“This is part of our strategy to expand in the Nordics, strengthen our international reach and establish ourselves as a leading partner for professional family offices in all our home markets,” says William Paus, Head of SEB’s division Private Wealth Management & Family Office.
In parallel with the new partnership, SEB will initiate the establishment of a new professional family office coverage unit within SEB Denmark. It will work in close collaboration with SEB’s Large Corporates & Financial Institutions and Investment Management divisions and with Ringkjøbing Landbobank.
Through the partnership, SEB will be able to offer its customers a complete range of private banking services in the Danish market. This applies to both domestic customers and Danes living abroad. Ringkjøbing Landbobank's customers will at the same time have access to SEB's range of services, as well as benefiting from the bank's international coverage and full product range.
“We want to ensure that we have the strongest offering in the Danish market. This can be achieved by collaborating with a strong, local player who can take care of our professional family office clients’ needs for personal banking services for themselves, their families and small and medium-sized companies,” says Mark Luscombe, Head of SEB in Denmark.
As part of the partnership, SEB will transfer its existing private banking business in Denmark to Ringkjøbing Landbobank. The business consists of 15 employees, who serve just over 800 customers, with assets under management of around DKK 15 billion. The financial effect for SEB is non-significant.
The employees working within the Danish private banking business will be transferred to Ringkjøbing Landbobank but will remain in SEB's premises.
Ringkjøbing Landbobank is a universal bank with a wide range of products and services for private individuals and small and medium-sized companies, as well as a high-quality private banking offer. The bank has a broad branch network in Copenhagen and Jutland. It does not operate in the market for large companies and financial institutions and thus does not compete with SEB's offering.
“Through the collaboration with Ringkjøbing Landbobank, our distribution power will increase. We will have access to a much broader customer community in Denmark where we can over time provide discretionary management services, alternative investment concepts, investment banking services and non-financial services,” says William Paus.