SEB's Annual Review 2011

8/2/2019 SEB's Annual Review 2011

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CP 4SSEB p o t th t t g c :o g-t m c tom t o h p ,xp o co po t k th

No d c co t d G m y, dg c c .

P

S - SEB co t d foc o m dm d m- z d comp tt ct d20,000 c tom S d d th B t c co t 2011.

P 6L C o t o h p d d p k o dgo t c tom d th fo d -

t o of SEB o k th co po t c tom- d c t t t o . I 2011, SEB

co t d t xp o th No d cco t d G m y.

P P SEB t p t c tom th mp ,

yd y c mo comp xm tt . W ook t th c tom tt t o y d o y m t g.

n g c r e d i t l o s s e s ( b o t h i n c u r r e

n c o m e s t a t e m e n t .

O p e r a t i n g i n c o N e t i n t e r e s t i n c o m e

S i m p l y p u t , t r a d i t i o n a l b a n k i n

b e t w e e n c u s t o m e r s w i t h s u r p l

n e e d o f l o a n s . C u s t o m e r s n e e d

l o a n s i z e , m a t u r i t y a n d o t h e r l o a

t o r , t h e b a n k c a n , f o r e x a m p l e , u s

s h o r t - t e r m d e p o s i t s f o r c o r p o r a t e

t o t h e l a r g e n u m b e r o f a c c o u n t s w

i n g s a n d d e p o s i t s s e r v e a s a s t a b l e

T h e n e t i n t e r e s t i n c o m e e s s e n t i a

e n c e b e t w e e n e a r n i n g s o n l e n d i n g t o

( h o u s e h o l d s , c o m p a n i e s ) a n d c r e d i t i n

f o r d e p o s i t s a n d b o r r o w i n g s f r o m t h e g

i n s t i t u t i o n s . B a n k s i n t e r e s t m a r g i n s d i ff

t h e m a r k e t , d e p e n d i n g o n h a n d l i n g c o s t

i n m a r g i n s a s w e l l a s i n v o l u m e s o f S E B s b

i n g a c t i v i t i e s a r e o f g r e a t i m p o r t a n c e f o r t h

t h e n e t i n t e r e s t i n c o m e . I n a d d i t i o n ,n e t i n t

f e c t e d b y t h e r e t u r n f r o m t h e p o r t f o l i o s o f x

r i t i e s .C o s t s r e l a t e d t o t h e B a n k s i s s u a n c e o

o f t h e f u n d i n g a l s o a ff e c t n e t i n t e r e s

I n 2 0 11, S E B s n e t i n t e S E K 16 .9 0 1m m c u s t o

S E K m

2 0 112 0 10 C h a n g e ,

%

O p e r a t i n g i n c o m e N e t i n t e r e s t i n c o m e

, 5 , 3

N e t f e e a n d c o m m i s s i o n i n c o m e 4 , 7 5 4 ,

N e t n a n c i a l i n c o m e

3 ,5 4 8 3 , 4 8 3

N e t l i f e i n s u r a n c e i n c o m e

3 , 7 3 , 5 5 -

N e t o t h e r i n c o m e

- 3 5 8

T o t a l o p e r a t i n g i n c o m e

3 7 ,6 8 6 3 6 ,7 3 5 3

p e r a t i n g e x p e n s e s a ff c o s t s

- 3 , 3 3 - 3 ,

h e r e x p e n s e s

- 7 ,4 4 - 7 , 3 3

r e c i a t i o n o f a s s e t s

- ,7 4 - ,8 5 4 - 5

r u c t u r i n g c o s t s

7 4 -

o p e r a t i n g e x p e n s e s - 2 3 ,12 1 2 3 ,7 5 1

- 3

b e f o r e c r e d i t l o s s e s 14 ,5 6 5 12 ,9 8 4

12

d i s p o s a l s o f t a n g i b l e g i b l e a s s e t s

4

- 8

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- 3 , 4 ,5

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e r a t i o n s )

- , 5 5 - , 11,14 4 i n o r i t y i n t e r e u

I n c o m e s t a t e m e n t

P T D p t x ty o th co omy, SEB

op t g p ot g 35 p c t. I com 3 p c t h gh th 2010, dSEK 0.8 c d t o p o o co d d.

