SEB AG has over the last years taken several steps towards profit growth in Retail Banking, Merchant Banking and Commercial Real Estate. The German operation has quarter by quarter continued to stabilise its results and reduced its risk profile. SEB is now in the process of speeding up the coordination and integration of retail operations in Germany and Sweden.
"Fredrik Boheman has done a great job in positioning and developing Merchant Banking in Germany. He has together with his team been very successful in developing client relationships, meeting high individual client demands and at the same delivering good results. Now as SEB is entering a new phase in Germany, Fredrik Boheman with his broad experience from working within SEB and his knowledge of the German market will develop SEB's operations in Germany further." says SEB President and Group Chief Executive Lars Thunell.
The appointment is subject to approval from the Federal Financial Supervisory Authority in Germany.
The SEB Group is a North European financial group for corporate customers, institutions and private individuals, with 670 branch offices around Sweden, Germany, the Baltic States and Poland. SEB has more than 5 million customers, of whom 1.8 million are e-banking customers. On 30 June 2004, the Group's total assets amounted to SEK 1,404bn while its assets under management totalled SEK 858bn. The Group is represented in some 20 countries around the world and has a staff of about 20,000. Read more about SEB at www.sebgroup.com.