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Interim Report, January - March 2000

STRONG RESULTS AND HIGH ACTIVITY
 
Strong results in most areas:
 
  •         Group's total result SEK 3,659 M (SEK 2,306 M).
  •         Group's return on equity: 27.2 per cent (18.2 per cent)
  •         Return on equity, 12 months moving average: 17.1 per cent (13.5 per cent)
  •         Total result excluding one off items: SEK 2,747 M (SEK 1,766 M)
  •         Group's operating result: SEK 3,015 M (SEK 1,643 M)
  •         Commission income increased by 104 per cent to SEK 3,702M (SEK 1,812M)
  •         Assets under management amounted to SEK 930 billion (SEK 510 billion) and Assets under custody rose to SEK 2,559 billion (SEK 1,801 billion)
  •  
    High activity during the first months of the year:
     
  •         Consolidation and restructuring of BfG
  •         Sales of real estate (SEK 420 M in capital gain before tax)
  •         IPO of SelfTrade
  •         Enskilda Securities' merger with Orkla Finans Fondsmegling
  • (capital gain SEK 373M before tax)
  •         Formation of venture capital unit SEB e-invest, which invested in b-business partners
  •         Announcement of closure of 50 branches in Sweden
  •         E-banking and e-brokerage in 8 European countries with 570,000 customers including SelfTrade.
  •  
     
    GROUP PERFORMANCE
     
    Through the acquisition of BfG Bank and consolidation of two of the three partly owned Baltic banks, the SEB Group has grown dramatically compared with the first quarter of 1999. Income has increased by 70 per cent and costs have increased by 56 per cent. After these acquisitions the SEB Group now employs half of its staff outside Sweden.
     
    The new e-centric SEB Group was at the end of 1999 organised into four main areas; Nordic Banking, which mainly operates in mature markets, Asset Management & Life, targeting growing markets in Europe, the newly acquired BfG and Other activities. The varying market conditions for the different areas create diverse priorities. This means for example that cost- and capital efficiency measures have high priority in the Nordic Banking area whereas Asset Management & Life is aiming to profitable growth within the savings area in Europe, which affects both income and costs.

     
     
    CEO:S COMMENT
     
    "The highly favourable market conditions that prevailed at the end of 1999 were strengthened further during the first three months of 2000. Stock market volumes have been high. It is pleasing to note that our efforts in the Asset Management area are paying off so well," says Lars H Thunell, President and Chief Executive Officer.
     
    "Our focus on Asset Management and Life, which have been a centre of attention within SEB since 1997, is now, in addition to yielding sharp income increases, also providing a significant boost to profitability. The changed focus of the Group is now obvious with respect to the composition of income; Commission income has increased by 104 per cent and now constitutes 40 per cent of Group income as compared to 33 per cent last years first quarter. We continue to be optimistic about the private savings area against the background of continued strong growth in demand in Europe.
     
    "We believe that major changes will continue to impact the financial-services industry. When it comes to e-banking, we are, therefore, enhancing our investments even further. We are investing in Denmark and Germany and in our pan-European platform that has been developed and is now being tested. Moreover, many new versions and applications will be launched in Sweden, for example, in the areas of stock brokerage and corporate e-services. However, we are also investing in areas outside our main banking area in the form of venture capital activities, such as SEB e-invest, whose first investment was in b-business partners, as well as the French Internet broker SelfTrade."
     
    "Concurrently, we are seeing how our efficiency enhancement measures within the Nordic Banking operations are beginning to yield results. However, we cannot relax our resolve. A number of extensive measures are now being taken. This includes the reduction in branch offices and merging of two of Retail Distributions three regions, and improving the efficiency of our foreign branch offices through partnerships with other banks. All these measures will provide further effects on the cost side without significant adverse consequences on revenues."
     
    "Restructuring of BfG is proceeding as planned. The efficiency enhancement potential is greater than we originally assessed."
     
    "On the corporate side, we are focusing within several business areas on growth companies, which constitute an increasingly important client group. Special growth centres are being established within Retail Distribution to offer these customers advisory service with specific expertise. Enskilda Securities is opening up an office in Silicon Valley. We are continuing to reduce risk-taking within Merchant Banking, and one of the measures have been to discontinue Proprietary Trading. However, with regard to the Emerging Markets segment, we are increasing activity somewhat, but fully in line with our goal to serve our Nordic corporate clients and we experience that there are attractive business possibilities with limited risks. It is also positive to note how Trading and Capital Markets are posting steadily increasing revenues."
     
