SEB closes FX Deal with PPM

SEB closes FX Deal with PPM In the phase of stiff competition SEB won the mandate to manage PPM's daily foreign exchange transactions. The foreign exchange mandate has come about following the Swedish pension reform which will occur this autumn. This means that all Swedes can choose to invest part of their pension money in Swedish or non-Swedish funds. Swedes have a choice of more than 500 funds and analysts predict that approximately 20 per cent of a total of SEK 50-60 billion will be invested abroad. The contract between SEB and PPM (Premiepensionsmyndigheten) - the administrator of this reform - was signed last week. The activities will start in September and the contract will last for three years. Banks, both Swedish and non-Swedish, were invited to bid for the foreign exchange mandate through public procurement. For further information, please contact Gunilla Wikman, Head of Group Communications. +46 8 763 81 25, +46 70 763 81 25 ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/07/14/20000714BIT00380/bit0001.doc http://www.bit.se/bitonline/2000/07/14/20000714BIT00380/bit0002.pdf