Analysts Favor Nordea as SEB Downgrades Handelsbanken

On September 1, 2025, SEB, a prominent bank controlled by the Wallenberg family, made a pivotal shift in banking investment recommendations by upgrading its rating for Nordea to 'buy', while simultaneously revoking its 'buy' recommendation for Handelsbanken. Analysts have cited structural revenue issues at Handelsbanken, suggesting that these concerns have diminished its appeal among investors. Meanwhile, Nordea is perceived as undervalued, being regarded as the cheapest bank in the Nordic region, which has contributed to its favorable rating by SEB.

This transition signals noteworthy changes in the investment sentiment surrounding these major Swedish banks and reflects broader strategic considerations within the financial market. Investors may view Nordea as a more attractive opportunity moving forward, given the current challenges faced by Handelsbanken.