S E B becomes part-owner of Adacra

S E B becomes part-owner of Adacra S E B Commercial Banking has signed an agreement concerning long-term strategic co-operation with IT consultant Adacra. In order to enhance this co- operation, Skandinaviska Enskilda Banken has acquired, for SEK 5 million, a 10 per cent holding in Adacra and has also obtained a long-term option to increase its holding to 25 per cent. Adacra is a management and IT consultant company that assists companies to develop and integrate Internet-related solutions within their own organisations. The company provides services for strategy- and business development, as well as for systems development and implementation of new solutions. Adacra, which was founded at the end of 1996, currently has around 20 employees. Since the autumn of 1996, S E B Commercial Banking and Adacra have co-operated as regards electronic banking products. This co-operation also encompasses mutual external operations dealing with product development chiefly within the area of cash management for corporate clients such as Stora and Volvo. In the future, the integration of the company's cash and payment handling, payment administration and administrative processes will be vital factors as regards cash management. This is made possible by new technology, such as a global economic control system via, among other channels, the Internet. "We have elected to cement our relationship with Adacra, as the company has a deep understanding of our clients' business processes and also has the competence to transfer such processes to Internet technology. We, therefore, see new possibilities to offer our clients, not least our major corporate clients, the opportunity to acquire cash management services of the future." says Mats Göransson, Head of Commercial Banking at S E B. "For Adacra it is extremely stimulating to gain access to S E B's extensive knowledge of products and, along with that, unique opportunities to provide tailor-made technical solutions for large and medium-sized companies. This forms an important part of our growth strategy." says Adacra's Managing Director Göran Hagegård The acquisition is dependent upon approval being granted by the Swedish Financial Supervisory Authority. For further information, kindly contact: Mats Göransson, Head of S E B Commercial Banking Telephone: +46 8 763 86 06 Göran Hagegård, Managing Director of Adacra Telephone +46 8 729 70 90