SEB's organisation after the acquisition of BfG

SEB's organisation after the acquisition of BfG After the acquisition of BfG, SEB will be a European bank, focusing on the savings market and the Nordic corporate market. In order to implement the necessary changes within both BfG and SEB, a new and powerful organisation will be needed, in which strategic decisions are made centrally and operative decisions as close to the client as possible. At the same time, it is necessary to take advantage of internal income/cost synergy in the best possible way. Profitable growth will be the watchword of the new Group. In order to achieve this, SEB's business areas will be divided into three main groups plus certain companies. A new group will be formed under the name "Nordic banking". It will be led by Monica Caneman, Deputy Group Chief Executive, Executive Vice President and former Head of the Financial Services business area. This group will include the Retail Distribution and Merchant Banking business areas plus SEB Finans, SEB Securities Services and SEB Företagsinvest. By co-ordinating these activities, SEB will create the necessary conditions for increased focus on the Nordic corporate market through enhanced co-operation. The Nordic corporate market is one of SEB's core areas, and one in which it intends to make further investments. In addition, cost synergy gains will be achieved through avoidance of duplicated tasks as regards production and back-office operations. In the private market we will continue to pursue our multi-channel strategy, investing in increased service and advisory capacity at our branch offices, via the telephone and the Internet. The purpose of co-ordination is to make production and back-office functions more efficient in these areas. BfG will be run as a group in its own right. Karl-Heinz Hülsmann, the current President of BfG, will continue as President, while Lars Lundquist, Executive Vice President of SEB and former Head of Asset Management, will be responsible for the BfG group within SEB. BfG's focus is twofold: to invest in growth in the private savings market and in Internet banking services. The corporate side of BfG will be subjected to a strategic overhaul and co-ordinated with SEB's merchant banking operations in Germany. A third group will be formed under the name Asset Management and Life, which will include Asset Management and SEB Trygg Liv, with Lars H Thunell as Acting Head. The strategy of this group is to develop savings products and channels. Over the next few months, the co-ordination of BfG's activities with those of SEB will be in focus, in order to create a powerful and competent asset management organisation and to provide the various channels of distribution in different countries with qualified advisory capacity for our customers as regards investment. A number of companies will be run more independently, with their own trademarks. This is the case for Enskilda Securities, which will stick to its strategy of becoming a leader within Equity Trading and Corporate Finance in the Nordic area and within a select number of business sectors in Europe. It is also the case for SEB Kort (credit and charge cards) which will pursue its growth strategy in the Nordic area, with, among others, Eurocard and Diners as trademarks. SEB Baltic Holding acts as co-ordinator of SEB's 50 per cent holdings in Eesti Ühispank, Estonia, Latvijas Unibanka, Latvia and Vilniaus Bankas, Lithuania. The Executive Committee and the Management Committee will remain unchanged. For further information kindly contact: Gunillla Wikman, Head of Group Communications at SEB Telephone number + 46 8 763 81 25 Mobile phone + 46 70 763 81 25 Lotta Treschow, Head of Investor Relations at SEB Telephone number + 46 8 763 95 59 Mobile phone + 46 70 763 95 59 Boo Ehlin, Head of External information Telephone number + 46 8 763 85 77 Mobile phone + 46 8 70 763 85 77 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/10/25/19991025BIT00080/bit0001.doc http://www.bit.se/bitonline/1999/10/25/19991025BIT00080/bit0002.pdf