SEB AG in Germany sells its retail debt collection subsidiary Union Inkasso GmbH to the Hoist Group. In addition to the debt collection platform, Hoist acquires SEB AG's non-performing retail claim portfolio, currently administered by Union Inkasso. Furthermore, Hoist and SEB AG establish a co-operation in non-performing retail debt collection.
Founded in 1985, Union Inkasso pursues debt collection activities in Germany relating to unsecured and secured non-performing retail claims. The company has 85 employees and currently services approximately 90 000 claims. The transaction will be closed in 2007 and will have a marginally positive effect on SEB's result in the first quarter.
Since the Bank opened in 1856, generations of customers and employees have made SEB what it is today. This year the Group is celebrating 150 years of longstanding customer relationships, entrepreneurship and international outlook.
The SEB Group is a North European financial group for 400,000 corporate customers and institutions, and 5 million private customers. SEB has local presence in the Nordic and Baltic countries, Germany, Poland, the Ukraine and Russia and has a global presence through its international network in another 10 countries.
On 30 June 2006, the Group's total assets amounted to SEK 1,986bn while its assets under management totalled SEK 1,086bn. The Group has about 20,000 employees. Read more about SEB at www.sebgroup.com
For further information, please contact:
Ulf Grunnesjö, Head of Investor Relations, +46-70+763 8501
Elisabet Linge Bergman, acting Communications manager, +46 8 763 88 04