    RESULT BY MAIN GROUP
     
    Nordic Banking
    The total result for the Nordic Banking operations (Retail Distribution and Merchant Banking business areas as well as SEB Securities Services) rose 10 per cent to SEK 1,456 M. Income was up 4 per cent as a result of sharply increased income in Retail Distribution and SEB Securities Services. The cost increase, net after compensation from the pension funds, was 4 per cent. The income/cost ratio was, in principle, unchanged at 1.83 (1.82). The goal in 2000 is that the cost level in Nordic Banking shall be unchanged compared with 1999.  
     
    Capital rationalisation, particularly within Merchant Banking, continued to be a prioritised area for Nordic Banking. During the first quarter, allocated capital was reduced by SEK 566 M to SEK 17.921 M. Return on allocated capital improved somewhat.
     
    Profit and loss account - Nordic Banking


    SEK M
    Jan-March 2000
    Jan- March 1999
    Change
    per cent
    Full year
    1999
    Net interest earnings
    1,771
    1,782
    -1
    7,061
    Net commission income
    1,031
    712
    45
    2,958
    Net result of financial transactions
     
     405
     
    588
    -31
     
    1,049
    Other operating income
    106
     89
    19
    336
    Total operating income
     3,313
     3,171
    4
    11,414
    Staff costs
    -1,028
    -952
    8
    -3,956
    Compensation from Pension Foundations
     
    107
     
    65
     
    65
     
    459
    Other costs
    -862
    -824
    5
    -3,383
    Depreciation and write-downs
     
    -29
     
    -33
     
    -12
     
    -135
    Total costs
    -1,812
    -1,744
    4
    -7,015
    Lending losses and provisions, net
     
    -45
     
    -107
     
    -58
     
    255
    Total result
    1,456
    1,320
    10
    4,644
     
     
     
     
     
    Allocated capital
    17,921
    18,487
     
    17,587
    Return, 12 MMA*, %
    19.2
    10.5
     
    19.0
     
     
     
     
     
    *12 MMA = 12 months moving average
     
     
    Retail Distribution - strong revenue trend
    The business area achieved a result improvement of 78 per cent. This was attributable to a strong income trend, particularly from interest, net from deposits and commission income from primarily securities, insurance and payments. The cost increase of 6 per cent is due mainly to Internet expansion and higher business-related computer costs.
     
    As of the first quarter of 2000, SEB Finans is included in Retail Distribution. Compared with the first quarter of 1999, the result for SEB Finans nearly doubled.
     
     
    Retail Distribution incl. SEB Finans


    SEK M                  
    Jan-March 2000
    Jan-March 1999
    Full year 1999
    Income
    1,729
    1,376
    5,831
    Costs
    -1,020
    -958
    -3,944
    Lending losses
    -57
    -51
    -186
    Total result
    652
    367
    1,701
     
    Merchant Banking - reduced risk and enhancement of efficiency
    Customer-related income showed a continued positive trend, SEK 1,199, compared with an average per quarter of SEK 1,021 M in 1999. The decline in income compared with the first quarter of 1999 is explained by the fact that the bank then had larger income from own position-taking in conjunction with the introduction of the Euro and declining interest rates.
     
    In March, Merchant Banking closed the Proprietary Trading unit as a step in the ambition to further reduce income swings and concentrate capital utilisation to prioritised growth areas. The latter includes the emerging common European debt capital market for companies and the growing sector for financial institutions within asset management. The continued focus on Internet-based services has been successful: for example, during March clients carried out one fourth of their Foreign Exchange transactions via Trading Station compared with a 15 per cent monthly average in 1999. The market leader position that SEB Merchant Banking claims within the foreign exchange area has also in recent years been confirmed by foreign exchange surveys by the independent research institute Greenwich Associates.
     
    Merchant Banking's exposure to emerging markets remains at a low level. However, a cautious increased exposure has occurred since year-end as a result of the clearly improved economic climate in many of these markets, which resulted in increased financial activity among Merchant Banking's customers (See page 10). In order to enhance efficiency while maintaining and increasing our global reach, an agreement has been signed with Bank of New York to cooperate in serving our Nordic corporates in the US.
     
    As of the first quarter of 2000, the venture-capital unit SEB Företaginvest is included in Merchant Banking.
     
