a strong foundation of a multitude of shared values and guarantees continuity. With a common history of over 200 years, the parties can tirelessly continue to develop the customer meeting.”

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Sparbankernas Riksförbund CEO Ewa Andersen said: “We highly value the cooperation with Swedbank which enables the Savings Banks to deliver a full-scale banking business to all its customers, even to those who live and work outside the major cities.”

Earlier this year, Swedbank joined forces with fintech firm FNZ to develop a new savings platform.

In May this year, the lender made headlines after it was fined $5.5m (SEK46.6m) for anti-money laundering (AML) related issues.