13 Mar 2020 10:10

Precautionary measures to protect SEB services and our customers

SEB is continuing to closely monitor developments with respect to the new coronavirus and has taken a number of precautionary measures to ensure the continuity of our business and safeguard the health of our customers and employees. SEB has a very strong liquidity position and a solid capital buffer as well as the tools needed to support our customers and take our societal responsibility.  

We do not anticipate that the coronavirus will have any direct impact on the services we provide to our customers, and we have high preparedness and thorough and well-established plans that we follow. We also follow the recommendations of The Public Health Agency of Sweden and other authorities.

Precautionary measures that we have taken include requiring employees who have returned from a high-risk area for the coronavirus to work from home for two weeks, cancelling or postponing non-essential business trips, and cancelling meetings with larger groups. Even though SEB already has markets trading in several countries around the world, we have as an additional precautionary measure also moved some staff within trading with equities, currencies and other asset classes to alternative locations to ensure that our operations can continue uninterrupted even if the situation regarding the corona virus worsens. We have also divided up critical functions and some employees and managers in the bank work from alternative locations or from home.

We understand that many are worried about the development regarding the coronavirus and its impact on society and the economy, but we are well equipped and well prepared to help our customers. The situation we find ourselves in is of course a challenge for all of society and for corporate and private customers but SEB has a very strong liquidity position and a solid capital buffer as well as the tools needed to support our customers and take our societal responsibility. A point in time may come when everyone in the financial system needs to work together to meet the liquidity needs that may arise and we will do our part. We also have a dialogue with the Swedish Financial Supervisory Authority (Finansinspektionen) about potentially adjusting capital and liquidity requirements if such a need would arise.

Our highest priority right now is to be there for our customers, make sure that companies can continue their operations, and to keep the financial markets open.