SEB's annual report 2010

8/7/2019 SEB's annual report 2010

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iiseb annual report

vinjett

Bdx

Annual Report

10


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this is seb

SEB a la No aal ou. a laoak, SEB Sw a Bal ou o aala a a w a o o . I Dak, Fla,Nowa a Ga ak' oao a a o ou

o ooa a ak a o a ull-o o ooa a uoal l. T aoalau o SEB' u o ou wolw. T Gou a aou 7, lo.

Oa oGghic diii, c

Ba a -a ofSEB i wdwid

9

Swd ()

Nwy 8 (9)

Gmy ) 8 (8)

Dmk 8 ()

Fid ()

Ei ()

Lvi ()

Lihi ()

Oh ()

Bijig

Kiv

Ww

Shghi

Nw Yk

S P

Ld

Gv

Nw Dhi

Sig

Nic

Lxmg

Mcw

Hg Kg

Ru o qu )

P c

N oSEK

T aal ao)

P c

DSEK

Markets

Key gures

SEB civii iciy mc cm d i h Ndicd Bic ci d Gmy. Swd i h ig gmk, ccig m h h ig icm i .

) Excdig cid y i

8 9

9

8 9

9

8 9 ) 8 9

P vg

) Ciig i

Tg: High mg

Tg: Si gwh Tg: c d icdig 8, c m 9, iim i B

III c hv yd.

) B I. B IIwih ii .

Tg: c h v i cyc

) A dividd SEK . hi d , cdig y- i 9 c.


3/157

this is seb

Rewarding relationships are the cornerstones o our business. Ever since A O Wallenberg ounded SEB in 1856,

we have provided nancial services to assist our customers in reaching their nancial objectives.

Oa o Oa o

Ma Bak Cmmci d ivm kig vic g c

d iii ci i ci, miy i h Ndic gi d Gmy.

SEK ,m (,) SEK 8,98m (,8)

Ral Bak Bkig d i ic vic iv idivid d m d

mdim-izd c cm i Swd w cd i i h Ndic

ci.

SEK 8,9m (9,) SEK ,8m (,89)

Wal Maa A mgm, ivm mgm, icdig

m d, d iv kig vic iii ci d high wh

idivid.

SEK ,8m (,) SEK ,m (,)

L Li ic dc iv idivid d c cm,

miy i h Ndic d Bic ci.

SEK ,9m (,) SEK ,m (,)

Bal Bkig d i ic vic iv idivid d m d

mdim-izd c cm i Ei, Lvi d Lihi.

SEK ,8m (,9) SEK m (,)

Bch c ) 75

Ii ch d iv c 0Amic k vic mchi ) ) ,500

Ii iv kig ch

Cd ci 5 mii

U SEB' I k vic ) . mii

Awd . h c ) . mii

) Exc. Ri Gmy

) ATM, mchi ch di, d ig xchg .

Nm ydicd i h Ndic gi

(v USD .8)Nm qiy ci mk ci i h Ndic gi

(v EUR .8)

Nm M&A ci i Swd

(v EUR .)

Li ic imdii d k ,

SEB's customers

SEB's Business divisions

M la a uo ao

,6Cooa a Iuo

SEB i h dig c d iv-

m k i h Ndic ci, vig

g ci, ci iii,

k d cmmci ci

wih c kig, dig d ci

mk d g ci vic.

Cmhiv i d m-

gm i d.

,SME uo

SEB m d mdim-izd c-

cm v cmizd d-

c h w iiiy dvd i c-

i wih SEB g c

ci. I ddii, m vic

cicy digd m cmi

d .

,,Pa uo

SEB vid m mii idivid

wih dc d vic m hi

ci d. Th icd dc d

vic diy c, vig, wh

mgm d i ic. SEB iv

xcc i cm vic d -

h vic i vi m

cm d-h-cck, -y d

i Swd i m h gg.


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Oig icm: SEK ,89m (,)

P cdi : SEK ,98m (,) Oig : SEK ,m (,)

N m ciig i: SEK 8,8m (,89)

R qiy, ciig i: 8. c(.89)

Eig h, ciig i: SEK .88 (.9)

Pd dividd: SEK . (.)

C Ti I ci i): . c (.)

Ti I ci i): . c (.9)) wih B II ii f

T o oa 00:

I Jy, SEB chd gm div i i -i i Gmy Bc Sd. Th g-m -ci imc i iiv SEB. Sgicy h divmw SEB cc i c cmiivdvg i Gmy. Th divm w id Jy, .

SEB i i h Bic gi xicd igi-c imvm dig h y. F h im ic

8, SEB ihd iiv ig i Bici i h hid d h q .

Th vi B III, h ci d iqidiy dgy mwk, w cd y h B Cm-mi i Dcm . Th gi wi i cig m .

T SEB Cv

00 Cv

Caa' a 2

P' a 3

Sa 4Mak a oo 6

T ol SEB 12

Cooa uaal 14

T SEB a 16

Ro o Do 1

Fici Rviw h G 1

R d iiy 1

Fici c 21

Divii 24

Mch Bkig 24

Ri Bkig 2

Wh Mgm 32

Li 34

Bic 36

Rik d Ci Mgm 3

C Gvc wihi SEB

Bd Dic 64

G Exciv Cmmi 66

Rmi

Faal Sa 3

SEB G 4

Icm m 4

Bc h Sm chg i qiy 6

Ch fw m

Skdivik Ekid Bk

Icm m

Bc h

Sm chg i qiy

Ch fw m 1

N h icm m 1

Fiv-y mmy 14

Dii 14

P h diii 1

Adi 11

Cv

Co

Pici A Acc 4 Fy

Pici A R h I 2 Fy

A G Mig 24 Mch

Iim Jy Mch 3 My

Iim Jy J 14 Jy

Iim Jy Sm 2 Oc

J Eik Bck

Chi Fici Oc

Th +46 22 1

E-mi: jik.ck@.

U Gj

Hd Iv Ri

Th +46 63 1

E-mi: .gj@.

Vivk Hidm-Ryg

Hd Cmmici

Th +46 63

E-mi: vivk.hidm-yg@.

Mi Schkg

Fici Imi Oc

Th +46 63 31

E-mi: mi.chkg@.

SEBs nancial information is available on www.sebgroup.comFaal oao u 0

Fo u oao la oa:

Fo o: Ki Kj (m SEB) d R Kjid (m Fi) Fi' wh i Ti (d m i SEB A Rviw , g ).


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1seb annual report

The deep nancial crisis had a majorimpact on the economies around the world.The Nordic region was also aected but didindeed show resilience. Three years later itis time to summarise and conclude on aperiod of exceptional market conditions.

On pages 23, Marcus Wallenberg, theChairman of the SEB Board, and Annika Falkengren, SEB's President and CEO, givetheir outlook on the new nancial land scape that is emerging. They also discuss

how the Bank has strengthened its positionin the past few years by prioritising nan cial stability and customer relationships.


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2 seb annual report

chAirmAn's stAtement

w ulao awok -al, all o o a aaluo o a a o aqual o w oo.

I h id my im dig h

c y' g ci c,

i vh dv

d: k di m h ii-

i h c k c

y cm d hhd,

wid cic khd ig i

ck d wk ci ym

i. Thi cd idy mi i

dv c h cmy

wh.

Sal, u a laoBk h c h cdi

imdii c, hgh

d, mk mk, vid

ck iqidiy, d ym vic.

A md ciy wd ci

wih i ci iii. Thi

m h ci iiy,

d ihi ciic cc

c.

Nw ulao awokI 21, w g gy m-

wk gig high ci d iqid-

iy dd w c ig id

d i 211 w xc h ic

h w gi i c. I

E w gy di -

E v ig idcd.

Tk gh, h qii hv

c m , m

d m y -

vid g ci ym.

Idd, ci gi

h mch ccmih, c

mc h mj

k. I i i gv-

c, ik mgm d c

c. Th chg i cm

ci iii h hy i

dqy m h d h wid

cmy.

Saall alu xA hhd SEB, w c k ck

21 which dd ic i

SEB' h ic y 2 c, mi-

ig iiv dvm h d-

yig i. Thi mc fc

c iiii cm -

ihi d c, h iii

i h Bic cmi. Sv

gicy ig i mix d

SEB m wh k w

ccy xcd dig h y.

Th Gm i i w

divd, d h cd gwh iii-

iv i h Ndic d Gm wh-

gm w chd.

So ala Ah ky iiy w h ih-

m hiic viw SEB c

h c icig h vid

gy dvm. Tdy, h

k c h i g, wih -

i iiy d

h m g-m cm d.

O h h Bd I wd ik

x wm cii mg-

m d my wh hv hw

g cmmim h k. Thi

ci dig chgig mk

vim hv v h d

ihi mi g-m vi

SEB.

Sckhm, Fy 211

Mc Wg

Chim h Bd


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3seb annual report

presidents stAtement

Ou oo a Rlao Bak o oa a o uulo a, w a o oou lo- uo oao. Goowa, w a o a w a lao o ow o.

A w w c h k 21, i i

im mmi h g id

xci mk cdii d

v mc-cmic chg v

h h y. Thgh hi

id, SEB iii d dcii

w gd g-m ci

iiy i d cm-

d hc ii h

Rihi Bk.

Lkig wd, i h h

k h g cmy i m

miig h h m gi i-

m h mkd h h y.

Smmig 21, ig

md SEK 11.1. A qiy

imvd igicy, cm civiy

gd , d w gicy igd

i mix wig h div-

m Gm Ri.

Uqu uo laoSEB y iq i ig

i d iii ci

. W ciy k m

h d cm i-

hi. Sic h h g -

ci cii i mm 2, h c

cdi i h icd y SEK

12, 24 c.

I v kig md dig

h y, ch P' qiy

ch vy d c i-

hi kig vy, cm hv

md Ndic ii. I

Swd, SEB w md h Bi

Bk h y. SEB ghd i

ii i h SME gm m m-

k h 1 11 c. O h

ck m iiv c i-

m, SEB w h m M&A

h i Swd.

Boa a oSEB' mii i hiic -

civ vig hiz d

ik d idivid ci

dvic cm. O vig

i icd di ghig,

mgm, i-ikd i-

c d iv kig ig.

Ov h y, w hv cid

m d wih i

idx mgd d civy mgd

d. N md SEK ,

igig d mgm

im high.

I i wih h mgig w ci

dc, di ghig i cm-

ig icigy im. SEB' im

di cc, Pcigk,

cd SEK2 cm -

cid h cmiiv i .

Bal oao ak lakTh Bic i diyd

mkd imvm wih dcd

-mig d hy

dcd vii cdi .

Oig h ci

d iiv wd y-d.

Thgh h v cmic

dw, w miid civ

d cviv c i d -

gd ci iiy, qiy

d g-m cm ihi.

W hv ivd i h

w y i hi hm. W

d h di dic id

h gi, SEB h kd h

m cm-idy k i Ei

d h m cd k i Lvi

y idd v.

Flxl a lW ci gd g-m

iiy, which i hmk SEB.

Thi giv h fxiiiy, iic

d cciy gw cm'

i w ccmmd

h w gy mwk i

vim h m i dd

h mccmic chg.

Bkig i d m

chcid y diciiy d

g-m cm ii. W

id v hvig h mii

d i vy gm i which

w .

Mvig wd, w cd

h w hv h did m

gw m. O gy mi

chgd. SEB i the Rihi

Bk. Wih c xd my

cm, w wi ci id

h dig c k i h Ndic

ci, gw c i

i Gmy, d cmhiv

g iv kig vic i

Swd d h Bic ci.

Sckhm, Fy 211

Aik Fkg

President and Chie Executive Ocer


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4 seb annual report

SEB continues to adhere to its strategic direction: SEB is to be theRelationship Bank in our part

o the world, with growing ocus on corporate banking and wealth management in the Nordic

region and Germany while strengthening its universal banking ofering in Sweden and the Baltic

countries.

strAtegy

Sa

Fdd i h vic i m h 1 y g,

SEB h g h k chic g cmi d

iii i Swd d, icigy, i h h Ndic

d Bic ci. Thi i vid y i h i mix,

which cy fc h Bk' c g c d

iii ci, i SEB' hig, i h wy h

i i cdcd, d i h c c g-m -

ihi.

A Rihi Bk i h gi, SEB wi i mi-

i h d i hiv y vidig qiy

dvic d ci c d ch i vii h

d cm wih ii. A SEB, h

cm wy cm .

F o o lolo- laoThgh h w y, chcid y h

ci cii d gi g cmy, SEB' ci w

gidd y i ihi c. I highy ci vi-

m, SEB vidd cig, ik mgm dc d

dviy vic cm im wh h mk w

y cd dig h m c h h cii. I -

, SEB dvd i ig vig dc i m-

gm g wih iv kig d i ic i

hdg dwid ik. Th igh i d g-m dig

id i 2 gdd h Bk cciy xd -

im wh h kig ym w xicig mjdici. I h Bic ci, SEB vd i i

id kig m d g cm

chi.

