Skandinaviska - Statement re Expansion

RNS Number:2120L
Skandinaviska Enskilda Banken
25 May 2000


SEB starts private bank in Switzerland 

SEB is now expanding its private bank operations to Switzerland.  The office
will be located in Geneva.  By becoming established in Switzerland, SEB will
have a presence at the center of the international private banking sphere and
will be in a position to offer its customers three private banking offices in
the London-Luxembourg-Geneva area.

Mats Ronneskog will be manager, with responsibility for the Geneva operations,
which are expected to commence during the summer.  He was previously head of
SEB's operations in Paris.

The team in Geneva, so far eight persons, consists of qualified investment
advisors and portfolio managers with long experience in the international
securities market.

"SEB has a clear strategy in Switzerland," says Mats Ronneskog, head of SEB
Geneva.  "We want to maximise our customers' profitability and provide them with
the best products in the market, both mutual funds and discretionary investment
management.  External products will also be offered to customers when
requested." 

Jacob Wallenberg, Chairman of the SEB Board of Directors, officially opened the
Geneva office during a special ceremony.

"SEB has long experience of accompanying Swedish and Nordic customers to other
parts of the world and helping them in their local operations.  SEB continues
its strategic goals to grow within the savings market in Europe with a strong
link to our europebased internet-banking model." says Jacob Wallenberg.

SEB Private Bank is a Swiss bank registered in Switzerland and governed by Swiss
law.

The SEB Group: After the acquisition of the German Bank BfG in 1999, the SEB
Group has become a European bank, focused on the Internet, savings and the
Nordic corporate market.  SEB is also one of the largest Nordic financial
groups, with SEK 930 billion in assets under management and more than SEK 1,000
billion (pro forma, including BfG) in total assets at the beginning of 2000. 
The Group is represented in some 20 countries worldwide and has approximately
20,000 employees.  Read more about SEB: www.seb.se, www.seb.net.

For further information, please contact:
Mats Ronneskog, head of SEB Geneva, Tel: [phone] 
Boo Ehlin, Press Manager, Tel: [phone]


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