SEB publishes restated comparative figures for the years 2020-2021 to reflect organisational and presentation changes, including the formation of SEB’s new division Private Wealth Management & Family Office. The restatement does not affect SEB’s net profit or equity for these years.
The main reorganisations reflected in restated comparative figures are:
- Private Wealth Management & Family Office, previously included in the division Corporate & Private Customers, is now reported as a separate division and reporting segment.
- The Life division’s sales unit is transferred to division Corporate & Private Customers, thereby simplifying the structure and strengthening the distribution power.
- Institutional Asset Management is moved from division Large Corporates & Financial Institutions to division Investment Management in order to accelerate growth pace.
Presentation changes as of 1 January 2022 include:
- A new reporting line, Imposed levies, is added to the income statement and presented after Net expected credit losses. Within Imposed levies, the new Swedish risk tax on banks is presented as well as resolution fees, which were previously presented in Net interest income.
- The line Gains less losses from tangible and intangible assets is removed.
- Amortization of premium or discount for bonds in the trading book and liquidity portfolio, which was previously presented within Net financial income, is now presented in Net interest income.