Cuo xllTh xic gid i c y h mi

SEB' gig vi wd y cm-cic k.

Thi dvm gi h Rd

Excc gmm h w ihd i 26 wih

iii c icd igi SEB gii d

mvm wy m hdig cmy-ik c wd

vidig i xcc hgh hcd dciv-

T la No ooa akSh icm , c

Lg cmi d iii

Li ic (i-ikd)

A mgm

Ri

) Excdig Ri Gmy, which w divd J. ) Agggd icm diii Swdk, SHB, Nd,

Dk Bk d DB NOR. Bi i y (idiciv)

SEB

Ndic

8

Mission

T h d i hiv y vidig

qiy dvic d ci c.

Vision

T d

cm wih ii.

SEB theRlao Bak


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5seb annual report

strAtegy

iy d cicy. Th cm h ch h

wh k O SEB gd hw hy c c-

dc hi i wih h Bk.

SEB i ciig i wk igi wihi h G

i d ic c-ig d xc c ygi

hgh m ci cmm c. Twd hi

d, SEB h ihd G-wid gmm, cd SEB

Wy, which mi c h c c

d d d m dcivy g h i-

. Th gmm h immd i h

G d h dy ihd v ck cd

h d ci.

Cm xcc i chivd y ig h h c-

m' civ i k i cc i vyhig SEB

d, y mwig my mk h igh dcii

h cm d SEB, d y dhig h dm

h cm yy d g-m iiy.

A SEB, cm xcc i mig h cm

xci i ii.

Rl a xlTh mccmic cvy mi gi d ci

qi g d ii di which SEB c

i gic dici. Hvig h qid fxiiiy

cc m gwh dd, gh wih h

cciy d c xc h gy, wi mi ky

cc c.

SEB g ci d dig, id mk ii

d v cmiiv dg i h Ndic c m-

k dvg h wi h h Bk iz ii

i h mk hy i.

SEB oa aSEB' gic iiy h cmig y wi h

xd i mch kig d wh mgm civii

i h Ndic ci d Gmy. I Swd, Ei, Lvi

d Lihi, SEB wi ci dv i iv kig

ig. I i ic d h cd i, SEB wi gw

d iv i i i id h Ndic ci. I

h igh h chg xicd i h Bic ci i

c y, i i im mhi SEB' g-m mi-

i i h gi.

SEB i chig hi chg m g ig

i. I Swd, hi cm SEB' dii g

c ci d hcd ii h m d

mdim-izd i mk w h Bk' mk

dig ii i iv kig d i ikd ic.

Oid Swd, SEB i ig xi i wh

i i Dmk, Fid d Nwy. I Gmy, wh

SEB h vd wh k 3 y, h Bk i

w ig xi i h Mid gm, md

m d mdim-izd cmi. Dig h y,

SEB h d i gic dici hgh h div-

m i i i i Gmy.

SEB' xi wi imiy gic, div y

icd mk h d h w, gwh

d icd cm civiy. Exi wi cd

y cid id ik mgm d hgh ik/wd

yi.

I viw h x-id h -Ndic d

Bic gi w Gm c, SEB ddi-

cd cm ig ii i.

Thi i vidd hgh ihm i gic

ci d i ckd y gic hi wih gi

d. I i gy h h cc v h y.

Th ddii SEB' ii c icd h

cd ig h Hg Kg ch d h ci-

d dvm h Shghi ch.

Mo NoGrow as corporate bank in Denmark, Finland, Norway and Sweden

Mo wolalGrow within wholesale banking in the Nordic countries and on the market formedium sized companies in Germany

Mo oaGrow organically through increasedmarket shares and larger share ofcustomers' business

SEB' xao la


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6 seb annual report

The global economic recovery continued in 2010, but in a ragile and uneven way. Public

debt continued to rise and fscal risks remained elevated despite rescue packages or Greece

and Ireland. The economies in the Nordic region have been more stable than in other parts

o Europe and the situation in the Baltic countries has improved considerably.

In 2010, SEB urther enhanced its position within corporate and investment banking

in the Nordic markets.

Markets and coMpetition

m

Di i g chg, h cvi i h Ndic

d Bic gi d i Gmy hd iiv imici

SEB c mk i . Th Bic ci i dv-

i ici cc, whi h c

g imc h vidd icy Swd,

Nwy d Gmy.

SEB i ihi k wih g c wh

kig. Thi i cd i SEB' ii i hm m-

k. SEB diiy m gh cmii i h g c-

i d ci iii gm, y m h

g Ndic k d ich y, m i-

i ci g. Hwv, i m h i-

i k w i y ck i i h

g ci cii. I h i mk, h cmi c-

i my dmic d gi k.

SwSwd i SEB ig g mk wih ximy

6, c d ,6 mii iv cm d 6

ch fc. I , Swd ccd 6 c

h Bk' ig icm.

SEB hd h dig ii mg g ci,

ci iii d iv kig cm, wih -

i mk h ig xchg dig, qii d-

ig, ch mgm, mgm, i-ikd i-

c d cdi/di cd. I , SEB w c gi h

g k, y h Sckhm Sck Exchg,

h Ndic d Bic xchg. SEB i h g -

ig xchg k dig i Swdih k d h y

Ndic k mg h g c ig xchg

k i h wd. SEB w md k i Swd

h qiy ch d FX dig y P d h m-

M&A h i Swd d m w i h Ndic

gi i m ci i .

I h Swdih hhd vig mk (xcdig

dicy wd h), h G w h cd g c

, wih h .4 c (Sm ). SEB i

h cd g c i c dig d di

( mk h 8).

I , SEB w h cd g vid i i-

c v i Swd, wih mk h .3 c. I

m i-ikd ic SEB miid i N. ii,

wih mk h 4.9 c.

Whi SEB h kig mg g ci, -

ci iii d iv kig cm, i k w

h mk vg i m cm ici mg

i cm i Swd.

Oh N uI Dmk, Nwy d Fid, SEB i cc-

d h G c gh: c d

ivm kig d wh mgm. SEB h

g ii i i-ikd ic i Dmk w i

cd i (Ecd, Di C d MCd) i

h Ndic ci. I , SEB h ximy 6

cm i Dmk, Nwy d Fid.

Sw Dm

m vlm Sg gwh i h W wd i 2010d d dmGDP 2010 (im) +5.7 cGDP 2011 (im) +.7 c

Rcvy, y d imvd cmiiv- GDP 2010 (im) +2. c GDP 2011 (im) +2. c

Cum g Uiv kig wih ciy g iii c d ivm kig, ivkig d i-ikd ic

C d ivm kig, i ic,wh mgm d cd

Cm A mj Ndic k, c ich y, iic cmi d iiivm k

A mj Ndic k, i ic cmid ii ivm k

Og m, SEK m 20,1 (2,0) ,020 (,1)

Og f, SEK m 5, (,70) 1,2 (1,12)


11/157

7seb annual report

Denmark

I Dmk, SEB hd dig ii i mj qiy d

ci mk dc w c c. I ,

SEB w wdd B Dih FX Bk i h j G

Fic, SEB Ekid' qiy ch w kd m

i h igi Dih Iv Ri Acii wd

d SEB Ekid C Fic w h h cc-

iv y kd m i P. I , SEB h

h h c gwh gy wih

g i-w w c ci d hcm

h i vm wih xiig ci.

SEB Pi i Dmk' h-g cmmci -

i cmy, wih SEK 9.4 i d mgm.

Div y g ic i ig mim, mim

icm icd i .

SEB' cd i hd mk dig ii h i

h c mk d h c-dd cd mk.

Wih SEK i d mgm, SEB Wh

Mgm i h g c i h Dih mk.

I , SEB xicd g gwh i cmmii

d h cvy h ci mk cmid wih

g . N high wh idivid w

im high d giv vidc h SEB i dvig

g chi i h iv kig gm.

Norway

I Nwy, SEB cid c w c cm,

d h i md ccdig , i m-

wh w v h h xci vi y. SEB c-

md i mk ii h h high kd

k g d mdim-izd ci d cid

gw i mk h i h g c gm, wh

SEB' dig gw igicy. I ddii, SEB k i i-

i vid ig xchg vic Nwgi

ci d w kd m i ci, ccdig

P' vy .

SEB cd i ii mk d i c

c d qii, w h w k

h O Sck Exchg. F h h cciv y SEB

Ekid kd m i qiy ch mg

iv d iii ci i h Nwgi mk i

P vy .

SEB cd i k i dig ii i h c

mk.

Piv Bkig i Nwy cid xd i cm

d d mgm.


A u mgm, N gSEK

SEB

DnBN

ORSHB

Norde

a

Dansk

eBank

Swedb

ank

,

,

,

SEB i h cdg m-g i h Ndicgi.

2

2

Lg quy bMk h, Ndic d Bic ck xchg, JDc, c

Sc: Ndic ck xchg

SEB CgiSHB Nd MgSy

Deutsche

BkCdiSi

Nwy Fl

m vlm Md gwh i 2010 d wk iv c-mi d x GDP 2010 (im) +0.1 c GDP 2011 (im) +2.7 c

Rid x d d g cmi wk h y GDP 2010 (im) +.0 c GDP 2011 (im) +.5 c

Cum g C d ivm kig, whmgm d cd

C d ivm kig, whmgm d cd.

Cm A mj Ndic k d iiivm k

A mj Ndic k d iiivm k

Og m, SEK m 2,5 (,) 1,272 (1,1)

Og f, SEK m 1,7 (2,125) (52)


12/157

8 seb annual report

Finland

SEB cid gh i c d ivm

kig chi i Fid. M h gwh cm m h

xiig cm . SEB cid i mi m

dvcd dc vid g-m c ihi

k i h Fiih mk. Gwh icd dig d

ci mk, jc d x cig, cmmci

, ch mgm, cdy vic d ivm

kig. F h hid cciv y, SEB kd h

qiy k y P. F h im, SEB w N. i

dviy ig xchg, ccdig P.

SEB Gyg h ii i h iii

mgm mk d i h dig vid

iv kig vic i Fid.

SEB' cd i imvd cmd wih y,

miy d c civiy wih h divii i Fid d

fcicy m iy.

Th Bl uSEB iv kig i i h Bic ci cm-

i wk 4 ch fc, vig . mii idi-

vid d , c cm.

I , h Bic cmi d gd x d

cvy. A di-ik GDP dci 48 c

i 9, h cmi md iiv gwh Ei

d Lihi i h cd d Lvi i h hid q

md y--y. Th d w y

cmiiv x, d y h w y v

c m, i.. i dvi. Fic ighig c-

id ccdig d Ei w giv g igh

E di i . A hi cid imvd c-

dc i h xd xchg gim h Bic ci.

Umym kd i h h , mi

high, d c mk m chg.

I h d , dmic dmd d hw m

imvm.

SEB' vm iid h di d dig. SEB

cid wi cm wd, .g. h ivm

k hgh h gi. SEB h icigy id m

i high v ddd vic, i h vig

d ivm , wh h Bk mk h

gy high.

A vviw SEB' i i h Bic ci m

h i 998 i d .

h

Per cent 2 2009 2008

D m h gl ubl

Swd 15. 15.7 1.

di m hhd 11.7 11. 11.7

di m cmi 22. 22. 2.

Ei 1) 20. 20.7 2.2

Lvi 1) 15. 1.5 1.

Lihi 21. 2.5 27.

Lg h gl ubl

Swd 12.5 11. 12.1

dig hhd 12.1 11. 11.7

dig cmi 1.0 11. 12.7

Ei 2) 2. 2. 2.1

Lvi 2) 1. 1. 1.

Lihi 2) 2. 2. 2.7

uul u, w bu

Swd . .7 / )

uul u, l vlum 4)

Swd 15.0 17. 1.5

Fid 5. 7.5 10.0

Gmy 5) . . .5

U-l u

Swd 2. 25. 27.5

L u, mum m

Swd 10. 11. 12.5

Dmk / 10. .2

Equy g

Sckhm 11.1 11.1 12.

O 7.7 . .1

Hiki . 7.7 .

Chg 7.5 .1 7.

) I Lvi id di mk y, i Ei xc. ci iii

) T dig xc. ig; i Ei xc. ci iii

) I , w i i m d mk w giv

) Excdig hid-y d.

) R d

Sc: Siic Swd, Cmmci Bk Acii i Lvi dLihi, Bk Ei, Swdih Ic Fdi, OMX c

E Lv

m vlm Ex-d i 2010, -z mm-hi 2011 d cdcGDP 2010 (c) +.1 cGDP 2011 (im) +.5 c

Ecmic dGDP 2010 (c) 0.2 cGDP 2011 (im) +.0 c

Cum g Uiv kig Uiv kig

Cm A mj Ndic d Bic k A mj Ndic d Bic k

Og m, SEK m 1,17 (1,20) 1,0 (1,)

Og f, SEK m (50) (2,225)



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9seb annual report

Estonia

SEB i h cd g k i Ei, wih mk h

3 c dig d g ii i mg-

m d i ic.

