SEB in Estonia has in a specific case decided to compensate investors du to an omission to fulfil its information obligations. As collateral agent for the Estonian company OU TR Majad' s private placement of its corporate bond in June 2007 to institutional investors, SEB in Estonia should have informed investors of any material event within ten days.. Such a material event was the company's disposal of assets that formed part of the collateral for the bond. SEB in Estonia informed the investors four weeks too late. Nine months later the company was bankrupt.
"Our customers and counterparties should know that we always strive for the highest professional standards. When we discover any faults we have made, we act", says Annika Falkengren, CEO and President of SEB.
As it has been hard to define the exact impact of the bank's omission for the investors, SEB has decided to compensate the investors in full. The compensation amounts to EUR 11.3m.
SEB is a Northern European financial group serving some 400,000 corporate customers and institutions and five million private individuals. SEB offers universal banking services in Sweden, Germany and the three Baltic countries - Estonia, Latvia and Lithuania. It also has a local presence in the other Nordic countries, Ukraine and Russia and a global presence through its international network in leading financial centres. On September 30, 2009, the Group's total assets amounted to SEK 2,233 billion and its assets under management totalled SEK 1,295 billion. The SEB Group has about 20,000 employees. Read more about SEB at www.sebgroup.com
For further information, please contact:
Viveka Hirdman-Ryrberg, Head of Corporate Communications, tel. +46-8-763 85 77, +46-70-550 35 00
Ulf Grunnesjö, Head of Investor Relations, tel. +46-8-763 85 01, +46-70-763 85 01