A NEW bank branch has promised a return to traditional, customer focused values following years of banking scandals.

Swedish bank Handelsbanken opened a branch in Hove earlier this year at the old office of former MP Mike Weatherley.

For manager Simon Nicholson the new branch marks a return to his childhood home.

Mr Nicholson grew up in Germany, went to school in Horsham and spent summer holidays with his grandparents in Hove.

He ran his own warehouse and distribution business CFF in Hove then Ringmer for 11 years, followed by ten years in the City for Barclays, most recently as head of international.

As well as a return to Hove, Mr Nicholson was keen to take on a role with more of a personal touch after a decade with the banking giant.

Handelsbanken is a full-service decentralised which prides itself on its strong customer relations and autonomous management, with no targets or bonuses for staff.

The local branch retains a Swedish touch, with a prudent refurbishment if the three-floor Grade II listed building on Church Road.

Mr Nicholson said: “Several things attracted me to working Hove, such as the fact the bank doesn’t have targets or pay bonuses, and people in the branch actually make decisions.

“When we talk to customers they tell us that’s what they want, and when you talk to bankers, they want the same thing too.

“Although we’re Swedish we describe ourself as a local relationship bank with traditional values.

“We are local people working in Hove and making all the decision here, it’s a local banking model

“We’ve been running the bank like this for 40 years. It’s harder for larger banks to do but it has to change.”

For the past 43 years Handelsbanken has had higher profitability than the average for its competitors.

In the UK, it has been ranked number one for customer satisfaction and loyalty for the last six years.

The bank has a profit-sharing system called the Oktogonen foundation which distributes proceeds top staff when they turn 60.

Every employee from the most junior to the most senior gets the same allocation, which is based on whether the bank outperforms its rivals.

Around 90% of the scheme's proceeds are invested in the bank's shares.