I , SEB w vd h m cm-idy cm-

y i h Ei ci c d kd m i

h Ei Svic Idx vy (y EMOR).

Latvia

SEB i h cd g k i Lvi wih mk h

c dig d g ii i mg-

m d i ic.

I , SEB w md h B Bk i Lvi y

Emy d kd N.. i TRIM C Ri

idx.

Lithuania

SEB i h g k i Lihi d h dig ii

mg g ci, wih g mk h .g. d

c. Th mk h dig i Lihi w

8 c i .

SEB w md h M Aciv Emy d h

B I Bk Pvid dig h y.

GmySEB cid xd i wh d ivm kig

i. Dig h y, m ky cim w

md h gh h cm ihi d

h dc ig w gd hgh h ihm

c c c m.

SEB' g ii i h Gm cmmci

mk w cmd wh SEB h cd cciv

y w kd h cd k d-

c i Gmy (y Emy).

A Mgm' h m d hd

mk h 8.9 c, cdig m

ii i h Gm mk.

I Jy , SEB md gm div i Gm

i kig i Bc Sd. Th divm

w id 3 Jy .

Oh l lSEB h i gicy im ci i -

ci c ch Ld, Nw Yk, Sig d Shghi

v c cm wih ii i.

Ndic iv kig cm ivig d mk

h fc d vd vi iv kig i i

Lxmg, Gv, Ld d Sig.

I Uki, h k i i ci d SEB' i

i h cy mi imid. I Ri, SEB' i

imiy Ndic c cm.

Lhu Gmy

m vlm Ex-d cvy i 2010GDP 2010 (c) +1. cGDP 2011 (im) +.0 c

Sg cvy i 2010 div y x divmGDP 2010 (c) +. cGDP 2011 (im) +.1 c

Cum g Uiv kig Wh d ivm kig, cmmci cig d mgm

Cm A mj Ndic d Bic k Mj Gm k d iiivm k

Og m, SEK m 1,0 (1,1) 2,5 (,11)

Og f, SEK m 112 (5,207) 15 (77)


SEB m m g 2SEB mc wihi di i i vd d kd y m cmi d mgzi. Th m im vy cdcd y h mk ch ii Gwich Aci wih ic ccd imii ig xy d P.

A Ogii / ici c

B ci ihi k i Swd P

Ivm bgB Sckk i h Ndic gi P

Fici Advi h Y i h Ndic gi Fici Tim d Mgmk

C bg

C Bk h Y, Swd Fim

B Bk Ch Mgm i h Ndic d Bic gi Emy

B Bk R E dc i h Ndic d Bic gi Emy

B Td Bk i W E Td & Fiig Rv

N. 1 FX H i h Ndic gi P d G Fic Mgzi

Pv Bg

B Piv Bk i h Ndic gi Th Bk d Pi Wh Mgm


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10 seb annual report


Lg-m mmmSEB h i h Bic gi ic 998, wh i

cqid k i ch h ci Ei, Lvi d

Lihi. Th cqiii w md wig gic

m h h ci, which hv g c

d hiic i Swd. A h im, SEB w h i

i yig im i h ci' ci d i-

c dvm. Gwh w high.

Sh GDP gwh wih d-digi g i

6 hd m dv w- c. I Fy 6 SEB

w h k w vhig i h gi d

k m ci imi dig gwh h -

c h Bk k iiiy m

cd cmic dvm.

SEB cd m ci ccmmd h high v

ik d iiid ci v vm gwh. SEB

ihd dig c d ighd i cdi icy,

icy wih c i cig cmmci

. By h ci SEB diy dcd i mk

h. Hwv, h ci ig mk y c

c vhd cmy. I hidigh, SEB ci

w gh d hd hv k i.

D Wih h m i h w h ii

ci ym wig h c Lhm Bh i

Sm 8, h mch-dd cig id gv

wy d ci i h Bic ci GDP y 4

8 c whi dmic dmd mmd 3 c

cqc h dmic c ighig h w c-

id v g dg dci. Hwv, h dmi-

i ivvd gvm, c k d viy

hii cmid wih g m m h

Swdih d ii cmmiy hd ii h

ii i h cd h 9, d m d-d

cvy i h gi cd dig .

Pv vv Thgh h v cmic dw i h Bic c-

i, SEB miid civ d cviv c i

d gd qiy d g-m cm -

ihi. SEB ch i cdc wk- civii i

c c-i wih cm i d cmm

gd mgig difc ii. I dig , h Bk

h ghd i g-m ihi. SEB -

d h cmmii hgh ci civii.

A A y , SEB ihd Sci Cdi Mgm

Ui cig d wk- m wih xicd SEB

which h cm icd m h cd i

cd h Bic gi. SEB md

hdig cmi im m h vi-

Swdih ci cii i d iy mg

d dig i dmd hm i h

mk, d i ccdc wih hhd i. I y

9, SEK .3 i gdwi w wi d SEB h h

miig gdwi i i Bic i.

Ey i h Bic cii, SEB dcidd iv -

i h d w mi i hi idi

SEB lg v. l Bl lg

SEB dig

T mk dig

SEB' mk h, %

) Excdig Lig i.

Ei)

2 2 2

EUR

%

%

%

Lvi)

EUR

Lihi)

EUR

SEB is frmly committed to the Baltic region, which not only has cultural and historical ties to

Sweden, but is also an increasingly integrated part o the Nordic economies. During the severe

recession experienced by the region in 2008 and 2009, SEB held ast to its long-term approach

with respect to its customers, markets and employees. Deepened relationships orm an

important platorm or the regions economic recovery phase, which started in 2010.

Lg b h Bl x


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11seb annual report


hm. Si icdd wiv mii d ci-

ii i ym. Di difc ii,

9 c mgg hd i h Bic ci

hv cid mk ym hi .

A di wk- gy h id h Bk'

ig i, which gw vy i i y. SEB

ihd diii cciy i d vhic

h hgh dmic d ii ch i d

vid whig vhic, wh -mkig v wd

dci v im. 94 c d mig

hv ccy cd.

N-mg l ll 2Th Bic cmi iid d hwd iiv gwh

i , i m vy w v.

SEB -mig vm d dig

i h Bic ci d md SEK .9.

A , SEB cdi vii hy dig h

y d i h q, vii w

i. Oig h hid d h q

w iiv h ci h im ic 8.

Quly m h lA cid mii, w w dig d

xchg ci SEB cdi i i Ei,

Lvi d Lihi dcd y c SEK 8.3

(8 c SEB cdi i). C

ccd 4 c, y mgm

8 c d hhd 39 c SEB' Bic

dig.

A y-d , v idividy d

md SEK ., cdig v i

66 c. Oy imid h v h

iid wi-.

SEB gg wI h igh h difci xicd i h Bic ci

i c y, i i im mhi SEB g-m

mii i h gi cmig h cm m

hm k. SEB chi i h Bic gi i g dy

h h cii. A xm SEB w md h

my i Lihi i d h cd m cm-

id cmy i Ei c idi.

Dig hi id, SEB h viwd h c

gii c i d w d h

-cii id wih xcd wd dmd cdi d

h ci vic. Amg h hig, mgm h

ivd i icig xi d viwig d im-

mig ici d cd d dc dvm.

SEB iv h i igi m h Bic c-

i g-m h Bk mi vid d

gd h Bic ci i hm mk. Th

Bk' cviv d ihi-id c, cm-

id wih g c h, vid iic d xi-

iiy h Bic gi d SEB cm dig

h h cmic dvm.

SEB' f b v l g fI h Bic gi, SEKm

P cdi c Oig

2

,

,

,

,

,

,

,


16/157

seb annual report

P ihi ciic SEB i d m- h Bk i. SEB id dig d wdigihi wih i cm d hhd, d iv c ii iviv d civ ciw my. A SEB, cig iy d wihddici cm y, d ig cm dcg wih c.

Th cm i wy cm f. By igiv d ig id kwdg h Bkvic, SEB my h cm i hi i-i. Emy d mg gh idifd ddvd wih viw ig cm cfdc dyy.

Em CSEB wk gicy idiyig d cig h i d h Bk g-m dvm. Amg ygcmic gd i Swd wh hv d h j m-k, SEB h kd v y h Emy Chic i h kig c. I , SEB w kd ixhmg Swd m civ cmi, gd c-. I h Bic ci SEB i gdd my chic. Syig civ i w i cc c chig d d civ my. I , SEBihd c i vi ci mdi iii, icd-ig Fck d Ck.

Sd d cdmic hv viy c hwyi SEB. Th Global Trainee programme iciiq ii gi d d id iigh i hG i. Th Aspirant programme high chgd ii wk SEB ch, whih IT Young Proessionalgmm k wy gddcdid m h fd i d ym cic. IMch Bkig Summer Internship programme, dd giv h iy wk iivhd- xic i h fc.

Mj tts dvmtSEB fmy iv h i my w d cdv i hi wk, d h h Bk i i gh-d y hvig my wh cy imv hi cm-c d iigh. Twd hi d, h Bk h gig iig d h dvm ii gi, cii d mg ik. A my

xcd k iiiy hi wk, hi dvm d hi c, d c i ccdc wihh Bk hd v d Cd Bi Cdc. Echy my d hi mg gh gg i di-

g wh hy idivid g, m dv-m d m h cci w h dSEB vii, gy d g. Thi i qy -wd g iv h h mydvm i igd wih h g h hv .Thi dig i h di cmc dvmd h- d g-m c ig.

Dvg ttd ms d dsLg-m ig cmc d i h i ig c. Hvig h igh h igh c h igh im i m imc SEB. A civ c i cy vvig idiy ddv my wh jdgd icy dd hv wh i k cc g iiiy. SEB i h m ig dhi cci ih Bk.

SEB ch g imc dvig d whk g-m i iiiy d d h wy himy y i hi i. Nm dhigmm xi wihi h Bk mg vi v-, cig cmmiciv dhi, g c-dci d mgig chg. Th gmm id h ici w i chg d g ddici d iciviy. I , m mid-vmg icid i h Bk dhi dv-m gmm. Dig h y, G-wid m dvig mgm m w h dvd.

Competent and dedicated employees who are putting the customer rst are a success actor or

SEB, where the culture is marked by cooperation, proessionalism and continuous improvement.

Through supportive and communicative leadership, SEBs employees are encouraged to take

responsibility or their own development. SEB always strives to be the employer o choice that

attracts talented people.

E

The people in SeB

Ems b g d gdNm

,

,

,

,

,

,

,

M Wm

9 9 9


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3seb annual report

Rmt sstmsSEB h c mi icy. I i d h m-i i c h i h g-m c i h -f h cm d h v im wi giv h Bkhhd h . SEB iv i cgigg mc, did hvi d cd ik-k-ig h i igd wih h cm d hhd xc-i. Th mi c i digd cgh h-d g-m mc d g-m gicdcii. I d m d ik c, i i d h k h c ci d iqidiy i cc.Th cmii d iz my mi id i gic, mk cic, h cmiiv i-i d h my cmc d mc.

SEB mi ym digd h c,i d miv my wih h igh cmc,which ci h Bk g-m cc. SEB civym q y m d wm d ciy v- h c h mi c d i cmi-iv.

M imi SEB mi icy i d .

Dvst d q ttHvig cc h igh cmc i ciic SEB, dhvig divifd ic h Bk iiy vic h d cm vyig d. SEB mi-i i h my hv h m ii dv d c gd hi gd, hicigi, g, x ii ih.

SEB wk civy idiy, dv d cgwm k i ii. F xm, m i, h m wy m cdid mgm ii. I h G i dhidvm gmm, h g i h hid h ici hd wm. Th g-m g iq gd diii vy v h gii.Diviy i cidd wh my cidd mgi iig.

d wkSEB iv h d wk/i c i qii my wiig d iiy m hi m.T chiv hi h Bk m i h dd c cdii. Exm icd hm d miyvic my wih chid, ic, v-iv hhc f d cmy hh vic.

I c-i wih SEB cmy hh vic, my- d gd w c i ch wk/i c, -w d cchig. SEB iv mii c dig d c igwih my i , dig d m v. Th wk vim SEB h vid di ciy, w-ig d hh. SEB mg i- wkig gh wih my d wkvim d iiv wk cim wih imig did civ dvm ii. A d wk vi-m d hhy my, g w-ig dw c, which gh c cdii vi .

SEB my vy Vic i d vid cm-

hiv m hw my viw h Bk. Vic wmd h hid im i Fy . Th m hi vy w vi h im iig hiA R.