    Merchant Banking incl. SEB Företagsinvest


    SEK M
    Jan-March 2000
    Jan-March 1999
    Full year 1999
    Income
    1,376
    1,645
    4,924
    Costs
    -755
    -735
    -2,895
    Lending losses
    13
    -56
    441
    Total result
    634
    854
    2,470
     
    SEB Securities Services - strongly increased volumes
    SEB Securities Services provides securities management and custodial services in Stockholm, Copenhagen, Helsinki and Oslo under its own name and have sub-suppliers in about another 55 countries.
     
    The sharp growth in business volume continued during the first quarter of 2000. The daily institutional transaction volume rose 64 per cent to slightly more than 13,200 transactions and the value of assets under custody increased 42 per cent to SEK 2,559 billion.
     
     
    SEB Securities Services


    SEK M                  
    Jan-March 2000
    Jan-March 1999
    Full year 1999
    Income
    253
    190
    822
    Costs
    -79
    -86
    -336
    Total result
    174
    104
    486
     
     
    Asset Management and Life - strong and profitable growth
    The total result for this main group - which includes Asset Management and SEB Trygg Liv, that is the main portion of the saving activities within the SEB Group - more than doubled. Income, including changes in the surplus value in the life insurance operations, rose 66 per cent, due to the rise in the stock market values and favourable new sales of life insurance, among other factors.
     
    Costs rose 27 per cent, due partly to increased bonus-related remuneration and new ventures in the Nordic region and Great Britain. The average number of employees was 1,960, an increase of 16 per cent compared with the first quarter a year earlier.
     
    The income/cost ratio improved dramatically to 2.15 (1.65).
     
    As of 31 March 1999, the SEB Group had assets under management amounting to SEK 930 billion, of which Asset Management and Life managed SEK 815 billion (SEK 510 billion). Portfolio management accounted for SEK 353 billion (SEK 212 billion) of this amount, traditional life insurance for SEK 246 billion (SEK 154 billion), Mutual funds for SEK 152 billion (SEK 104 billion) and unit-linked insurance for SEK 64 billion (SEK 40 billion). Since year-end, assets under management rose 16 per cent.

     
    - Profit and loss account - Asset Management and Life


    SEK M
    Jan-March 2000
    Jan- March 1999
    Change
    per cent
    Whole year 1999
    Net interest earnings
    104
    68
    53
    315
    Net commission income
    1,073
    614
    75
    3,054
    Net result of financial transactions
     
    25
     
    28
    -11
     
    81
    Other operating income
    210
    157
    34
    710
    Change in surplus values in life insurance operations
     
    473
     
    268
     
    76
     
    1,502
    Total operating income
    1,885
    1,135
    66
    5,662
    Staff costs
    -408
    -331
    23
    -1,547
    Compensation from Pension Foundations
     
    20
     
    13
     
    54
     
    88
    Other costs
    -467
    -348
    34
    -1,506
    Depreciation and write-downs
    -23
    -23
    0
    -92
    Total costs
    -878
    -689
    27
    -3,057
    Lending losses and provisions, net
    0
    0
     
    -1
    Result, associated company
    -2
    0
     
    -7
    Total result
    1,005
    446
    125
    2,597
     
     
     
     
     
    Allocated capital
    8,000
    7,000
     
    7,000
    Return, 12 MMA, %
    28.4
    16.4
     
    26.7
     
     
     
     
     
     
    * Including attributable goodwill
     
    Asset Management - profitable growth
    Income rose 69 per cent mainly as a result of the increase in stock market value, higher income from equity trading, which contributed to results for the Private Bank; SEB Enskilda Banken more than doubled, and new ventures in Denmark. Costs rose 27 per cent as a result of increased bonus-related remuneration, rising transaction costs and the ventures in Denmark and Great Britain.
     
    Asset Management


    SEK M                  
    Jan-March 2000
    Jan-March 1999
    Whole year 1999
    Income
    1,050
    623
    3,035
    Costs
    -499
    -394
    -1,823
    Lending losses
    0
    0
    -1
    Total result
    551
    229
    1,211
     
     
    SEB Trygg Liv - enhanced growth
    SEB Trygg Liv reports a strong sales growth for the first quarter. The high demand for primarily single-premium endowment assurance in the form of unit-linked rose further. Sales were up 70 per cent to SEK 4,290 M (SEK 2,527 M) and premium income (premium paid) increased 50 per cent to SEK 5,747 M (3,825 M) compared with the year-earlier period. Sales outside Sweden succeeded well.
     
