Handelsbanken

Just seven months ago, Sweden's Handelsbanken was worth almost US$20 billion less than Deutsche Bank. This month, it eclipsed Germany's flagship lender.

Handelsbanken epitomises a more conservative Nordic banking style that prioritises cost control over revenue growth. It pays no annual bonuses to executives and has a decentralised model that gives branch managers control over lending, which it says helps reduce bad loan risks.