2010- SEB – The relationship bank in our part of the world

In June 2010 SEB reached an agreement to divest its operations in France to Société Générale. Through the divestment SEB will be able to service its customers in France with a broadened service and solutions offering built on Société Générale’s as well as SEB’s total offering.

In July 2010 SEB announced the restructuring of its German business. As a result the retail banking business was sold to Banco Santander. The transaction encompassed all 173 branch offices, 1 million private customers and some 2,000 employees. The freed up capital will be re-invested in core strategic growth areas, such as the German corporate and institutional as well as the Wealth Management business.

In February 2011 SEB acquired Irish Life International Ltd (ILI) as a step to further strengthen SEB’s position on the market for insurance based investment solutions. ILI’s assets under management amounted to Euro 2 bn.

In March 2011 SEB acquired DnB NOR’s Swedish mortgage portfolio. The agreement covered around 5,000 customers and a mortgage lending volume of approx SEK 7 bn.

On 31 August SEB opened a branch office in Hong Kong. SEB has been serving clients in Asia for more than 30 years through its offices in Beijing, Singapore, Shanghai and New Delhi. The opening of a Hong Kong office is a natural step to further strengthen SEB’s presence in a region of growing importance for an increasing number of our clients.