    The change in surplus values was 76 per cent greater that in the corresponding period in 1999. Of the change for the first quarter, SE 473 M, SEK 386 M is from new contracts (See appendix 1).
     
    SEB Trygg Liv


    SEK M
    Jan-March 2000
    Jan-March 1999
    Whole year 1999
    Income
    857
    527
    2,686
    Costs
    -401
    -310
    -1,293
    Result, associated company
    0
    0
    -7
    Total result
    454
     217
    1,386
     
    BfG - developing according to plan
    German BfG Bank, which was consolidated in the SEB Group on 3 January 2000, reported a total result of SEK 312 M, whereof 119 was a one off item. Income was sustained due to improved net commission income, mainly in mutual fund sales. Costs declined due mainly to a reduction in the number of employees. Lending losses increased compared to 1999.
     
    Since the purchase price and thereby the acquisition cost for BfG was lower than the real value of the identified net assets, a negative difference occurred, called negative goodwill. This negative difference has in connection to the acquisition been calculated to SEK 3,400 M and will be accounted for as a provision. The main part of this provision corresponds to costs for measures which now have started and are planned for the coming years with the aim to reach an acceptable profitability in BfG and where costs for these measures do not correspond to reservations made at the time of the takeover. The provision will be resolved in the pace with costs for these identified measures being incurred. In the case that the provision can not be referred to specific measures the remaining negative goodwill will be resolved according to Swedish accounting recommendations. In total, the negative goodwill is expected to be resolved during the coming 4-5 years.
     
     The restructuring efforts announced for BfG are proceeding as planned. During the first quarter co-operation was established between BfG and SEB Investment Management and SEB Fonder and the first joint mutual fund - BfG Concept Teletech - was launched successfully on the German market. Co-ordination with SEB Private Bank in Luxembourg was started. The decided closing of the subsidiary bank Deutsche Handelsbank in Berlin with 75 employees was started. A smaller subsidiary in real estate brokerage was divested.
     
    The decided reduction in the number of employees, previously announced as at least 500 positions was increased during the spring to about 700 during the next two years.
     
    In the end of March BfG had assets under management amounting to approximately SEK 116 billion.
    BfG, which during the spring will present a new version of its own Internet bank, has initiated close collaboration with SEB e-banking prior to the launch of a pan-European model during the third quarter. At the end of March 2000, BfG had 85,000 e-banking customers.
     
    Profit and loss account - BfG


    SEK M
    Jan-March 2000
    Net interest earnings
    1,086
    Net commission income
    564
    Net result of financial transactions
    172
    Other operating income
    109
    Total operating income
    1,931
    Staff costs
    -717
    Other costs
    -501
    Depreciation and write-downs
    -91
    Total costs
    -1,309
    Lending losses and provisions, net
    -312
    Result, associated company
    2
    Total result
    312
     
     
    Allocated capital 
    14 000
    Return, 12 MMA, %
    6,4
     
    Other activities
    This group includes the Enskilda Securities, SEB Kort and the Baltic banks. The last-mentioned business area comprises two majority owned banks, Eesti Ühispank and Latvijas Unibanka, and the partly owned Vilniaus Bankas.
     

     
    Profit and loss account - Other activities


    SEK M
    Jan-March 2000
    Jan-March1999
    Change
    per cent
    Whole year 1999
    Net interest earnings
    127
    21
    505
    284
    Net commission income
    1,163
    564
    106
    2,853
    Net result of financial transactions
     
    336
     
    155
     
    117
     
    571
    Other operating income
    41
    12
    242
    296
    Total operating income
    1,667
    752
    122
    4,004
    Staff costs
    -739
    -325
    127
    -1,695
    Compensation from Pension Foundations
     
    8
     
    5
     
    60
     
    34
    Other costs
    -300
    -200
    50
    -1,006
    Depreciation and write-downs
    -72
    -18
    300
    -139
    Total costs
    -1,103
    -538
    105
    -2,866
    Lending losses and provisions, net
     
    -3
     
    -11
     
    -73
     
    -101
    Result, associated company
    18
    41
    -56
    110
    Total result
    579
    244
    137
    1,147
     
     
     
     
     
    Allocated capital
    3,179
    1,943
     
     
    Return, 12 MMA, %
    33.6
    23.6
     
    42.5
     
       
     
     
     
     
    During the first quarter of 2000, Eesti Ühispank and Latvijas Unibanka were consolidated within SEB. In the corresponding period of 1999 these banks were only include as result from associated companies.
     
