Who we are

Our History

The International Bank and Finance Association in Sweden (formerly known as Foreign Bankers Association in Sweden, FBA) was founded in 1982 to allow international banks to unite under an umbrella organization that would work to promote their common interests in the Swedish financial market. It also created an official forum for discussion between international financial institutions present in Sweden.

  • IBFA represents Banks and Financial Institutions established in Sweden.
  • The prerequisite for membership in the IBFA is that the organization’s head office is incorporated outside of Sweden and the local entity is authorized to conduct financial services business by the Swedish authorities.
  • IBFA received the status as a consultative body in 1984 allowing the organization to promote international banks interests in the Swedish bank market.
  • The objective of IBFA is to promote relations between international banks and financial institutions conducting business in Sweden.
  • IBFA also works to facilitate financial institutions relations with Swedish authorities and other organizations or associations in Sweden that are of particular interest to the banks and their activities.

 

1973

First Foreign Bank opens representative office in Sweden

First National Bank of Chicago’s establishment in Sweden is mentioned in preposition 1973:139 which is suggesting changes in the Swedish legislation covering the banking industry

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1981

December

Discussions between Lars Johan Johnson and Håkan Johanson at restaurant Diana – First embryo of FBA

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1982

May 5

Present members at the statutory meeting where FBAs first constitution and by-laws are signed : Banco do Brasil (Paulo Guimaraes), Banque Nationale de Paris (Jean-Louis Signorino), Barclays (Alan Timblick), Chase Manhattan (John Macphail), Citibank (Svante Adde), Crédit Lyonnais (Håkan Johanson), First National Bank of Chicago (Lars Johan Johnson), Jugobanka (Radosav Ilic), Manufacturers Hanover Trust co. (Bernard F. Doran), National Westminister (Bengt Lindgren), Standard Chartered (George Cook)

May 18

FBAs Board held its first meeting. Board was composed by: President: Alan Timblick,1st Vice President: Lars Johan Johnson, 2nd Vice President: Jean-Louis Gave, Treasurer: Håkan Johanson, Secretary: John MacPhail, Topics discussed at first Board Meeting -Press release announcing FBAs formation -Annual dues owed by members (100 SEK) -Lobbying alternatives

Early

Alan Timblick was asked by Lars Johan Johnson and Håkan Johanson to become the first President of FBA

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1984

AGM

Claes-Göran Kjällner President of the Swedish Bankers Association was invited to speak at a FBA member lunch – The discussions with him and following discussions provided for the first time a feeling that FBA could influence the new bank legislation

July

FBA met with the Ministry of Finance to request consultive body status for the FBA in the new legislation process – The fact that nearly all foreign banks were members of the FBA impressed the ministry and FBA was quickly given official status

November 27

Committee was formed to draft recommendations in response to the new proposition regarding the legislation to allow foreign banks into Sweden – The response was very productive and useful to lobby in favor of a liberalization of the laws. All but two issues raised by the FBA committee was accepted in the proposition that went to Parliament

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1985

March 28

On behalf of the government through Olof Palme and Kjell-Olof Feldt the parliament was suggested to accept proposition 1984/85:191 – The new law allowed foreign banks to establish subsidiaries in Sweden under the same legislation Swedish banks operated. The big setbacks was that the banks could not open branches and had to accept deposits from the general public and establish office premises accessible at ground level of a building

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1986

Twelve foreign banks took advantage of the new legislation allowing foreign banks to obtain a bank license and established themselves as Swedish banks during the year – The question of foreign banks being allowed to open branches in Sweden where allocated to the Capital Markets Committee

April 24

At the fourth AGM Lars Johan Johnson at First National Bank of Chicago (FNBC), one of the initiators and driving spirits of FBA, announced that he would resign from the board and move back to Chicago – FNBC decided to close down their ambitions on the Swedish market when the new legislation did not allow to open branches but only subsidiaries

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1987

January

The consistent lobbying finally resulted in the foreign owned banks being accepted as members in the Swedish Bankers Association

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1990

February 15

Preposition 1989/90:116 on behalf of the government through Ingvar Carlsson and Odd Engström suggest that foreign banks should be allowed to set up branches. Parliament was recommended to accept amendments to the laws as of July 1, 1990

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1992

August 28

Discussions where held at the AGM in 1992 whether to continue FBA or resolve the association due to the very infrequent meetings – It was decided that it was important to continue to be able to protect the interest of foreign banks and also to receive and present views to the Swedish authorities. The FBA had also become a place to network to exchange ideas and information between the banks

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1996

Annual Report

A new era started in the mid-nineties, when it became possible to open branch offices or to transfer operating subsidiaries into branches – As a result of this development the FBA experienced a real break-through in 1996. 27 foreign banks were now registered with the Financial Supervisory Authority and 25 of them were members of the FBA

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2007

Seventeen members participated in a educational two day study trip to Riga, Latvia – Highlights included a presentation at SSE Riga and a visit to Bank of Latvia

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2013

The current Chairman, Jan Olsson was first elected 2014

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2020

The association approves a name change at the AGM in 2020 from the Foreign Bankers Association to the International Bank & Finance Association in Sweden

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