Sweden's Handelsbanken, the smallest of the country's four large banks, has bought SPP's life and fund business.

The Skr7.1bn (€816m) acquisition from Sweden's largest financial services group allows Handelsbanken to leapfrog its domestic rivals on the occupational pension scene giving it a market share of 35%. Handelsbanken will also have a 25% of the private pensions market and 16% of the insurance market.