    Enskilda Securities - continued strong result improvement
    The favourable market conditions from they beginning of 1999 were reinforced further during the first three months of 2000. The volume of trading on the OM Stockholm Exchange rose 115 per cent and activity within IPOs was high - due largely to the strong interest in IT, telecom and technology shares.
     
    Enskilda Securities income in the secondary market during the first quarter was the highest ever, rising 122 per cent compared with the same period in 1999. Income was affected positively by a number of IPOs. Both the equities and derivative markets and Corporate Finance posted highly favourable earnings. In particular, share commission, results from derivative trading and income from placements and IPOs improved compared with the first quarter of 1999. IT, telecom and technology share transactions accounted for nearly half of fee revenues. In order to come close to this market, Enskilda Securities have decided to open an office in Silicon Valley.
     
    An agreement was signed covering a merger of Enskilda Securities AB and Orkla Finans (Fondsmegling) ASA for the purpose, among others, of strengthening the company's position in the Norwegian market. The agreement is made through an exchange of assets in kind. Enskilda Securities assumes ownership of Orkla Finans (Fondsmegling) in return for Orkla Finans ASA owning 22.5 per cent of the capital in Enskilda Securities AB, while SEB retains 77.5 per cent. Through this transaction a capital gain is incurred in SEB, which is accounted for on group level ( SEK 373 M) which is simultaneously reflected in an increase in goodwill.
     
    In total, Enskilda Securities increased revenues during the first quarter of 2000 by 141 per cent, including Orkla Finans (Fondsmegling), and 105 per cent excluding.
     
    Costs rose 119 per cent including - 88 percent excluding - Orkla Finans (Fondsmegling) as an effect of result-related bonuses, recruitment of a number of key personnel and costs related to the merger. In addition to these factors, the strong volume trend and the related new recruitment contributed to the underlying cost increase of 19 per cent.
     
    Results tripled when Orkla Finans (Fondsmegling) is included. Excluding Orkla, results improved 160 per cent.
     
    Enskilda Securities


    SEK M
    Jan-March 2000
    Jan-March 1999
    Whole year 1999
    Income
    1 108
     459
    2,279
    Costs
    -724
    -330
    -1,694
    Lending losses
    -8
    0
    7
    Total result
    392
    129
    592
     
     
    SEB Kort - increased efficiency
    Sales of SEB Kort, which includes Diners Club Nordic and Eurocard, rose 14 per cent compared with the year-earlier period. At the same time, operating result improved 37 per cent. Costs increased marginally, which indicated that SEB Kort has increased its earnings capacity and its efficiency.
     
     
    SEB Kort


    SEK M                  
    Jan March 2000
    Jan March 1999
    Whole year 1999
    Income
    335
    302
    1329
    Costs
    -210
    -207
    -868
    Lending losses
    -10
    -11
    -56
    Total result
    115
    84
    385
     
    Baltic Region
    The result for the business area amounted to SEK 72 M for the first quarter of 2000. During the comparable period last year, the three partly owned banks in the Baltic, which then were not a separate business area, contributed SEK 31 M. During the second half of 1999 Eesti Ühispank, Estonia, and Latvijas Unibanka, Latvia, were consolidated in the SEB Group. Vilniaus Bankas, Lithuania, in which SEB owns 42 per cent, is still reported as a result from associated companies.
     
    After Vilniaus Bankas' acquisition of Bankas Hermis at the end of 1999, the number of employees in the merged bank was reduced from slightly more than 2,000 to 1,750. Efficiency enhancement measures continue.
     
     
    Baltic Region


    SEK M                  
    Jan-March 2000
    Jan-March 1999
    Whole year 1999
    Income
    231
     
    396
    Costs
    -169
     
    -284
    Lending losses
    -1
     
    -52
    Result, associated company
    11
     
    110
    Total result
    72
    31
    170
     
     
    e-BANKING
     
    SEB Internet, which was renamed in the spring to SEB e-banking, is an independent unit in the Group since the summer of 1999. However, income from and costs of the Swedish and German e-banking operations are reported in the business areas, where the customers use the services, that is, mainly in Retail Distribution and BfG.
     
    Costs for investments in e-banking during the first quarter of 2000 amounted to SEK 94M. The investments are now accelerating. In mid-April, the new model was launched in Denmark. Germany is next during the third quarter.
     