The people in SeB

Awds E s m

Award Rank Awarded by

B my mg k, ygi vy, Swd

1

Uivm

B my v, d vy, Swd 6 Uivm

M civ my i Lihi 1 V ii

9

Uiviy > y ()

Uiviy y ()

U cdy ch ()

Cmy ch ()

Oh/cifd ()

Em sttsts

2009 2008

Nm my, vg 20,717 21,640 22,311

Sweden 8,545 8,700 8,884

Germany1) 3,36 3,582 3,623

Baltic countries 5,307 5,572 5,764

Emy v, % 10. 11.0 13.8

Sick v, % (i Swd) 2.7 3.0 3.5

) Ax. , wig h divm SEB' i i i Gmy

Edt vP c


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seb annual report

Th k i i dvm i di hh idi c. A vic cmy, k hv -ivy imid imc h vim c cmmii.Hwv, i hi fci imdii, k hv ig-ifc idic imc.

Thgh i i civii, SEB h d cmicd ci g m h y. SEB h w idi mii i hi d i cmmid mkig i-iiy y igd i i, c ciiy, y. Thi m ddig iiiy m vy g,gig m hw SEB ic wih cm d mgi i, hw h Bk h dd g cid vim chg. Th SEB' gg-m i ci cc cmy, i d h Bk' khd cm m id ci h cmmii i which SEB i .

Itgtg sstbt t t d tvtsSd y h Bk C Siiiy Cmmid h G C Siiiy m, SEB cid gh h igi iiiy i h diy civi-i. Th iv gvc c w cmmd iv wy. SEB id ddicd c iiiyc i divii d cy mg -iiiy h Bic divii d SEB Gm i. ThBk ddd i Si Ecmi h C Si-iiy Cmmi d ihd Sc Picy Cmmi.

A m my ggm civii w hd,icdig h ch ci mdi w i iiiy,www.g.cm/iciv. SEB c-dcd Siii y Dy h g i i Ri, Sck-hm, wh m , SEB my wk.

sss gss Th G w k iiiy d wk gh wihcm d i cmi iiiy i.Dig , SEB wkd dvig i f c icid ii m, which highigh ci d vi-m dd h h G xc i d vidvic mk ivm. A m h Bk gci, i d civi ciy gii hv ivvd i hi . Th f ici wi idcd d

immd hgh h i divii dig .SEB cid i g d h Wd Bk d i i h Ii Fic Ci, dh id h Wd Bk i iig USD . i g

d y-d. A d mgm wih ciyi ivm f y c SEK. (.) dig h y.

Cb sg t ESEB im dc h CO

mii m i i y

c y , d y cm miig miihgh ivm i vifd mii dci jc.T CO

mii i w dcd y c

, (,).A viw civii i i d i SEB' C

Siiiy R, vi dwd www.g.cm/iiiy.

Banks have a undamental role and can contribute to sustainable growth in society. By provid-

ing nancing, investments, secure payments and asset management, banks support economic

activity, international trade and nancial security. SEB has a broad approach to sustainability,

with eforts targeting governance and business ethics, environmental responsibility, social

issues and investments in communities, among others.

Ott t stgt tsd mv ftbt

corporaTe SuSTainaBiliTy

E's sstb bsss ts

Rssb sg d mktg

Ai SEB cm i chig hi fci jciv. Eh cm dd h cqc h Bk' dvicd hi v dig wih SEB.

kg f m

Aci v my dig, d d fcig cimiciviy.

Rssb ws

E h SEB m i whi iy, miggd i hic d gvc, d diyig gd cciizhi.

Rdg E's tt

Mgig SEB dic vim imc.

stb f d vstmtsWk ic SEB' d i cm' iiv cii hghig i dc d vic. Tgh wih cm,dc h giv ci d vim imc d SEB'fc d ivm civii.

A gt t wk

Big md wkc, cig h igh d vidigc idivid dvm y mkig vd,icdd d ggd.

Ass t f svs

Pmig q cc fci vic gd ci-c-mic dig, hic igi h c.

Ivstg mmts

Sig h dvm c cmmii, icdig yh dvm d h gwh m d mdim-izdi.


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seb annual report

corporaTe SuSTainaBiliTy

M mt Corporate website

SEB' cm ig, icdig KPI dC Siiiy R www.sebgroup.com/sustainability

Social media site

Si iiiy m SEB d hcmi, Qiz, c.www.sebgroup.com/sustainableperspectives

Microsite

F imi C Chigd SEB CO

dci gmm

www.carbonchaser.com

SEB welcomes your questions and feedback! [email protected]

SocialA great place to work

Access to financial servicesInvesting in communities

Knowledgeandeconomiccontribution

EnvironmentReducing our footprint

Sustainable finance andinvestment

Eth

ics

Ethics

Ethics

To be the trusted partnerfor customers with

aspirations

Know

ledgeandeconom

iccontr

ibution Kn

owledgeandeconomiccontribution

GovernanceResponsible selling & marketing

Tackling financial crimeResponsible ownership A gig iiiy civii wihi

SEB d h c i-iiy gy dd i . Th -gy i cd igh i iiii h ky , d i d y hBk' Cd Bi Cdc. SEB m ii cm-mim, icdig h UN G Cm-c d h Pici RiIvm.

stbt sttg

T COmii dcd y c

,9 (,), iciy d wich g ciciy i Gmy, Ei d Fid.

T my v w .9 c (.).Dig h y, , jid SEB (,) d, (,) dd hi mym id m h k.

A d mgm wih Sciy Ri- Ivm f icd SEK .9 (.).Th mi ci hi gwh w h Swd-ih Ehic B Fd, h Ehic G Idx Fdd h Eh Eqiy Fd.

9 9 9 Tg

Tg

9

9

t CO

msssT

Em tvP c

Assts d mgmtwt RI/t fSEK

td k m dts


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6 seb annual report

The SeB Share

In 200 the SEB Class A shares rose by 27 per cent, which can be compared with a decrease o 0

per cent or the FTSE European Banks Index. Earnings per share amounted to SEK 3.07 (0.58).

The Board proposes a dividend o SEK .50 or 200 (.00).

E s dvmt

E s Css ASEK

tTh SEB h id h Ndq OMX SckhmExchg. Fwig h igh i SEK . dig hig , h h ci m SEK ,, di-id ,. i i h. Ech C A-h i v d ch C C-h / v.

tk Exg tdg w g y h Ndq OMX SckhmExchg d h Swdih OMX G Idx icd y c. Th v h SEB c A h w y c, whi h FTSE E Bk Idx dd y c. Dig h y, h v i SEB hmd SEK . SEB h mid h mdd cmi h Sckhm Sck Exchg. Mkciii y y-d w SEK .

Dvdd Th iz h dividd i SEB i dmid y h cmicvim w h fci ii d gwh -i h G. SEB iv chiv g-m gwhd h ci h fci g dk-ig. SEB h diiy hd h jciv h h dividd h h, v i cyc, cd d c ig h.

SEB mii hi g-m dividd icy, hgh dividd wi d i h igh viig cmiccdii d h Bk ig d ci ii.

Es Css C ssT cii ig whi h C C h w i-dcd h d h . Th dig vm h CC h vy imid d h m C C h yci . c h h ci h Bk. D hi, h qii cig y c h, hgivig h C C h h m igh h C A h,hv xmid. Th xmii h hw h h igifc cic dici imm ch c.

Accdig h Swdih Cmi Ac, hh C C h hd cy h m igh h C Ah qi h h i d y hhdig / h v c d h -d G Mig Shhd w y / h C A h d h G Mig. F-hm, v m mjiy C A hhdi qid. Th hi i h i hi cwd d ci dii h C A hhd.Sic h m hhd i SEB i g, iig chv wd dw- d cmicd cd.

,

,

,

,

,

9 N f Dividd

) A dividd SEK . h i d , c-dig y- i 9 c.

SEB A h.

Pic q cig icid dy ch mh.

OMXS Sckhm.

E Bk Idx (FTSE).

Nm h dd, ihd.

Egs d dvdd s )

SEK

9

9


21/157

seb annual report

Bdx

The SeB Share

E ss

Data per share1) 2009 2008 2007 2006

Bic ig, SEK 3.07 0.58 10.36 14.12 13.24

Did ig, SEK 3.06 0.58 10.36 14.05 13.10

Shhd qiy, SEK 45.25 45.33 86.22 7.16 70.11

Adjd hhd qiy 50.34 4.1 4.81 8.6 7.78

N wh, SEK 50.34 50.17 5.44 2.23 82.08

Ch w, SEK 11.60 44.86 20.48 125.24 4.26

Pid dividd A d C h,SEK 1.50 1.00 0.00 6.50 6.00

Rd dividd A d Ch, SEK 1.50 1.00 0.00 4.60 4.24

Y-d mk ic

C A h, SEK 56.10 44.34 42.5 117.01 153.77

C C h, SEK 53.20 46.00 38.88 108.88 147.76

High ic id dig hy

C A h, SEK 56.55 53.00 120.0 177.10 155.54

C C h, SEK 53.5 55.00 112.77 16.68 150.24

Lw ic id dig h y

C A h, SEK 38.84 15.48 36.06 110.64 107.82

C C h, SEK 42.18 15.22 36.06 103.3 102.87

Dividd cg h y, % 48.0 172.0 0.0 32.6 32.0

Yid, % 2.7 2.3 0.0 3. 2.8

P/E 18.2 75.8 4.1 8.3 11.6

Nm id h, mii

vg 2,14.0 1,05.5 68.5 64.7 52.3

y-d 2,13. 2,14.2 68. 66.8 5.4

) Pvi y d h igh i 9.

Cg s t

Year Transaction SEKChange in

no. of shares

Accumulatedno. of

issued shares

SharecapitalSEK m

172 5,430,00 543

175 Righ i 1:5 125 1,086,180 6,517,080 652

176 Righ i 1:6 140 1,086,180 7,603,260 760

177 Si 2:1 7,603,260 15,206,520 760

181 Righ i 1B:10 110 1,520,652 16,727,172 837

182 B i 1A:5 3,345,434 20,072,606 1,004

183 Righ i 1A:5 160 4,014,521 24,087,127 1,204

184 Si 5:1 6,348,508 120,435,635 1,204

186 Righ i 1A:15 0 8,02,042 128,464,677 1,2841)

18 B i

A+1C:10 128,464,677 256,2,354 2,5610 Dicd i2) 88.42 6,530,310 263,45,664 2,635

13 Righ i 1:1 20 263,45,664 526,1,328 5,26

14 Cvi 5,001 526,78,32 5,270

17 N-ch i 1.30 61,267,733 588,246,062 5,882

1 Righ I3) 35 116,311,618 704,557,680 7,046

2005 Rdci hh ci 17,401,04 687,156,631 6,872

200 Righ i 10 1,507,015,171 2,14,171,802 21,42

) Th cdd h ci Dcm, 9 w i SEK ,m, ic hcd m h igh i w id i i y 9.

) Th i w dicd h mm-k Scdivi Bkig P.

) Accdig h ici h Fici Sviy Ahiy, cidh h hv id wi gid h ci i h c hi h igh i h gid (which k c i Jy ).

Thgh i i 9 (:) d 9 (:), h mi v h h w chgdm SEK SEK .

Dstbt ss b sz dg

Size of holding

No. of shares Per centNo. of

shareholders

1500 36,101,800 1.6% 181,21

5011,000 37,078,7 1.7% 48,77

1 0012,000 46,681,484 2.1% 30,15

2,0015,000 71,646,723 3.3% 22,2715,00110,000 51,82,056 2.4% 7,173

10 00120 000 38,736,80 1.8% 2,717

20,00150,000 40,3,778 1.% 1,286

50,001100,000 27,001,407 1.2% 372

100,001 1,843,48,766 84.0% 650

2,194,171,802 100.0% 295,472

gst sds )

31 December, 2010Share of capital,

per cent

Iv AB 20.8

Tygg Fdi 8.1

Ac 7.0

Swdk/ R Fd 3.6

SHB 1.7

AMF Ic & Fd 1.6

SHB Fd 1.6

Wg Fdi 1.5

SEB Fd 1.4

AFA Ic 1.4

Fig w 21.3

) F m did imi g Sc: Ec AB/SIS gvic AB

Nmb tstdg ss, D.,

Share series A Share series Ct N. ss

t mb ssdss 2,170,019,294 24,152,5082,194,171,802

Hdg g-m icivgmm 1) 267,360 0 27,0

Rchdw h 2) 0 0 0

t mb tstdgss 2,19,751,94 24,152,508 2,19,904,442

) Uiii g-m iciv gmm gig) AGM dcii, ch md

E s tNsdq OMX tkm tk Exg

SEK m 2009 2008 2007 2006

Y-dmkciii 123,023 7,330 41,606 113,447 14,251

Vm h dd 12,626 126,462 11,011 252,303 162,707


22/157

seb annual report

Financial review o the GroupIman a vn an n n First quarter

A h mk c d giv GDP dvm

v h w y, h cmy d i SEB'

h wd.

SEB vii Bic cdi w dcd y 4

c cmd wih h vi q, miig h v

iii i h gi.

