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SEB starts private bank in Switzerland

Mats Rönneskog will be manager, with responsibility for the Geneva operations, which are expected to commence during the summer. He was previously head of SEB's operations in Paris.

The team in Geneva, so far eight persons, consists of qualified investment advisors and portfolio managers wirth long experience in the internetional securities market.

"SEB has a clear strategy in Switzerland," says Mats Rönneskog, head of SEB Geneva. "We want to maximize our customers' profitability and provide them with the best products in the market, both mutual funds and discretionary investment management. External products will also be offered to customers when requested."

Jacob Wallenberg, Chairman of the SEB Board of Directors, officially opened the Geneva office during a special ceremony.

"SEB has long experience of accompanying Swedish and Nordic customers to other parts of the world and helping them in their local operations. SEB continues its strategic goals to grow within the savings market in Europe with a strong link to our europebased internet-banking model." says Jacob Wallenberg.

SEB Private Bank is a Swiss bank registered in Switzerland and governed by Swiss law.

The SEB Group: After the acquisition of the German Bank BfG in 1999, the SEB Group has become a European bank, focused on the Internet, savings and the Nordic corporate market. SEB is also one of the largest Nordic financial groups, with SEK 930 billion in assets under management and more than SEK 1,000 billion (pro forma, including BfG) in total assets at the beginning of 2000. The Group is represented in some 20 countries worldwide and has approximately 20,000 employees. Read more about SEB: www.seb.se, www.seb.net.