French Internet agent Self Trade is to merge with Germany's Direkt Anlage Bank. SEB, which is the largest owner in Self Trade with 20.4 percent of the share capital, has decided to swap its shares in exchange for about 3.6 percent of the shares in Direkt Anlage Bank.
SEB acquired an interest in Self Trade at the beginning of 1999 and the book value of the holding is approximately SEK 210 M. The current value of the shares received in Direkt Anlage Bank amounts to about SEK 1.3 bn. This means that SEB now has a surplus value of approximately SEK 1.1 bn.
"Our ownership of Self Trade has been based on a conscious future-oriented investment strategy, in which we have contributed not only capital, but also technical expertise and management. It is gratifying to see how SEB has been able to participate in the development of one of the leading Internet agents in Europe, while simultaneously creating added value for its own shareholders," says Lars H. Thunell, President and CEO of SEB.
Self Trade, which is listed on the Le Nouveau Marchè Paris Stock Exchange, has expanded rapidly and today has 35,000 customers and operations in France, the UK, Italy and Spain. Today, Self Trade has a market capitalisation of approximately SEK 8 bn.
Direkt Anlage Bank
Direkt Anlage Bank is listed on the Neue Markt in Frankfurt and is 71-percent owned by Hypo VereinsBank. As a result of the transaction with Direkt Anlage Bank (DAB), the French Internet agent will be provided with slightly more than 300,000 customers and pro forma revenues of EUR 200 M. DAB has a 22-percent share of the German market.
SEB is a financial group with a special focus on e-banking, savings and growth companies. SEB is one of the largest financial groups in the Nordic region, with SEK 918 bn in funds under management and total assets of SEK 1,099 bn (30 June 2000). Today, the Group has approximately 20,000 employees in some 20 countries, 630 offices in primarily Sweden, Germany and the Baltic countries and 620,000 e-banking customers in six countries. The SEB Group has a total of four million customers.