Orkla will receive SEK 807 M (NOK 689 M) for its 22.5 per cent holding in Enskilda Securities. Orkla received the shares in Enskilda Securities as consideration when SEB acquired the Norwegian broker Orkla Finans (Fondsmegling) in 2000. SEB has exercised a share option allowing it to buy back the stock.
Annika Bolin, Executive Vice President, SEB, and Chairman of the Board, Enskilda Securities, said: "The original purpose behind the arrangement with Orkla, namely to establish a strong Norwegian presence, has been achieved and we will continue to further develop our Norwegian operation. This deal symbolises the ongoing commitment of SEB to its investment banking activities."
Orkla's CEO Finn Jebsen said: "Orkla's involvement in Enskilda Securities was financial. Orkla will concentrate on the continuous development of the wholly owned entity Orkla Finans, focusing on advisory services and products within asset management, insurance brokerage and pension planning."
The name of the Norwegian operation will within six months be changed to Enskilda Securities.
SEB is a North European financial Group that is focused on large companies, institutions and private individuals, with 675 branch offices around Sweden, Germany and the Baltic States. SEB has a total of 4 million customers, of whom a little over one million are e-banking customers. On 31 December 2002, the Group's total assets amounted to SEK 1,241 billion. The Group is represented in some 20 countries around the world and has a staff of approximately 20,000. Read more about SEB at www.seb.net.
For further information, please contact: Gunilla Wikman, Head of Group Communications SEB +46 8 763 8125, +46 70 763 8125 Per Anders Fasth, Head of Group Investor Relations SEB +46 8 763 9566, +46 70 573 4550
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