As a consequence, SEB will record a capital gain of approximately SEK 1.3bn in the second quarter results of 2009 since the notes are repurchased at a discount. The capital gain will thus add 16 basis points to SEB's core tier 1 capital ratio. At the end of March 2009, the core tier 1 ratio was 10.2 per cent and the tier 1 ratio was 12.0 per cent applying Basel II without transitional rules. The effect on the total capital ratio is net negative around 40 basis points (14.3 per cent at 31 March 2009).
The capital action shall be seen in light of SEB's strategy to be well-capitalised and to upgrade the quality of capital.
SEB is a North 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 Baltic countries - Estonia, Latvia and Lithuania. It also has local presence in the other Nordic countries, Ukraine and Russia and a global presence through its international network in major financial centres. On 31 March 2009, the Group's total assets amounted to SEK 2,460bn (~EUR 225bn) while its assets under management totalled SEK 1,187bn (~EUR 108bn).The Group has about 21,000 employees. Read more about SEB at www.sebgroup.com
For further information, please contact:
Ulf Grunnesjö, Head of Investor Relations, +46 8 763 8501, + 46 70 763 8501
Press contact: Elisabeth Lennhede, +46 70 763 99 16