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Comment on securities lending in Denmark

SEB comments on media reports in Denmark.

"Securities lending is an established banking service provided by many banks. SEB delivers the service in compliance with laws and regulations of the various countries where the bank is active. The service means that securities are lent out and borrowed, mainly from large institutions such as insurance companies and mutual funds.

The reasons for lending varies according to the investor, but it is carried out, among other reasons, to take equity positions and fit the yield models investors have in their individual cases.

In spring, turnover increases significantly. This reflects both increased supply and increased demand, where SEB acts as intermediary.

Dividends are one major contributor to the increase in activity, but different parties have different interests: long-term institutional investors want to maximize return on their portfolios; short-term players speculate on dividend date stock price movements, short-term investors with surplus cash look for investments with low risk, etc.

The mere avoidance of taxes is not an acceptable reason to SEB when we do business with our customers."