SEB cd i iv i h wh mk i

h Ndic ci d i Gmy.

Second quarter

Th cmic im i h Bic gi imvd h

d idi dci icd, gy d d

cmiiv i h x c. SEB vii

cdi dcd iy.

Th Bk' i i Fc, wih 4 my, w d

Sci G.

Third quarter

I Jy, SEB chd gm div i i -

i i Gmy Bc Sd EUR m. Sgi-

cy h divm w SEB cc i c

cmiiv dvg i Gmy. Th divm

w id 3 Jy 20.

SEB d iiv ig i Bic i

h im i w y.

Fourth quarter

I Dcm, h vi B III h ci d

iqidiy d gy mwk w cd y h

B Cmmi.

Cm civiy icd i my , xm

mg d qiii d c dig.

SEB' i i h Bic ci cid m

w, wig h vii, dig

qiy 4.3 c i h q.

Result and proftability

Th cmiv m i hi hv miy fcd

y h xci mk cicmc . Exciy high

viiy, ggiv icy c d vd cdi d c-

d ii wh my icm fc, h iiv d

giv miid. Lg GDP , i ic i h Bic

gi, cd g ic imid d imim

cqiii gdwi d E E.

I ddii, h ci-d c h divm

SEB Gm i i imcd iiy. Th -

m SEB hiic cc i ciig d dicid

i im icd cy g-m d.

SEB prot beore provisions or credit losses 200 md

SEK 2,2m (,377), dc 2 c cmd

wih 200.

Operating proticd SEK ,0m (4,3),

imcd y h i dc i cdi viiig. Th

ig xchg i fc w giv SEK 4m.

Net proticd SEK ,7m (,7), whinet prot

rom continuing operations SEK ,4m (,).

InmTotal operating income dcd y c SEK

3,7m (4,7). Adjd ci gi i 200, ig

icm w c w. Th ig xchg i

fc wd icm y SEK ,3m.

Signicantly lower provisions or credit losses in the Baltic countries and increased corporate

activities in the wake o the gradual return to more normal market conditions were the main

reasons behind SEBs operating prot increase o SEK 6.8bn in 2010.

With a strong balance sheet SEB invested in expansion on the corporate markets in the

Nordic countries outside Sweden and in Germany during 2010.

report o the directors

R D

Oang nm

SEK m

N i icmN d cmmii

N ci icm

N i ic icmN h icm

,

,

,

,


23/157

seb annual report

Net interest income dcd y SEK 2,03m, c,

SEK ,00m (,04). Cm-div i icm

dcd y SEK ,0m, c, d w vg

vm d ig di mgi w h y. Th

chg i vm d mgi cii w g-

iv SEK 22m d SEK 7m, civy. A Swdih h-

m g i ig mid-200, di mgi

imvd.

Th c h dig ci h cdig y

idd xc iqidiy cd mgd

d cdi d SEB id cii wd i 200.

I ddii, h high h-m i

icm. N i icm icdd c SEK 300m

h Swdih iiy d chg.

Net ee and commission income icd y 7 c,

SEK 4,0m (3,2). Th ic w imiy d

icd cii cmmii i h mgm d

cdy i. A d mgm, ig SEK

,3, hv d -ci cii v. Cmmi-

i m ym d cd d h -ci mk-

d i w viy chgd.

Net nancial income dcd y 2 c SEK


Ky fgu

2009 2008 2007 2006

Cnnung an1)

R qiy, % 8.65 1.89 1.19 18.9 .

Bic ig h, SEK .88 .95 1. 1.8 1.

Did ig h, SEK .8 .9 1.9 1.8 1.6

C/icm i .65 .61 .59 .5 .55Nm im qiv 1,1 1,9 18,9 1, 1,6

L di i, xc d cid d, % 19 19 16 1 18

Tal an

R qiy, % 6.8 1.1 1.15 19. .9

R , % . .5 . .6 .6

R ik-wighd , % .8 .1 1.1 1.68 1.1

Bic ig h, SEK . .58 1.6 1.1 1.

Wighd vg m h, mii ,19 1,96 ,969 ,965 ,95

Did ig h, SEK .6 .58 1.6 1.5 1.1

Wighd vg m did h, mii , 1,911 ,9 ,969 ,96

Cdi v, % .1 .9 . .11 .8

T v i idividy d imid , % 69. 69.5 68.5 / /

N v imid , % .6 . .1 / /G v imid , % 1.6 1.9 . / /

Rik-wighd ), SEK ii 8 95 986 8 1

C Ti 1 ci i), % 1.9 1. .11 . .1

Ti 1 ci i), % 1.5 1.8 8.6 8.6 8.19

T ci i), % 1. 1.5 1.6 11. 11.

Nm im qiv 19,15 , 1,91 19,56 19,6

A d cdy, SEK ii 5, ,85 ,891 5,1 5,

A d mgm, SEK ii 1,99 1,56 1,1 1, 1,6

) d d m ccd xcdig Ri Gmy.) B II (Lg ig wih ii ) m , B I .

N n nm

SEK m

,

,

,

,

,

,

,

Cm div N-cm div

Q Q Q Q

Q Q Q Q

Q Q Q Q

Pym, cd, cd dig, di, g d h

Cdy & m d Scdy mk & diviv

Nw i & dviy

F an mmn nm

SEK m

,

,

,

,

,


24/157

seb annual report

3,m (4,4), y d w icm m h ig

xchg i cid wih w mk viiy

i 200. Th dc w iy f y ic i h

qiy-d ci icm. Vi fc d h

d ivm i w imid.

Net lie insurance income ( i ci m

d cmi) dcd y SEK 342m, 0 c, SEK

3,2m (3,7).

Net other income dcd SEK 2m (2,). Adjd

ci gi SEK . i 200 d y-ck

w did d, h icm dcd y

SEK 30m.

ExnTotal operating expenses md SEK 23,m (2,).

Excdig gdwi imim chg SEK 2,m i h

Bic ci d E E i 200 d cig

c i 200, x y 4 c. Th ig

xchg i fc wd c y SEK 3m.

Staf costs icd y 2 c, SEK 4,004m

(3,7). Ivm i h Ndic d Gm c

xi hv icd h m f i h ci

gii. Th c h-m iciv mi

icd 2 c () f c. C g-m

iciv gmm w chgd.


Inm amn n qualy ba

SEK m 2010:4 2010:3 2010:2 2010:1 2009:4

N i icm 56 18 6 5

N d cmmii icm 96 8 6 19 58

N ci icm 51 9 95 99

N i ic icm 8 818 8 89 9

N h icm 1 1

Tal ang nm 10 08 8 882 9 224 8 75 9 220

Sf c 558 9 616 8 85

Oh x 1 965 1 69 1 85 1 8 18

Dcii, mii d imim gi d igi 65 5 16 9 6

Rcig c 9 55

Tal ang xn 6 182 6 21 5 907 5 61 5 76

Pf b l 856 2 651 17 104 844

Gi di gi d igi 1

N cdi 19 196 69 1 81 6

Oang f 4 296 2 847 2 675 1 287 756

Icm x x 65 6 5

N f m nnung an 592 2 082 2 075 85 42

Dicid i 8 1 486 71 146 19

N f 509 596 2 004 689 284

Ai miiy i 6 15 1 15

Ai qiy hd 5 581 1 98 6 5

Ciig i

Bic ig h, SEK 1.6 .9 .9 . .18

Did ig h, SEK 1.6 .9 .9 . .18

T i

Bic ig h, SEK 1.6 .6 .91 .1 .1

Did ig h, SEK 1.58 .6 .9 .1 .1

Divii diii,

) Ciig i, xcdig h d imii.

Gghic diii,

Pf b l )

P c SEK m

Swd ,

Nwy ,

Dmk ,

Fid

Ei

Lvi

Lihi

Gmy

P c SEK m

Mch Bkig ,

Ri Bkig ,

Wh Mgm ,

Li ,

Bic


25/157

seb annual report

Th vg m im qiv y-d 200

w chgd ximy 7,300 xcdig Ri G-

my; icdig Ri Gmy h vg m w

,220 (,2).

Other expenses c SEK 7,303m (,740),

miy d ivm i h Ndic d Gm x-

i. Dcii c icd y SEK 77m djd

gdwi imim i 200, d SEK m m h wi-

f ym i cci wih h immi w

c kig ym i Lihi.

C l an vnTh G net credit losses dcd SEK ,37m

(2,030), dig cdi v 0.4 c (0.2).

Th v i w chgd. (S h 424.)

Tax xnT x md SEK 2,2m (2,42). Th x

200 w 23 c (7). Th w x i i

dc i cdi i ci wih w x E-

i, Lvi d Lihi d -x ddci gdwi

imim i 200.

Financial structureBi vm w miy fcd y h cii

h Swdih k i 200, which w 2 c i i

h d y c h U.S. d. Whi h G

c h SEK 2,0 3 Dcm d

dc c ic y-d 200. Adjd ig

xchg i fc w c.

ATh g im h c h ci

h ic, which i 200 dd y 0 c SEK

,07 (,). Adjd ig xchg i

fc, dig vm w gh i y mm 200

d icd dig h cd h h y. L cdi

iii dcd SEK 204 (33).

SEB cdi i dcd SEK ,703

(,); h . 424 d N 7.

Fici wihi ic i cid

ci i v. Ivm cc, wh h

ic icyhd cy h ik (i-ikd ic),

md SEK 7.4 (.). Ic cc (di-

i ic i) md SEK .3 (.).

Fx-nm u lSEB mii i xd icm cii iv-

m, y d ci dig . Th i

miy cmi gvm d, cvd d, d

id y ci iii d cd cdi.

A y-d 200, SEB' ii i h i

md SEK 27 (22), xcdig xc iqidiy iv-

m i cic id y h Swdih C Bk. A

qiy i h hdig h ghd i 200 wig

c hi high qiy cii. Gvm d,

cvd d d h im qiy cii hv i-

d c d, cd cdi d cd -

ci. Th im qiy cii d 77 (2) c

h hdig y-d.

A 3 Dcm 200, h d ivm i

Mch Bkig hd dcd SEK 4 m SEK 0

y i, which i i i wih h dc h hdighgh mii d imid . Th imid

i h i. Ud viig cdi mk cdi-

i, SEB viw mi d h hdig iky


SEB G Ndic

Gmy Bic

C l lvlP c

ExnSEK m

Sf c

Oh x

Dcii/imim

Rcig c

,

,

,

,

,

,

Balan uu Dcm

Liquidassets

Short-term

funding

Stablefunding

A Equy & Labl

Bankingbook

Household mortgage lending(cover pool)

Lending

Equity

Deposits

rom the public

Funding, remaining maturity

> 1 year

Funding < 1 year

Deposits

fnancial institutions

Cash & lendingfnancial institutions

Net bond portolio

Net other trading


26/157

seb annual report


d h ik imim chg imid. c

h hdig cid L d Rciv.

S h 47 i h Rik d Ci Mgm ch.

DvavA y-d 200, h i m h G diviv

cc d SEK ,3 (7,277). Th vm i-

miy div y fig ci diviv dc mg-

m hi ci x. Th G mg h

ig ii y ig fig cc i h m-

k c. A cqc, h mix diviv did i

N 4 gy c h dmd h G cm

. Th cm d mk mkig ci m

h dig k d kd mk v ci-

i.

Th G diviv h c-

ig h ch-w d i v i ci d ii-

ii m i ci. A h cc

ccd mk v.

Th mj i h G diviv ggm i

d i- d ccy-d wd cc wih

h miy. A mi i ci xchg-dd

diviv cc, wh ciy

d ch i.

Piiv mk v imy cdi x h c-

y; h cdi ik c hi i dicd i Rik d Ci-

Mgm 4.

Inangbl fx a, nlung gwllA y-d 200, igi d SEK . (7.2),

which 2 c ci gdwi. Th m im

gdwi im w d h cqiii h Tygg-

H g i 7, SEK .7, d ivm i h

cdi cd i i Nwy d Dmk, SEK .2.

Gdwi im mid, jc yy

imim .

Dd cqiii c i ic i

md SEK 3. (3.).

D an bwng

Th cig h G ci di m h ic(hhd, cmi c.), m Swdih, Gm d

h ci iii d i my mk i-

m, cvd d, h y d d did

d. Di d wig m h ic dcd y

c, SEK 72 (0). Di y cdi iii

w dw y 47 c, SEK 23 (37).

Labl n nuan anA y-d, iiii i ic i md

SEK 24.0 (24.0). O hi, SEK 74. (.) w

d ivm cc (i-ikd ic) d SEK

.2 (3.) ic cc (dii ic).

Tal quyT qiy h ig 200 md SEK .7.

I ccdc wih i h A G Mig

i 200, SEK 2,3m hi w d dividd . A y-d

200, qiy md SEK ..

