Financial statistics, Divisions
On 1 October, 2009 SEB published a restatement of the financial reporting structure for 2008-2009 due to the formation of the new Baltic division, announced in the interim report for January-June 2009. The financial reporting for the new division started on 1 July, 2009.
SEB has consolidated its retail operations and all loan activities in Estonia, Latvia and Lithuania within a separate Baltic division. SEB has now five divisions:
- Merchant Banking - wholesale and investment banking for large and medium-sized companies, financial institutions and property companies
- Retail Banking - retail operations in Sweden and Germany as well as Card activities
- Wealth Management - mutual funds, asset management and private banking
- Life - life- and pension insurance operations
- Baltic - retail business in Estonia, Latvia and Lithuania.
Merchant Banking has global responsibility within SEB for banking and capital markets products aimed at large and medium-sized corporations as well as financial institutions and property companies. The division is also responsible for SEB's international network in the world's major financial centres.
Going forward Merchant Banking will make targeted investments in products and staff in order to continue growing profitably in its main markets in the Nordic and Baltic countries, Germany and Poland. The division sees further opportunities to sell additional products to existing customers and to increase market share in its main markets outside Sweden, not least through intensified activities aimed at medium-sized corporations and financial institutions. This will be achieved by pursuing the division's proven strategy of investing in cutting edge products and value added financial solutions.
The retail division comprises SEB's retail operations in Sweden, Germany, as well as the Group's card business. The growth opportunities are to expand on the market for small and medium-sized companies in Sweden, continuing a turn-around of the German retail operations, including expansion of the card business.
SEB's initiatives to further strengthen customer services based on increased simplicity, clarity and availability - the "Enkla-assortment" - will continue.
Wealth Management includes the former SEB Asset Management division and the business area Private Banking within the former Nordic Retail & Private Banking division. By year-end 2006, the division's assets under management amounted to SEK 928bn of the Group's total assets under management of SEK 1,262bn. Going forward, the ambition is to offer enhanced advisory services, more alternative products and shorter time-to-market for new products. SEB has a strong market position within asset management in Sweden. Building on this franchise and knowledge the division will grow further outside Sweden, primarily in the Nordic countries and Germany. The ambition is to become the leading North-European wealth manager.
This division is responsible for SEB's life insurance activities and consists of SEB Trygg Liv (Sweden), SEB Pension (Denmark) and SEB Life & Pension International. The business concept is to provide customers with security throughout every phase of their lives using insurance solutions.
The growth opportunities are within corporate pension and care business in Sweden and Denmark, maintained quality leadership in Sweden, continued unit-linked transition in Denmark. The division is also aiming at a leading position in the emerging Baltic life insurance market as well as growth in new East European markets.
The Baltic division is responsible for the Group's retail operations and all loans in Estonia, Latvia and Lithuania. SEB Private Banking's operations in the Baltic area are also included.