SEB concentrates operations in Asia
SEB concentrates operations in Asia SEB is continuing to streamline its operations in order to focus on its core business and to provide customers with the best possible service. As a result of the technological advances offered through the Internet and the consolidation within the bank sector in general, SEB has decided to concentrate its merchant banking activities in Asia to Singapore. This means that Merchant Banking will discontinue its operations in Hong Kong and Tokyo during the second half of the current year. The streamlining process means that Singapore will represent SEB Merchant Banking's operations in the Asian time zone. The other time zones are Stockholm in Europe and New York in the United States. SEB previously implemented similar measures in order to streamline Merchant Banking's operations in Helsinki and New York. "By concentrating our business flow, competence and human resources to one office in Asia, we gain the opportunity to provide our customers with even better, more effective and more competitive services. The streamlining of SEB Merchant Banking's operations is wholly in line with SEB's corporate vision and objectives," says Annika Bolin, head of SEB Merchant Banking. Trading Station, SEB's Internet-based product, and the technically advanced Trade Finance system used by SEB's customers throughout the world, makes it less important for the bank to provide a local presence in order to serve its customers. Simultaneous with the relocation of operations from Hong Kong to Singapore, SEB has concluded a cooperation agreement with the Bank of Nova Scotia that will ensure that SEB's customers will continue to have access to traditional bank services in the future. Other corporate-based services will be handled via the reinforced office in Singapore. SEB also conducts operations via its representative office in Beijing in the Chinese interior - an area that is important for business with China. SEB Asset Management will retain its operations in both Tokyo and Hong Kong. For further information: Annika Bolin, Global Head of SEB Merchant Banking, +46 8 506 232 82 Boo Ehlin, Press Manager SEB, +46 8 763 85 77, +46 70 763 85 77 Lotta Treschow, Head of Investor Relations, +46 8 763 95 59 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/06/28/20000628BIT00340/bit0001.doc http://www.bit.se/bitonline/2000/06/28/20000628BIT00340/bit0002.pdf