Caal aquayTh SEB G i ci g h cmi kig,

c, cii d ic cmi. Th ci d-

qcy y ch idivid G cmy h h

ic m kig vic, c cii -

i w h cidd ci g dk-

ig.Simiy, G cmi h cy ic -

i hv cmy wih ci vcy qim.

Th cidd SEB G hd cmy wih ci

qim ccig cmid kig d ic

g (ci cgm).

Caal nSEB h miid d g ci i. A y-

d 200, h c Ti ci i w 2.2 c (.7),

h Ti ci i w 4.2 c (3.) d h

ci i w 3. c (4.7). Th G B II ik-

wighd (RWA) md SEK 7 (730).

Adjd h viy ii dig h

B II y, SEB RWA SEK 00 (7), Ti

ci i 2. c (2.) d ci i

2.4 c (3.).

I d imv qiy h ci , ci m-

gm dig 200 cd ci ic h Ti

i h ci . Th d , i cmii wih

ci ddci md m ci, w h Ti ci-

w g h h ci .

Fh imi ci dqcy d ci

i d i h Rik d Ci Mgm ci

34 d i N 4.

DvnTh Bd h AGM dividd SEK .0 C

A d C C h civy, which cd 4

c y- i. Th dividd m SEK 3,2m

(2,3), ccd h m id h

3 Dcm 200, icdig chd h. Th SEB

h wi dd x dividd 2 Mch 20. Th -

d cd d h dividd i 2 Mch 20 d divi-

dd ym wi md Ai 20.

Th h wih c h imvd

k h cmic vim, h G ig

gi d ci ii. Th Bd dividd icy ih h dividd h h, v i cyc, c-

d d 40 c ig h.

D an bwngm ublSEK

Lan ubl

SEK

,

,

,

,

C c Pic c Piv c


27/157

3seb annual report


RangI Fy 200, Sdd & P chgd i k m

giv d md SEB g-m A cdi ig.

I J 200, Mdy chgd i k m giv

d md h g-m A ig. Th mi

giv h chg w SEB' ii ig i 200,

h g qiy i i Ndic i d imv-

ig mccmic ii i h Bic ci i 200.

I Sm 200, Fich md SEB g-m ig

A+ wih k. SEB g g-m AA ig.

Th w hw h ig SEB Fy

20.

Dvmn Gman RalTh divm SEB Gm i kig i

Bc Sd, cd 2 Jy, w id

3 Jy 20.

Th G h d i cc c h div-

m. Rcig chg SEK 74m (EUR 0m dj-

ig ic) i h ciig i d c-

i-d c SEK ,240m (EUR 30m dviy c,

IT djm d hyic i icdig ddcy)

i h dicid i w cdd h im h

igig h gm i h hid q.

Th c ci fc h ii h div-

m i i wih h imd d cmmicd c-

qc wh h gm w igd; ci gi

mig EUR 3m d giv fc m widig

hdg mig EUR 24m which w kd h

ii h ci.

Th divm icd h G c Ti ci

i y 0 i i. Thi i h fc h dcd

ik wighd d h EUR 0m giv fc h

.

Oulk Th mdim-m k h g cmy i dividd

wh Ndic cmi hv v , iy

m i my ci cc vig ik d c-

dd cmic gwh, which cd imc SEB mi

mk. Th, giv fc cmic cvy c

d . A, vig ik my imc vi.

Bd kw c, d viy cmmicd. h

i icm i 20 wi fcd y h wig w

c. Fiy, h divm h Gm Ri i

wi dc i icm h y 20 y EUR

m, d h my cii, SEK 0m i h h

q 200, m h hdg i ik i h

divm, wi di. Scdy, Swdih k wi hv

y h h Swdih iiy d, which wi d

SEB' c m SEK 300m SEK 00m. Agh, d

q, i m h h ig i i

icm i h q 20 i ximy SEK 37m

w h h i icm h h q

200.

Rang

My Outlook Stable

(June 2010)

Sana &POkS

(February 2010)

F Outlook Stable

(September 2010)

Sh Lg Sh Lg Sh Lg

P1 A A1+ AAA F1+ AAA

P A1 A1 AA+ F1 AA+

P A A AA F AA

A A AA F AA

A1 A+ A+

A A A

A A A

B1 BBB+ BBB+

B BBB BBB

B BBB BBB


28/157

seb annual report

A gaual mvmnTh mk im d c-

m civiy imvd gdy

wd h h y,

h d y high i d ck idic gh-

ig, ig icm wd h d

h y.

Oig icm h

y dcd y c cm-

d wih 200 cig h -

mid mk cdii h

ci cii d m x

icd y ciy i v-

ig d ii. Di h

w ig icm cm

civiy w g d gdy

imvig v h y.Corporate Banking imvd

h ig icm m y

g cm -

i which w h hcd

dig h ci cii. Icm

wd h d h y w

h d y high civiy

wihi mg d cqiii

(M&A).

Trading and Capital Markets

icm mid i 200

h y high v i 200

d h ic mkcdii. Lw i

dig h h h y hd

ck h icm gwh Global

Transaction Services.

Oig x 200

w c cmd wih

200 d w miy d

h gwh id Swd d

h-m iciv cmi.

Oig md SEK

,m, dc m vi

y hiicy high v.

A qiy mid g.


The Merchant Banking division has overall responsibility or servicing large and

medium-sized companies, banks, nancial institutions and commercial real

estate clients. Merchant Banking operates in 17 countries.

Man Bankng

seb annual report

Mch Bkig f i ci igd ivm d c kig

i, icdig ci ivm kig civii d h d m SEB

Ekid. Mch Bkig mi civiy icd: Ldig d d ci mk

Tdig i qii, cci, xd icm, cmmdii,diviv, d xchg dd d

Adviy vic, kg, ch d dig gi

wihi qiy, xd icm, cmmdii d ig xchg mk Pim kg d cii d cig i C c Ex, jc d -ckd c Acqiii c V ci Ch mgm, iqidiy mgm d ym vic Cdy d d vic Td d y chi cig.

Mch Bkig h w g i Tdig d Ci Mk dG Tci Svic. Th h i i, .g. h CRM ci, Cm-

mci R E, C Fic d Scd Fic, cidd i

C Bkig.

2009

Pcg SEB icm 46 49

Pcg SEB ig 57 65

Pcg SEB f 15 15

Pf an l aun

SEK m 2009 Change, per cent

N i icm 8,1 9,98 19

N d cmmii icm 5,8 5,647 6

N ci icm ,745 4,77 14

N h icm 46 46

Tal ang nm 7, 2,2

Sf c 4,91 ,59 16

Oh x 4,5 4,14

Dcii 169 155 9

Tal ang xn ,4 7,

Pf b l , 2,24 2

Gi di 8 1

N cdi 195 85 76

Oang f ,4 ,42 2

C/Icm i .49 .9

Bi qiy, SEK 8. 5.1

R i qiy, % 1.7 .4

Nm im qiv, vg ,548 ,6


29/157

5seb annual report

Lang mak nG M&A civii icd i 200

d ccd wd y-d. SEB

Ekid cmd h g chi

hgh h Ndic gi y dvi-ig .g. A Ay, Ag Idi,

Hxg, Im Jii d TDC i

hi cc ci dig h

y. C Bkig ihd 200

wih id h q, ciy

wihi Scd Fic. Th high

M&A civii hd iiv fc

h dmd c wig

cmid wih icig d

cig xiig ciii, d -

h d y iw w cm-

. N i icm gw i h c-

d h h y wig highciviy v d w icy vii-

i C Bkig d G

Tci Svic. A y-d,

d cdy w SEK ,02

(,).

Ca bn uanC d ic m cm

ck -cii v wd h

d 200, d SEB w h dig

g Scdivi dmic

d i 200. Icm gi i

Tdig d Ci Mk, ywihi ig xchg d ci

mk vd ii dig h y.

Di imvd im, ck m-

k vm w cycicy w hgh-

200 d qii icm w -

ivy wk. Cid dhi i hi

w cmd y h c P-

vy i which Ndic iii

gi kd SEB Ekid h m-

Eqiy h i h gi.

Cmv uanSEB ci civ , -

ig ci ciy d wih

dvic i id mk ciy.

A cmd y h cm -

vy, h hcd ihi md

dig hi id hv vidd

g m gwh c h

Ndic gi d Gmy. Di

iid cmii i h Ndic

gi, SEB h cid imv i

mk ii d mid mkd i m i , i

kig w.

N an Gman xannGwh ivm i h h Ndic

ci d Gmy d i 200

d Mch Bkig cid v 0

i i i h mk

d mgd cqi d 0 w

g c ci h cm

. Th ivm i ci cvg

m d w cm ihi

wi ci cc hgh20 h xi. M-

ch Bkig wi ci

iv i m ich cm

gm, wh mk dig i-

i c chivd.

Magnu Caln

5seb annual report


Hw wul yu b ky aa- SEB bun ml?I wd, wy chivd i dig

wih cm d divd y i

. SEB i md i h i vig cm d, which d g-m

hi.

Wa yu vw nm ua-n llwng fnanal ?O g v h i i h

hv ddd d vd, w w

g i 200. I i giyig h h Ndic

gi md w hgh h cii.

Wa anng wn yu vn nGmany?

Th divm h Gm i i i im mi. Fc i w ciig

id h g wh chi w hv i

Gmy. Th mk i cdciv gy

d w h w hv mmm.

Hw N an Gman xanngng?W hv g m i h Ndic ci

d Gmy, d w ivig ci d

c g hm cciy. A h

d h h-y i 20 hi wi

SEK 0200 i icd dig d

00 w c cm.

Wa a ky allng anun 011?Nw gi wi fc d h h

kig idy gig wd. Thi my d

high c ig k. Th ky chg

wi h d c-ci wy wd

whi miiig cm ici. Th

my ii, h d y h

chgig cmiiv dc.

M man ankng n 010

B ci ihi k i Swd P

Fici Advi h y i h Ndic gi Fici Tim d Mgmk

B Sckk i h Ndic gi P

N. 1 FX h i h Ndic gi P

B Ov Bk Ch Mgm i h Ndic gi G FicB Bk Liqidiy Mgm i h Ndic gi G Fic

B Bk Rik Mgm i h Ndic gi G Fic

qi


30/157

6 seb annual report

Oang f by bun aa, c (SEK ,m)

Sa nm by uny, c (SEK ,m)

Tdig dCi Mk ()

C Bkig ()

G TciSvic ()

Swd ()

Gmy (3)

Nwy (3)

Dmk ()

Fid ()

Oh ()

Fnanal vlmnOig d R Bi Eqiy

Tang an Caal Mak nmBy mi dc c, xc. ivm i, SEK m

Ca Bankng nmSEK m

Cuy vlum vlmn

3,

.

,

,

,

,

,

,

,

,

,

3,

,

,

,

,

,

,

,

3,

SEK N. ci / dy

Oig

RBE

,

,

,

,

,

,

3

A d cdy N. ci/dy

FX Eqii Ci mk

Scd Diviv d h TCM

N i icm Oh icm

Q Q Q3 Q

Q Q Q3 Q

Q Q Q3 Q

Q Q Q3 Q

Q Q Q3 Q

Q Q Q3 Q

SEK m P c



31/157

Ou lan w Kma

g bak a lng way......and has grown stronger during the last two to three years. We really appreciate

Kemiras approach we have an open dialogue and we share inormation and

ideas. We trust each other. We work together on a daily basis with everything rom

cash management and nancing to large, strategic projects.

Tm Unn, Cln Exuv, SEB

W a anw w knw wll...

...and who we can trust. SEB has always delivered what they have promised. We have

worked together very closely on big deals over the years, but we have also come to

know each other in everyday situations. For us, it has been very important that they

listen to us and ask us what we want over the years it has been a partnership in the

truest sense o the word. Kemira and SEB work together not only in Finland, but else-

where in Europe as well as in countries like Brazil and China, where we are expanding

our water treatment operations.Jyk Mk-Kala, CFO Kma

Kma is a global euro chemicals company that is ocused on serving customers inwater-intensive industries. The company oers water quality and quantity managementthat improves customers energy, water, and raw material efciency.

Timo Uotinen (let) and Jyrki Mki-Kala

at Kemira in Helsinki.


32/157

8 seb annual report

A ya ablanTh 200 ig h

Ri Bkig divii w

c w h i 200, v

i w y iii dcm ii. Th mi -

h dc w h w-

d i icm, h mi

c icm i Ri Swd,

wh h ig

dcd y 20 c SEK

,0m. Divii c icd

y c, imiy d

imvm i cm vic.

C cid i c i

d ig

dvm. N cdi

dcd y ccmd 200.

Th Cd i ig

md SEK m.

Adjd h ig ccy

fc, 200 w h y v

Cd, v hgh h v d

c-dig i w g-

ivy fcd y h vcic h

cd dig h ig.

