SEB has reached an agreement to divest its operations in France to Société Générale. The transfer includes local staff. SEB will through the divestment be able to service its customers in France with a broadened service and product offering, built on Société Générale's as well as SEB's total offering.
The transaction is expected to be completed in the fourth quarter of 2010, and is not expected to have any material impact on SEB's operating results.
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 2010, the Group's total assets amounted to SEK 2,285bn (~EUR 236bn) while its assets under management totalled SEK 1,382bn (~EUR 143bn). The Group has about 21,000 employees. Read more about SEB at www.sebgroup.com.
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