P 5A k SEBA y t q t o fo SEB d gth y dom t d y co om co d dd d m tt ch q d ty d th d opm t of

c p t g t o .

T : I c d x ty g d g g o m c d th

o g c t t o d to c t ty th c m k t . I th m c o co om c o m t, th d opm t

SEB m k t th No d c d B t c co t d G m y mo t .

SEB t gth d t c y c g th q d ty, xt d g th m t t of t f d g d y

d c g k th o d po tfo o. SEB tm t th No d c d G m co po t

gm t h t d mo th g co po tc tom d , SME c tom S d .I dd t o , SEB g d c o to , SME c tom th B t c co t . Th m of p t c tomc d y , .

Lo o m g y SEK d d po t o m ySEK .

SEB o c d t t co t t g t, co t c p of SEK pp d th o gh th y . Fo th m t o

d d th c p o SEK . . Th d tm t of th G m t op t o d

d g m t to d t th Uk t op t o m d .

f

CL ott M k o , CFO R p y, d L t P o , Co po t Ad o SEB, t R p y offi c th c ty of Sk ft .

2010

Op t g com , SEK m 7,6 6 6,7P ot fo c d t o , SEK m 4, 6 ,9 4Op t g p ot, SEK m , 4 , 9N t p ot f om co t g op t o , SEK m , 99 ,R t o q ty, co t g op t o , p c t . 9 . 9E g p h , co t g op t o , SEK . 9 4.P opo d d d d, SEK .7 .Co T I c p t t o ) , p c t .7 .T I c p t t o ) , p c t .9 4. ) tho t B II t t o oo


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s is seb

SEB N . A k , SEB Sw B ff w f

. I D k, F , N w G B k f f - ff

. SEB w - f B k

k . T f SEB 20 w w .

SEB 17,000.

Rewarding relationships are the cornerstones of our business. Ever since A OWallenberg founded SEB in 1856, we have provided nancial services to assist our customers in reaching their nancial objectives.

SEBs customers

,SME SEB offers small and medium-sized cor-porate customers several customizedproducts that were initially developed inco-operation with SEBs large corporateclients. In addition, numerous servicesare specically designed for small com-panies and entrepreneurs.

,C SEB is the leading corporate and invest-ment bank in the Nordic countries,serving large corporations, nancial in-stitutions, banks and commercial realestate clients with corporate banking,trading and capital markets and globaltransaction services. Comprehensivepension and asset management solu-tions are also offered.

, ,P SEB provides some four million indi-viduals with products and servicesto meet their nancial needs. Theseinclude products and services for dailynances, savings, wealth manage-ment, loans and life insurance.


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Luxembourg

Singapore

Hong KongNew Delhi

New York

Beijing

MoscowWarsaw

Kiev

Shanghai

Geneva

So Paulo

London

O c m O

M c B Commercial and investment banking services to large corporate andinstitutional clients in countries, mainly in the Nordic region and Germany.

SEK , m , SEK , m ,

R B Banking and advisory services to private individuals and small and medium-sized corporate customers in Sweden as well as card operations in the Nordic countries.

SEK , m , SEK , m ,

W M m Asset management, investment management, including mutual funds,and private banking services to institutional clients and high net worth individuals.

SEK , m , SEK , m ,

L Life insurance products for private individuals and corporate customers,mainly in Sweden, Denmark and the Baltic countries .

SEK , m , SEK , m ,

B c Banking and advisory services to private individuals and small andmedium-sized corporate customers in Estonia, Latvia and Lithuania.

SEK , m , SEK , m

SEB d v

SEB d SEB v d

O c mGeographical distribution, per cent

SEB m

SEBs activities principally embrace customers based in the Nordicand Baltic countries and Germany. Sweden is the single largestmarket, accounting for more than half of operating income in 2011.

1 Excluding centralised treasury operations

M e d i a

G o v e r n

m e n t a n d r e g u l a t o r s

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C i v

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SEB distributes economic value to stakeholders other than customers.In , SEK bn was distributed .

B c d v ffi cSEB representation worldwide

2010Sweden 58 (56)Norway 8 (8)Denmark 8 (7)Finland 4 (4)Germany 9 (8)Estonia 3 (3)Latvia 3 (3)Lithuania 4 (4)Other 3 (7)

G v mTaxes and fees

S dDividends

B d

Services and supplies

EmSalaries, pensions andbenets

2011


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s eb a nn ua l re vi ew

this is s

SEB

Leading Nordiccorporate bankSEB g o th o gh c d h of x t gc tom d th o gh c d ct ty

co po t c tom .

Customer focusSEB p o d d c th o g-t m p p ct

d o th c tom o c t t o .

Resilience andexibilitySEB p o t to m t t o g c p t d q d typo t o o d to th o g-t m c p c ty toppo t o c tom c c m t c .


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seb annual review

m y y d ffi c t y . Th c m k t

m k d y c t ty d h gh o t ty o th ck of th o g d t t t o E op . Th g o k g y t m hth f c d ch g h ch o c d d d pt g to g -to y f m o k o c p t d q d ty. I th c m t , c t m of t o g c h t, t com g o th d o g-t m p p ct h mo mpo t t th fo k. SEB h th t c .

R xO th p t y , h foc d SEB t t gy th R -t o h p k o p t of th o d, m y oot d th fth t t o g c t ty d o g-t m c tom t o -h p k y to p ot ty. To p o t h g d d -c d x ty. Th o gh t o g c h t d ffi c tq d ty , c ppo t o c tom c

p t good d d t m h t th m t m h th x ty to g o tog th th o c tom .

It g t th ckg o d th t h t k t p to dc g th t g t o of th k to O SEB, h

c tom d d p p ct ot th p od ct p p ct d o ct o . Oth x mp c d tm t ITc p c ty d k d ct o th c h t. SEB h td h gh q ty c d t po tfo o of h ch mo th p c t xpo d to th No d c co t d G m y, h th o h m d o o . p c t g po t o th p t ty .

S

R c d x ty g d d o p o t o . SEB h q o c p t fo , g co po t o d c t t t o d c g y o fo , m dm d m z d comp d m o p t c tom . A thc t ty th E o- c d, cho to t k th co t

of p o o g g o f d g, c q d ty d thq ty o o d po tfo o. W mp o d o c p t t o f -th d SEB o o of E op t c p t d k . SEBt o g c h t cog d y St d d & Poo thc d t t g pg d of SEB.

C tom m t mo t g t d k h t to do th . O ff ct th t d p t th c dc t ty, c tom cho to c th o m th SEB. D po t c d y SEK , co po td g y SEK d ho ho d d g y SEK .

SEB f w

, ffi

.

T k f w

presidents statement


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s eb ann ua l re vi ew

G w

I th o foc d t t gy, d th of thG m t d o o d o k Uk . W po t o d fo g o th mo o t p t of E op .I th No d c g o d G m y, h g d

g co po t c tom c th t t of o tm t . Mo S d h m d m d m- z d comp c m

SEB th hom k. W h o co-o d t d d o y -c d p od ct d opm t th g to o t; to tt m t c tom d of ho t c g pp o ch.

I ffi Th g to y f m o k o c p t d q d ty -c co t fo th k g d t y d th th q -m t o co t ffi c cy. I , co t o th SEK t g t of . W h th fo d o m t o to k pco t t th o of SEK . fo .

T R kA o m t of o t t t d h gh c p t q -m t ch g g. N th , SEB t t gy m m c tom foc , g o th ct d , co t ffi c cy dm t d c . Tog th th of SEB f t t c mp oy-

, I m d p y comm tt d to ch o o g-t m m to thR t o h p k o p t of th o d.

Stockho m, F y

A k F k gPresident and Chief Executive Offi cer

presidents statement

C .


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seb annual review

Fo d d th c of t p mo th y go,th o gh th y SEB h p y d ct p t oc t d -opm t th m k t h ch t o k . SEB h o g th

k of cho c fo g comp d t t t o S dd, c g y, th t of th No d c d B t c co t .

Th d t ot o y th m x th co c t t oo co po t d t t t o c t t o th y -

co d ct d. At SEB th c tom y com t, -c th o gh o g-t m p p ct d o g-t m t o h pcom t p ot ty.

By g d g p c d th t o h p k th g o , SEB k to f t m o to h p p op d -

th y p o d g o d d c d c o cd th y p to t o to the t t d p t fo

c tom th p t o .

S kS c th c c d , th k t t gy h

f th c d d o t o th fo o g th p : to d d d op t o h p th th k c tom o

th t th y c t d th t SEB y p t th d t; to g o d c p d f h o ct d co m k t , ch

g co po t th No d c co t d G m -y, m d m d m- z d t p S d , d gfo d d , t t t o d comp ;

to th c t gth d d to d mo t t t t o thy m to c tom , co t p t , d ,

to d th g p c t ty d c o g-t m p y , co p d th x ty to d pt g o th

tm t to p g m k t co d t o .

C I t m t o to th R t o h p k, SEB t k th c tom- p p ct to cco t yth g t do . At SEB t

to m t th c tom d t t o oth th d o g t m. Th q mpo g o mp oy to m k

th ght d c o fo th c tom d SEB, d dh g to thk f d m t t t th t c tom oy ty d to o g-t m

p ot ty. Th o p ct th t th k c tomo t t o g t g t g t d th t SEB t t th R t o h p k t gth d d g th y . SEB hc d m k t- d g c tom t f ct o co mo g

S k

L g comp d t t t o L f c ( t- k d)A t m g m t R t

) Agg g t d com d t t o of S d k, SHB, No d ,D k B k d DNB. B t o y ( d c t )

T N kSh of tot com , p c t

SEB

No d cp )

4 6

SEBs strategic direction remains rm: SEB shall serve as and be perceived as the Relationship Bank in itspart of the world. By combining the banks entire range of expertise with rst-class products and processes,SEB creates value for its customers. The strategy is to reduce complexity, rene the banks organisational structure and maintain the nancial strength needed to serve customers regardless of economic development.

MissionTo h p p op d th y p o d gq ty d c d c o c .

VisionTo the t t d p t fo c tomth p t o .

SEB R B k

strategy


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g co po t d t t t o , d g co fo c tomt f ct o mo g m d p t d d .

Fo k k SEB, h ch d y g d d to th m k td ho t of p od ct , c d g q ty t d g, c h

m g m t, c tody cco t c , comp y cq t o ,c cy t d g d t k d c , th t fo m t oto t y c tom -c t c k h t d m of ch g-

. A ho t c c tom p p ct p t q m t o y t m ,d c o -m k g p th d comp y c t h ch th c -tom p p ct d o po ty t th y co .

D wTh k tm t o top of t x t g c tom

m d p m y th : g co po t thNo d c co t d G m y, m d m d m- z d t p - S d , d g g d t m g m t. Th

co d t o fo SEB to xp d th p t c y f o - of th k t d t o po t o of t gth. SEB

xp o t k p c p m y o g c y, d y g o gh of x t g c tom , g t ct ty mo g

c tom d c d g. Th xp o c d y co t d t o g k m g m t d tho o gh k

y . Comp t t o f om oth No d c k c , h cho ct th o t d c p t d co d t o of th

No d c k g y t m, th o xpo to E o-zo co txp c g o g d t p o m . At th m t m , comp -t t o f om E op d t t o k h d c d t of k c h t d g xpo tho zo .

Th oppo t t p t g ho t c d d c -o t d g off g fo th k c tom g dof h th th t t ho t-t m o o g-t m g .By g th g d o y ct t tog th th p od ct d op-m t g o g t o , th k c tt m t c tom

d fo g o t o c o m t ch ct -d y h gh o t ty. P th th , o g-t m h ft t k g

p c d mog ph c d d d d fo c c -ty ft t m t.

R xSEB t o g c p t d f d g, t t m k t po t od t d t g o comp t t t t o th No d c co po-

t m k t f cto th t h p th k to z oppo t t th m k t th y .

strateg

M '

L

SME

P

H K

USD

, w

ff , Sw

SME SwTho d

7 9

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R S d SEK

7 9

N w x

I th No d c g o d G m y, m

+63

+88

+48

+114

C t x c t L g co po t c tom


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seb annual review

P o d g d c t th co of o , d o c tomt o t po t to SEB gg g t xp t , y

M g C o , h d of th M ch t B k g d o . Op op co t t th k o dg o t th c tom - d d , o th t c p o d th ght xp t , p od ctd c . Th c o o t o h p , th g t oppo t ty h to to o d th co d fo o c to-

m d . It ot th z o o c tom th tm th mo t to , t th p t o ,Th o gh c o t o h p d k o dg o t c tom

d , SEB h to d op m of o t o foq d ty m g m t. O x mp th of t ct o

c , h ch comp to m th dm t td c c p c ty, f om p ch g d o c g to q d ty

po t o g d p ym t . Th c o p d g p xtd t o , mp o g co-o d t o th comp y d

co t o g t m p t.

Mo t p od ct d c d op d c o co o t o

th th c tom . Ap t f om t d t o co po t c ,SEB c tom off d y of c , g g f omt d g d c p t m k t c to t t o t ct o

c , d p o d t m g m t o t o .O g , SEB co po t d t t t o c tom d t ct p od ct d c d SEB mp oy o k

tog th th th m d y y h g d d k o dg . I omc th do th p to d ff t co t ct p o f om thc tom f om th CEO to th p y o dm t to .

I

For more than 150 years, corporate customers and institutions have entrusted SEB not only withtheir nancial assets, but also with their future plans and visions. As our customers have grown,so has SEB. Today some 2,700 corporations, institutions, banks and commercial real estatecompanies primarily in the Nordic region, the Baltic countries and Germany have chosenSEB as their nancial partner.

SEBs ambition is to be where the customers are. More specical-ly, we are striving to create meeting places where our customerscan interact with us and our experts as well as representativesfrom other companies.

The Financial Summit is one example of such a meeting place.In 20 , the CFOs in attendance had the opportunity to hearSEBs CEO Annika Falkengren talk about among other things the changes in the nancial landscape and how they may affectthe banks operations in the future.

In Oslo, for the second year in a row SEB arranged a forum forCFOs from the largest Norwegian companies and institutions in

an initiative to create a meeting place where CFOs from varicompanies can build networks and receive relevant input reging their professional roles.

At SEBs Asia Council, business leaders meet twice a yeato hear Asia experts talk about developments in the region athe consequences for Nordic companies. In 20 , the focus won China and its interest in international investment.

SEB is also the convener for Financial Women (FIWE), awork in which women executives from various parts of thenancial market meet four times a year.A o : c f om th CFO fo m O o.

C f

O

Magnus Carlsson, h d of th M ch t B k g d o

large corporate and institutional customers


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B g c pt d good t mpo t t q t fo ,y C o . A t, t o h p y t t y t -g d g g d t d g of th c tom . Th th t t p fo g to off d c d m tch th od of g co po t o o t t t o .

SEB th o y f y t g t d k S d th t ch d comp x t ct o ch comp y cq -

t o , d tm t , m g d cq t o - t d t c-t o , y d c t o d h dg g to p ot ct c tom g t d op of th S d h k o o t gth g of othc c .