Vlum an magnN i icm dcd

h-m i midw dig h mj h y

d di m-

gi. L d di vm

h icd hgh h y

d di mgi d

ic wd h d h

y. Ldig mgi mid

.

Hhd mgg mgi,

md gi h dig c

icdig iqidiy mim

(which SEB, h y Swdih

k, ih) w .Hhd mgg vm gw

i i wih h mk d chd

T Ral vn a w bun aa: Ral Swn, wih . mii iv cm d 0,000 m d

mdim-izd c cm, whm m h 00,000 civy

ig h Bk ch mgm vic. Th cm vd hgh

ch c, h Th k (2 mii c i 200) d i(. mii cm).

Ca, wih . mii chg, cdi, di d c-dd cd. Th i

i Swd, Dmk, Nwy d Fid d icd dmk

ik Ecd d Di C. Cd h cqiig gm wih m h

200,000 i.

The Retail Banking division serves private individuals and small and medium-sized

corporate customers in Sweden and is also responsible or SEBs card operations in the

Nordic region. Customers have access to SEBs complete range o nancial servicesthrough branch ofces, telephone and e-banking services.

Ral Bankng

2009

Pcg SEB icm

Pcg SEB ig 17 16

Pcg SEB f 19

Pf an l aunSEK m 2009 Change, per cent

N i icm 5,8 5,44 8

N d cmmii icm ,41 ,54

N ci icm 7 9 7

N h icm 47 64 7

Tal ang nm , ,4

Sf c ,66 ,54 4

Oh x ,81 ,668 6

Dcii 84 9 1

Tal ang xn ,4 , 4

Pf b l ,2 ,7

Gi d i 1

N cdi 54 84 5

Oang f 2,44 2, 4

C/Icm i .65 .59

Bi qiy, SEK 9.7 1.8

R i qiy, % 18.9 19.8



Ral Gmany vmnDig 1, SEB d i gm div i Gm i i. Th c-i w id 1 Jy 11. I d cii cmi d c h i- gig wd, h divii g hv d h Ri Gmy i icdd i h ig.


33/157

9seb annual report

Ma TnalSEK 2. Gwh idd wd

y-d d cdi icy h

ighd i 200.

Cum nanBi civiy i Ri Swd w

high d ivm w md i

mi- d i kig imig

imvig c kig vic

hc cm vic v. SEB

m kig vic chd v-

w div y cm

dmd, .g. ici iPh d

Adid, Fck cm vic,

d h iiiy g cm

dc m dicy v h h,

which imvd h viiiy

cm vic.Ivm i h ch c -

wk, imd imvig ic ch d

c kig vic, w md.

Sg h Th k h

icd i d imv h i-

iiy id cm i-

c. Th im i id qiiv -

ihi wih cm gm.

Ri Fici Advi cc,

imd h m iv g-

m cid cc. Addi-

i cm w gid d y

y-d c 0,000 RiSwd cm w id

y ci dvi.

Th i k h y k-

ig d h ic i c cdi

y c ig SEB

ghd ii i h c

mk.

I d h id c i-

hi wih m d mdim izd

cmi d cmig hi -

d i , h ci i-

c w imvd d ckgd -i icdig ic, kig d

dviy vic w cd. Ci

xciv w cid f h

w gi c c which

c h divii g cm.

I h m d mdim izd -

i mk, h mk h m

0 c dig 200.

Nw mana SEB CaDig h y v igic c-

cd gm hv

igd. Th w dc CBI, CBd Iig, h chd i

vy cc wy i v E

ci. A mj gm wih

Fii ch c-dd cd w

igd, h ch d i Dcm

d i w dwy.

Th d dcig vg

ch m cid which

h c d

c cicy.


Hw an SEB mv anng amngmall an mum-z a u-m?A i k w hv md i i m

cmi d i wih hgh ckgdi ch Ek Fim. Dig 200 w

cid xivy d vidd ci xc-

iv wih ddii iig. W hv id -

di dvig d dig cm

ihi.

Wa SEB ng mv um xn?W ciy cig cciiiy d

imiciy d civy wkig wd -

ci gd ic. W h

cm d c vid hm wih -

vic d dvic 2 h dy. I i im- iv cm id

d viw.

Wa vlmn gang Inn an -mbly?O cm xc ic wih

h im d md h i hm . L y

w chd ici h iPh d

Adid mi dvic d immd imid

g-i cd mi kig vic.

W hv h dvd i k

d d cm vic g Fck.

F 20, w ig m ici d icd c i ci mdi.

Wa SEB vw n m mgagmak?O hm mgg i gw dig h y i

c wih h mk, d hi gwh wd m-

wh wd y-d. W k y ci mk

cm d vxd hmv.

Wa a ga unan allng ung 011?O m im chg i gwh

iy: ci idig g d g-mcm ihi.

qi

Fim kd SEB h

Swdih i k h y 200.


34/157


Numb aun ln n SwnThd (Ci vd y ci dvi)

3

Ca vlmn = idx

Tv Tci

Pva mgag lan n SwnSEK

3

T k

Ca , SwnIcdig , ig, cig d cmmid ciii.

SEK


Numb mall an mum-za um n SwnThd (ch mgm cm)

Oang f by bun aa, c (SEK ,m)

Swd ()

Cd (3)


35/157

Anders Willis (let)

and Jan Roy

at Kolmrden zoo.


36/157

3 seb annual report

The Wealth Management division oers a ull spectrum o asset management and advisory services.

Its product range includes equity and xed income, private equity, real estate and hedge und man-

agement. It has around 1,000 employees, manages over SEK 1,300bn o assets and has ofces in theNordic and Baltic countries, Luxembourg, Germany, the United Kingdom, Singapore and Switzerland.

Sng ang fgwTh Wh divii hd g

i 200 wih c

ic i ig . O-ig icm icd y 20 c

cmd wih y. B cm-

mii icd h d

SEB mix d h ic i

. Pmc d c-

i chd SEK 0m i

200 (). Oig x

w c m y,

gy high civ-

iy d ivm v.

Imv ln ng

Cm civiy wihi hPiv Bkig d Iii

Ci w high dig 200.

SEB hiic ci fig

iv idivid d -

w dvd h. SEB

Fmiy Oc k w gd

wih imvd dd iv-

m d ccig c. A

w ici iPh d

iPd ciig ck ic, qiy

ch d w h

chd. Cm w giv

h iy iv i m- SEB idx dc w

h hid y dc cm-

m SEB w fig. Th

ii fig h -

h ghd y h iiiy

cc i h Chi

ccy Y. SEB w h i-

gi G Piv Bkig Awd

(Fici Tim G) h

iv k i h Ndic gi.

Wihi Iii Ci, SEB

h cd v ci

civiy, igig i igicm w md. M-

v, v w dc hv

T Wal Managmn vn a w bun aa: Inunal Cln which vid mgmvic iii,

di d i ic cmi d i i mkig d

SEB m d fig i-d id Swd.

Pva Bankng which vid mgm, g d x dvic, i-c, cig d kig vic high-d iv idivid i- d

id Swd.

Th divii dii i vic miy hgh i iii ci c,

SEB Tygg Liv, SEB i wk, i w iv kig i d hgh hid

y dii. Th Ivm Mgm gii, wih 0 ivm

i i 2 ivm m, i i h mgm d

d md.

Wal Managmn

2009

Pcg SEB icm 1 9Pcg SEB ig 11 7

Pcg SEB f 6 6

Pf an l aun


N i icm 485 598 19

N d cmmii icm ,75 ,955 7

N ci icm 89 76 17

N h icm 58 17

Tal ang nm 4,4 ,4 2

Sf c 1,19 1,9 7

Oh x 1, 1,16 15

Dcii 84 116 8Tal ang xn 2,7 2,

Pf b l ,4 ,4 44

Gi di 9 1

N cdi 8 111

Oang f , ,42 4

C/Icm i .6 .69

Bi qiy, SEK 5. 5.5

R i qiy, % .5 14.9

Nm im qiv, vg 986 1,16



37/157

33seb annual report

An Jnn

ccy chd, xm

Piv Eqiy h cd i

m h g iv. I ddii,

h dviy cc wd ii-

i icdig iiiy yi, -

i cci d mg ci

civd vy iiv ci dck

d igic vm.

A un managmn a allm gTh c hcig h cm

xic d i ic

m SEK i 200 SEK

2 dig 200 Piv Bkig,

d d cid high v

Iii Ci SEK , which

w i i wih y.

Dig h y SEB w m

w md igig

d mgm SEK ,2. Thxi id SEB hm mk

cid yid wih vm

c SEK 20. Iw divd

m m m d dc

. Avg d mg-

m imvd y c cmd

wih y. N md

SEK , cmd SEK i

200.

Ivm mc md m i v ch-

mk chd c (v

c i 200), whi c (v

c) d mg-

m w hd hi civ

chmk.

Oang f by bun aaP c (SEK ,m)

Iii Ci ()Piv Bkig 3 (3)

A un managmn unyP c h divii d mgm (SEK ,)

) Oh icd Nwy, Bic ci d h m mk

Swd ()

Dmk (3)

Gmy ()

Fid ()

Lxmg 3 ()

Oh ) (3)


Wa wa m ngung au 010?200 w gd y i my c: icig

ik i gd gd iw qiy

d d h Iii Ci d PivBkig hwd g .

Hw wll SEB an lang vabank n n N un?I Piv Bkig i i idig d

g-m ihi wih h cm. Big

iv, fig g i d cig dg

xi cd idivid d h c-

m ky c. Gidd y h ici

w ciy dv fig i

dig ii.

Hw SEB wkng a a lvw um ng n avng?A dig c i h mk, w f cm-

cm vig dc. Id

dc y dc ch, w c i

h c ch cm iq d d h

hm chiv hi vig jciv.

Wa SEB vw n av manag-mn v. nx u?Bh m mgm hv c i

cm i. Wh m im i

h cm civ dvic h i d hi

cic ii d d. A hdvic c, w c ivm i

cmd m dif y dc imig

chiv h did ivm .

Wa ang yu akng la n aa a managmn?Pximiy d iv h chgig d

d hvi h cm wi wy ky. I

iv h cm wi dmd m divic-

i wih iv c ik ,

cmmdii d iv qiy. T -

i d civy mgd i idx d

m cmx dc wi ic i iy.

qi


38/157

3 seb annual report

B ul v un valuu by 15 nTh Li divii ig

icd y c cmd

wih h g 200. Excdig hfc cvd g vi-

i i dii i -

ig y c.

Oig icm, djd

g cvi SEK m

(2), y c. Icm

m i-ikd i imvd

y 2 c iiv

mk d d high ik -

i mg icyhd, cig

m dvcd d qiy d

iv. Th d v

icd y c SEK (). Icm m h

ic, miy dii i-

c d ik dc ch

ick d hh ic,

dcd.

Oig x, xcdig

dcii, w cmd

wih 200. Cid imvm

h dmiiiv cicy -

c d icy.

Dcii dd cqiii

c icd hd

i h igh icd i-ikdicm.

Hg mum nmSv cm civii w

chd i 200. Imvd vi-

iiy cm vic c,

icd dviy vic d

hcd dc fig hv

i c i d

gh g-m ihi

wih cm.

Th cid high mim

iw cmd h h iiiivw w civd y h cm.

The Lie division is responsible or all o SEBs lie insurance operations and is one

o the leading Nordic lie insurance groups. Within unit-linked, SEB is number one

in Sweden and number two in Denmark.

T L vn a bun aa: SEB Tygg Liv (Swd) SEB Pi (Dmk) SEB Li & Pi Ii.

Th i cmi ic dc, miy i-ikd, wihi h

ivm d ci ciy iv idivid d cmi. Th divii

h . mii cm d i civ i Swd, Dmk, Fid, Id, Lxm-

g, Ei, Lvi, Lihi d Uki.

SEB dii i ic i i Swd miy cdcd

hgh h my d ic cmy Gm Livkigkig

SEB Tygg Liv. I i h cidd wih SEB Tygg Liv d SEB Tygg

Liv d hv c h iy. Gm Liv i cd w i.

L

2009

Pcg SEB icm 1 11

Pcg SEB ig 15 1

Pcg SEB f 7 6

Pf an l aun


N i icm 11 18 9

N i ic icm 4,55 4,44

Tal ang nm 4, 4,42

Sf c 1,1 1,17 1

Oh x 54 56

Dcii 69 667

Tal ang xn 2,7 2,

Oang f 2,22 2, 4

Chg i v, 1,165 9 9

Bun ul ,7 , 2Chg i mi 5 79 5

Fici fc h-m mkci 554 19 7

Tal ul , 4,2 7

C/Icm i .51 .5

Bi qiy, SEK 6. 6.8

R i qiy, %

d ig . 7.4

d i 49.4 9.

Nm im qiv, vg 1,19 1,191



39/157

35seb annual report

Jan Sjnm

T mim icm i 200

icd y c i c c-

ci, dcd y 0. c i

Swdih k SEK 0.. Ci-

d c i-ikd h d md-

ik x, high ci -

cicy d icd i

qiy.

