61KN Westpac 24 S

RNS Number:0690N
Skandinaviska Enskilda Banken
29 June 2000


SEB SELLS ITS SHAREHOLDING IN THE SWEDISH EXPORT CREDIT CORPORATION

More focus on own activities in export and project finance


SEB has signed an agreement to sell its stake, 18 percent, in the Swedish Export
Credit Corporation, SEK, to ABB. The sale will result in a positive change of
SEB's net income of approximately SEK 500 million consisting of a capital gain
and a dividend from SEK.

SEK has played an important role as provider of medium and long term export
credits to Swedish banks and exporters.

Over the years SEB has obtained a dominating portion of the Swedish export
credit market. The sale of shares in SEK implies that SEB now can develop and
add value to the existing strong market share by further on activities in its
own name.

- SEB has always been a reliable partner to the major Swedish multinationals and
that is why SEB has such a strong position in the export credit market in
Sweden. Consequently, the sale is an important step in SEB's ambition to better
focus on what we can offer our clients through our own resources, says Zaid
Pedersen, Deputy CFO, SEB.

- SEB is increasing the activities in its own name primarily with strong focus
on multisourced export and project finance. The business has large growth
potential and will meet the increased demand from our large multinational
clients, continued Zaid Pedersen.

For further information:

Zaid Pedersen, Deputy CFO. +46 8 763 9290
Lotta Treschow, Head of Investor Relations. +46 8 763 9559
Boo Ehlin Press Manager. +46 8 763 8577, +46 70 763 85 77

END
DISSEFFIUSSSEFM

Westpac 24 S (LSE:61KN)
Historical Stock Chart
From Nov 2024 to Dec 2024

Westpac 24 S (LSE:61KN)
Historical Stock Chart
From Dec 2023 to Dec 2024