SEB o k fo oth c t t t o . Mo th k d W t E op , No th Am c , J p d d -

op g co t th t ck o p t t o o th ght xp th th No d c co t SEB xt d d m. L q d tym g m t, xp t d d c fo fo g k d ofmo ffi c t p ym t o t o , tt k m g m t dmooth c cy d q d ty m g m t j t f of th

c th t k .B k-to- k xc t g, y M g C o .I om c p t , h oth comp t to . It q t d ff t comp d th oth c tom

t o h p .

N GA g o g m of G m t t t o d comp p -c y m d m- z d comp th M tt t d gm t t g to SEB th ho k. A o D m k, F d dNo y, mo d mo co po t o d t t t o choo gSEB th c p t .

D g th t t o y SEB h g d co po tc tom G m y d th No d c co t o t d S d .I th co t , SEB g m k, th t o g d th of xp t q d ty m g m t, c tody c-, c cy t d g, t ct d c d ho k fo

h dg f d .

T f w wW th th g t o of t offi c Ho g Ko g t m

, SEB c m t d t t o g po t o A . P o to th , SEBh d g o p c th o gh co po t off g Sh gh ,B j g, S g po d N D h . W th th Ho g Ko g offi c , thB k c o t c t t t o A th t k gt t o oppo t t E op c t t -

t o t t d A .H R g t m, h d of SEB A , xp : I ho

c t y off th t of t o o d . W h o g h to y ofxp c A , th c y co t ct d d t d thco d t o fo do g . At th m t m , o thE op k th k ght to ho o c tom o k th hom m k t .

During the year, SEB Enskilda was voted as the Nordic coun-tries best stockbroker and analyst by the Nordic institutionssurveyed by TNS Sifo Propera in its major, annual survey in

. The institutions responded to questions ranging fromfees and back offi ce services to analyst expertise, sales andbrokers.

The same survey company also ranked SEB Enskilda

for the twelfth year in a row as the best corporate nanceadviser, that is, advice in connection with company trans-actions, mergers, acquisitions and new issues.

SEB in Asia today:Three decades of experience from doing business in the region70 employees in Hong Kong, Beijing, Shanghai, Singaporeand New Delhi, who work together across national bordersBroad offering of services for corporations and institutionsPrivate banking servicesSupport for nancial institutions seeking internationalopportunities.

Photo c pt o : SEB CEO A k F k g g t d SEB offi c Ho gKo g o No m . Sh h tog th th H R g t m, h dof SEB A ( f t), d C Ch t o , h d of th Ho g Ko g offi c .

B N k k

large corporate and institutional customers


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seb annual review

A f T L G is a global gases and engineering company with approximately , employeesworking in more than countries worldwide. Main areas are industrial gases, industrial plants,medical gases and therapeutical concepts. Swedish gas company AGA is a part of the Linde Groupsince 999.

We have a very trustful relationship with SEB, built over many years of doing business together.SEB has been an important bank for Linde in Scandinavia and the Baltic countries since .

For example, they have implemented domestic SEK cash concentration, enhanced by cross-border and cross-currency notional pooling in Norway, Finland, Denmark, Sweden, Estonia,Latvia and Lithuania. In addition, SEB has always been very supportive of Lindes strategic moves,such as during the acquisitions of AGA in / and of BOC in .

Dr. Sven SchneiderHead of Group Treasury, Linde

Dr . Sven Schneider (left) i n discussion with Thilo L. Zimmerman (right)at the Linde Groups head office in Munich, Germany.


13/38

W Trust and openness and always totally honest communication. That ishow I would describe our relationship. We started as a specic productprovider; today we have strong ties and a partnership that goes way back.The same people have been on each side of the table for the past eight years,and weve been through a lot together.Thilo L. ZimmermannClient Executive, SEB in Germany


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seb annual review

Aw -w ff f

Holistic and simplicity are watchwords in SEBs relationships with some 400,000 small and medium-sized companies in Sweden and the Baltic countries. SEB offers every service a small business owner needs and helps to meet the needs of companies, company owners and their employees.