Ui-ikd ic mi h

mj dc g, ig

c (0) . I 200,SEB mk h i-ikd i-

c i Swd md 2.

c, c m ii.

Th h c id ici

icd c (). S i

h Bic ci y c

cmd wih 200.

T d mgm (

) md SEK 2, which

w ic c m y

g.


Oang f by bun aaP c (SEK ,m)

Swd ()

Dmk ()

Ii ()

Wa aa 010?O v c hgh h divii h ,

wih d c, h dv, d

imiy cm fig. Icig h v

vic d cciiiy ci h iiy .

Hw wll SEB n lang nn Sw un-lnk nuanmak?W hv h dvg kig g

which i im cc c. Hvig

c dc fig, cmid wih h iiiy

v ci whv hy ch m ,

giv gd i mii dig i-

i.

Wa a yu ky u aa 011?W wi civy dv gy d cc

d d g ivm dc i di-

c d wih dif ik v. W

cgi h i i cmig icigy im-

cm hi im d w

wi h dv dviy vic m hi

d.

Wa SEB vw n an g?I i dm chic d

h igh ici d c

h vig mk. O c, hi m

icd h mk cciv gm cc-i i.

Wa a m allng anun gng wa?Th igg chg i dmghic chg. I

Swd w i h h W

wd, w civ wkig hv

m i. Thi wi m i

ci ciy ym. O i i w

iv i m h ic ym.

Thi viy igic ii

ic cmy.

qi

Vlum

2009

Sal vlum (wg), SEK m

Tdii i d ick/hh ic 7,111 1,67

Ui-ikd ic 41,76 4,99

Tal 4,47 ,

Pmum nm, SEK m

Tdii i d ick/hh ic 6,946 9,1

Ui-ikd ic ,5 1,5

Tal ,4 ,

A un managmn (n a), SEK bn

Tdii i d ick/hh ic 44.6 45.

Ui-ikd ic 179.5 156.4

Tal 424. 4.7

Oang ulSEK m

,

,

,

,


40/157


The Baltic division encompasses the retail and all lending operations in Estonia, Latvia

and Lithuania. The ull Baltic geographical segmentation including the operations in

Merchant Banking, Wealth Management and Lie is described in the chapter SEB in theBaltic countries on pages 1011.

Bak n blak n n al 010Th cmic cvy i h Bic

gi h cmmcd i y

200 cid hgh hy. Ei d Lihi w

diyig iiv GDP gwh

y--y i, whi h

GDP i Lvi i chgd. A

Jy 20, Ei chgd

i ccy m h Ei

k h E.

Th c ghig

g-m ihi i h

gi cid d SEB w

h cm wd c

h Bic ci i 200.

Oig icm h ydcd SEK 2,m (,),

i d h ghig

h Swdih k dig h y

which dcd ig icm

wih SEK 2m. Di mgi

mid w v d

h gig w i vi-

m. Thgh 200, h

v di vm d

vm iid i h

h Bic ci, d

mgi d ic i h

mh h y.Oig x SEK

2,0m (,) c h gd-

wi wi-f SEK 2. i h

cd q 200. Th h

q my ic

icdd SEK m m wi-f

ym i cci wih h

immi w c k-

ig ym i Lihi.

Oig h y w

SEK 2m (0,). Th

imvm w d igi-

cy w vii cdi, icdig wi-ck SEK

,00m i h cd h h

Th Bic divii v 2.2 mii iv cm d ,000 m d

mdim-izd cm i Ei, Lvi d Lihi. Cm hv cc

SEB cm g ci vic hgh h ch c wk,

h d -kig vic.

T vn a bun aa Ena, wih wk ch c vicig ,000 cm,

whm 22,000 I vic d ,000 m d mdim-izd

cmi. Lava, wih wk ch c vicig 00,000 cm, whm

0,000 I vic d 0,000 m d mdim-izd cmi. Luana, wih wk ch c vicig ,000,000 cm,

whm ,000 I vic d ,000 m d mdim-izd

cmi.

Bal

2009

Pcg SEB icm 7 9

Pcg SEB ig giv givPcg SEB f 17 18

Pf an l aun

SEK m 2009Changeper cent

N i icm 1 869 679

N d cmmii icm 877 94 6

N ci icm 6 16 5

N h icm 7 55

Tal ang nm 2,4 ,74 2

Sf c 64 7 1

Oh x 1 158 1 45

Dcii 91 89 88

Tal ang xn 2, 4,7 4

Pf b l 77 777 7

Gi di 5 17 71

N cdi 87 9 569 91

Oang f 2 ,

C/Icm i .7 1.

Bi qiy, SEK 11.8 11.8

R i qiy, % giv giv




41/157

3seb annual report

Man Jann

y. N-mig iid

dig h y i h ci.Th v i w

c.

Lang an al alA h d Dcm, SEB ig

i, ciig c, ck d

h vhic, md SEK .

(). Th vg cvy

d vhic w ximy

0 c.

A Dcm 200, SEB

hdig cmi i h h

Bic ci hd cqid wih

vm SEK m. SEB Bic

dig md SEK22, which c w imid

Dcm 200.

Bal lnng ubl1)

EUR

Ldig h ic

Cdi v

) Excdig cidd.

) Ldig h ic,qiv i SEK .SEK ) 3 3 3 3 3


Ha SEB bn vly auu n vnng l?W ci k ci d cviv

c. Ey i h y w did d iv h

h dwig iii wd y i, wmd vii cciv v. I w h

v h w qy divd h d

h y.

Hw a wll vy ak la?O cmi w m imiic i hi GDP

c h h g c dig h

y, d hi vd cc. F 20

d 202 hy xc c gwh.

SEB a nu a maj ang n Bal un ug

a n-n gamm. Wa a m man ang?M im i h SEB w h m -

cd hm k i h h Bic c-

i. I icigy m mk, i wi h

g-m ihi wih cm h di-

i imiy h dc. B h

i -i gmm i cd hw

d wih m cdi, imv h cdi

d i c, d c cdii

d ihi wih cm.

Hw SEB lan uu u

gw n wak ?SEB i vic k i ch h h Bic

ci. W wi idig h h -

m wih c iv d c

cm.

Wa a m unan allng n ?Th ii i i w d m m

mk ii i gi wih high

gwh. H SEB h dvg wih i g

dii ihi k d g d.

Th chg cy cid wih h c-

mic cvy, d hi wi k im. I k im wk hgh m cdi.

Q Q Q3 Q

Q Q Q3 Q

Q Q Q3 Q

Q Q Q3 Q

qi

Sa ang nm by aaP c (SEK , m)

Lihi (3)

Ei 3 (3)

Lvi ()

M man ankng n 010

SEB Ei N.1 i cm ici dy (EPSI)

SEB Ei N.1 vic cmy i Ei (TNS Em)

SEB Lvi N.1 i C i idx (TNS TRI*M)

SEB Lvi & SEB Lihi N. 1 FX vid (G Fic)SEB Lihi N. 1 Piv Bk (Emy)

SEB Lihi M civ my (V Zii & CV i)


42/157

seb annual report

Focus areas during 2010

2010 w chcid y ci d h mh h

ci cii. Whi h wd cmy i i gi, i i i

ii h i 200. Th Bic cmi, which

im SEB, i cvy h d h hv

my ig imvm. Exic m h ci

mk mdw, h w gy qim, d x-

xci m iv, ig gci d cm,

hv cmid d cd i SEB gic viw

h c h, ik, ci d dig. Pic i

i ig id ik-djd d cmic .

Ayig ch mm ciy hgh h

gii h dii ihi kig i

d y hhy viw ik d .

I cgii h imc ik gvc d i

ccdc wih ihd idy cic, h Bd

Dic id Chi Rik Oc (CRO) i 2010. Th

CRO h Pid d CEO d h iiiy

h idd ik c, i yi d

cdi v. Th CRO vid h G-wid viw

ik m d ic hi imc hgh h

gii.

gulary vraulMy idy-wid chg qiig high ciii v-

, m ig d cm iqidiy mm d

icd cy ig dvd h

gy vh w ig cdcd y icymk d

gy hii.

Th B Cmmi w ci d iqidiy

gi B III w d i 200 d h

g i w h cid dig 2010. Th

i ig viwd y h idy. Th i i

immi h w gi i h 201

d immi i y 201 d yd. T-

ii wi id k d h w

mwk wih d ci cdi y. Th im

B III i imv k' ci v d qiy w

vid v-ic h-m dig.

Th c h w dd d mi h iqid-

iy ik kig gii, h iqidiy cvg

i d h dig i, wi dd hcci m h gd vi id. Hwv,

i i dy c h dig k wi g

miy h i gy h c dy.

SEB ci h mii cig m ii i-

i kig ym d h dici h

cd wih h G ci dig h cii d i

gic hikig gig wd. Nvh, h ivy

g gy chg h hv h qi c

cig d cmhiv imc yi h hy

chiv h did imc. SEB iv h di wi

dd c mk cicmc.

Cnnu aal rngSEB h miid i d g ci c i

m h qiy d iz. Th Bk' ci gy h

chg h cmii m c Ti 1 d

Ti 2 ci, wd c qiy d hyid ci

which mk h Ti 1 ci. Thi cviv ch

h div y di imv h -i

ciii. I cd h gy dvm d SEB

cy d ici y c mig i

ci qim. Giv h G c ci d-

ig, SEB iv ii wi ghd y h w .

Th idci vg i wd hv imid c

h G, cc i g ci d i

md dmid y c -c x.

By y-d, d wih yig ii f, h

G d c Ti 1 ci i 12.2 c (11.7)

d Ti 1 ci i 14.2 c (1.).

As the markets start to emerge rom the lingering eects o the nancial crisis, SEB has com-

menced a orward-looking review o its risk and capital management. The new lessons learnt

are being worked into the Groups view on business volumes, pricing, risk, reward, capital and

liquidity. This prepares the Group or setbacks in the economic recovery but primarily or uture

business development. Resilience and fexibility are watchwords in this process.

RepoRt o the diRectoRs

Rik d Ci Mgm

k an Caal Managmn

Caal aquay)

P c

) B II (wih ii ) id m .) T ci i i h h Ti I ci i. S g .

T ci i

Ti I ci i

C Ti I ci i(m )

Capital base

SEK bn . . . . .

)


43/157

seb annual report

Srng unng an lquy nI 200 h w xdiy xi h G

dig mii, h ch ifw w high h

ch fw i d 18 mh, which im h

ch i d fw w q. Thi ii w miid

dig 2010 wh SEB' gic c h mgm

cd imvig h dig i m y

dig. A hi w md m iig i dig wd

cvd d which i m ci h Bk' .

Th cy iid cv i h mgg i,

ciy i Swd, wi v c dig gig

wd. Cm di m h i i

i gic c, d hi dig chciic.

Thgh y cgid i B III, h dig

c SEB i c di, which w wihdw

dig h ci cii.

Th, i m dig d iqidiy, h mk d

cmii hv dy div c h mgm

civii wd h idd dici h w gy

qim. Th c dig h dy icd i h

mk gy d i iky ci ic d

cmii dig d c h hi wd

g m dig.

Wih --di i 1 c (1) y-

d, xcdig d cid d i, SEB di-

yd d c dig ii. A y-d, SEB

hd iqid i m d SEK 240.

A qualy n uSEB h miid civ d cviv c i

d gd qiy d g-m cm -

i hgh h cii.

Pvii cdi i h Bic ci h y

2010 w SEK 87m (,6) which ccd 48 c

h G cdi dig h y. I h Ndic

ci d i Gmy, which cc m h 0

c h x i h cdi i, qiy

mid , wih w vii cdi . Th

cdi v i h G w 0.14 c.

Fwig h v cmic dw i h Bic c-

i, h i d d h Bic i ig

m m i vim. Sv

hgh viw h d i hv -

md dw ci v d h hv

yd i di. Imvm i cdi d i m-

gm d c ig immd. A , SEB i

w id im wh x c, ch h

cvig cmi d ig gwh, iiv.

Managng rk n bn rlSEB mii i d im ivm,

y d ci ciii . A y-d,

hdig d cii md SEK 22.

A ky mgm jciv dig h y h

gh h qiy h hdig, cig

gi ik, dig qim d ci iii. A

, h d ivm i h dcd

h gic jciv imi h icm viiy.Nw ivm iqidiy h high cdi

qiy d ci imiy vig, i d

cvd d x.

Sale of German retail businessA xm SEB ci mgm dig 2010, w

h h i i i Gmy which dcd SEB'

c h vm, ik d md ci i.

Th c h chciic chgd igicy i c-

ci wih xci h ci, m h

iiii hv d. Th ig i ik w

miimid hgh hdgig ivm which hd my

iiv imc i icm. Th divm wi hv

iiv g m ci d ik imc

Documents

SEB's annual report 2010