    During the first quarter of 2000 the number of e-banking customers rose to 570,000, of which slightly more than 410,000 in Sweden. Activity among these customers continued to grow at a high rate. The number of share transactions was, for example, 50.000 in March 2000 compared with 10,000 in the same period of 1999. The number of payments on Internet has increased to 1.3 million per month (820.000)
     
    The e-activities within the Group now comprise a wider span. The newly formed SEB e-invest has already made its first investment. SEK 415 M has been invested in b-business partners, a venture capital company to invest in B2B Internet trading.
     
    During the first quarter of 2000 the French e-stockbroker SelfTrade, where SEB holds 34 per cent of the votes and 20,4 per cent of the shares, was listed on Nouveau Marché in Paris. In conjunction with the listing a new issue was made in which SEB participated with its share. On the first day of trading the market value of SEB's shares in SelfTrade amounted to SEK 1.2 billion, while the book value on SEB's share was about SEK 300 M. As of april, 27:th the value to SEB amounted to approximately SEK 700 M. This implies an unrealised capital gain which is not accounted for.
     
    SelfTrade is one of the leading e-brokers in the French market and its goal is to be the leader on a European basis when it comes to financial services on Internet. SelfTrade have about 26,000 customers in France and has also opened operations in Milan.
     
    GROUP ACCOUNTS
     
    At 31 March 2000, a change of one percentage point in the Group's combined positions in SEK and other currencies means that the market value of the Group's interest-sensitive positions would increase/decrease by SEK 1.2 billion (SEK 1.9 billion in the first quarter of 1999).
     
    The nonrecurring items amount to SEK 912 M ( SEK 270 M). The sale of the bank's property on Kungsträdgårdsgatan resulted in a capital gain of about SEK 420 M before taxes. A capital gain arose on the settlement with Orkla Finans of SEK 373 M. This amount is offset by higher goodwill. SEK 119 M of the result in BfG is attributable to nonrecurring items.
     
    Of the total restructuring reserve in the 1997 year-end accounts of SEK 2,255 M, SEK 1,724 M, of which SEK 645 M in 1999, was utilised as of 31 March 2000.
     
    The Group's lending losses, including value changes in assets taken over, amounted to SEK 281 M, of which BfG accounts for SEK 312 M. Accordingly, the lending loss level was 0.16 per cent (0.14 per cent).
     
    SEB's exposure on emerging markets at 31 March 2000 was SEK 16.758 M, net, of which SEK 5,209 M was added through the acquisition of BfG. Accordingly, compared with year-end exposure, excluding BfG, increased by SEK 1.144 M. This is due, among other factors, to increases in exposures to Hong Kong, Argentina and South Korea.

     
    Exposure, geographical distribution, SEK M


     
    Doubtful claims, net, increased because of BfG to SEK 7,434 M (SEK 2,703 M), while the volume of assets taken over decreased by SEK 875 M to SEK 610 M.
     
    Capital adequacy
    The capital base for the financial company group (which does not include the insurance company) amounted at 31 March 2000 to SEK 50.6 billion (SEK 46.5 billion at year-end 1999), of which SEK 34.3 billion (SEK 34.4 billion) was core capital. At the same time, the risk-weighted assets rose to SEK 510 billion (SEK 318 billion at year-end 1999).
     
    If the result in the quarter was included in the capital base and capital adequacy, the total capital ratio would be 10.23 per cent (14.6 per cent at year-end 1999) and the core capital ratio 7.06 per cent (10.8 per  cent). Excluding the results in the quarter, the total capital ratio was 9.9 per cent and the core capital ratio 6.73 per cent.
     
    Decisions at the Annual General Meeting
    At this year's Annual General Meeting on 11 April, two new members were elected to the Board: Penny Hughes, a member of the Board of Trinity Mirror and Vodafone Airtouch, Great Britain, and Hans-Joachim Körber, President of Metro AG, Germany. The dividend was set at SEK 3.50 per share.
     
    Stockholm, 28 April
    Lars H Thunell
    CEO
     
    The interim report for January-June 2000 will be published on 22 August 2000. SEB's interim reports are available on the Internet (www.seb.se; www.seb.net).
     
    Additional information is available from
     
    Gunilla Wikman, head of Group Communications, +46 8 763 81 25
    Lotta Treschow, head of Investor Relations, +46 8 763 95 59
     
    This report is unaudited.

     
    The full report including tables can be downloaded from the following link: