"The market conditions have deteriorated substantially," says Fleming Carlborg, Head of Personal Banking International within SEB. "With the prevailing stock market situation, we have chosen to concentrate our resources on markets in which we already have broader activities.
"Our experience from other markets shows that e-banking functions best as a component of a multi-channel strategy based on an existing customer base," continues Fleming Carlborg.
The decision affects personnel in the marketing, customer service and sales areas. However, certain development projects will continue for b2b-solutions where SEB will offer e-banking and e-brokerage services to other corporations and financial institutions.
One such co-operation was announced in February, eAsiaFinance, which is a joint venture between SEB, Ankar Capital Management, Tata Consultancy Services and Compass ventures. The aim is to supply Asian corporate customers with the technical platform for e-banking and e-brokerage solutions.