M t g d g, t o g t o h p th o c -tom q th t h k o dg o t th compd ght to th d , t o th t t d t o c tom- d good t m d d, y M t To t d h , h d of

R t B k g.SEB h t d t o of t o g t o h p th g comp -

d t t t o , d d f om th o d g thm d m d m- z d t p , h p o d t c yth g f om p ym t c d c g d c h m -

g m t, to c d , tm t , d p o d c c -ty o t o . O c tom choo h d h ch y th yt to h d th co t c t th th B k p o m t-g, o T pho B k, o o mo pp c t o .

SEB ook t th ho p ct d h p m o - th d o , oth mp oy d p t d -d . O c tom g cc to tt y of d dp c t , d off o t o fo c t g fo o c -tom comp fo th comp y o d thmp oy .

C C ff xFo th g t comp th gm t S d SEB offc tt g dg xp t th o gh y of th B k th Co po tC t Stockho m, Goth g d M m. At th Co po t

C t foc o comp th of mo thSEK m d om h t mo comp x d , d o m jo

t t c tom . SEB co po t c tom th B t c co -t c co po d g c t th B k oc co po toffi c .

Ex f I , f th d op d th c p o d fo md m d m- z d t p , mo g oth th g th o gh

f th t gth d o co p of S d h d d h c d foc o m . SEB h o t od c d t y o t t ch to dd th d of com-

p of m comp y o . I E to d L t ,SEB h ch d t o -m d c p ck g fo co po tc tom d S d th k h t od c d p ck go t o fo o t t d t t g -comm cop t o .

W

Mats Torstendahl, h d of th R t B k g d o .

SEB exists for its customers andwants to meet and help them intheir everyday dealings. To im-prove our service and demon-strate our availability, duringthe year we acquired a eet of5 environment-friendly SEBgreen cars that our advisers useto visit our customers when ourcustomers cannot come to us.

L ft: St f A d o , h d of SMEM k t th R t B k g, S d .

House calls to customers

small and medium-sized companies


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seb annual revi ew

SEB is the small business owners bank. For us at SEB it is natural not onlyto provide service to existing companies, but also to help people startnew businesses and support growing companies. Through co-operationwith external parties we support entrepreneurship the entire distance from educational opportunities in primary and secondary school, viapromising business ideas and new business start-ups, to internationalcorporations. Starting in 20 , SEB sponsors the non-prot JuniorAchievement association in Sweden as early as primary school. SEB alsoprovides advice through NyfretagarCentrum and IFS/ALMI as well asnetworking support for growing companies in Connect. The Bank is alsoa main sponsor of the Entrepreneur of the Year contest, which awardsSwedens leading entrepreneurs once a year. In autumn 20 , SEB be-came a national partner for the Venture Cup business plan competition.In addition, the Bank is a main sponsor behind the rets Nybyggareaward, which is presented as recognition for good examples of immi-grant entrepreneurs who have built a successful business.

, w Sw

SEB m d m d m- z d - c tom co t to ho co -

d c th B k, d c t y g o th h co t d. I , SEBg t m k t h th gm t oth S d d th B t c co -

t . I S d , , c tom cho SEB th k,h ch co po d to t g o th of pp ox m t y p c t. To-d y y o y t t d m t d ty comp ( k-t o g) S d choo SEB t k.

I E to th m of c tom ho cho SEB th k o p c t , d h f of y t t d

comp th co t y choo SEB th k. I L t dL th th m of co po t c tom g y d p c t, p ct y. I tot , th m of c -tom th B t c g o o y o d , o p c t.

SME B k f Y SEB tt t o to m co t to g t t .S c th m of m c tom S dth SEB th k h f om , to , . I D -

c m S d h p o c m g z P t Affo c g m d SME B k of th Y .

A dy SEB E k F m p ck g o t o d d B t SME P od ct y P t Aff . I d

SEB m d SME B k of th Y . No d p t d .

SEB on hand the whole way

2011

In 20 , for the rst timeSEB invited its custom-ers to SEB Business Day where SEB treated

customers in Stock-holm, Gothenburg andMalm to three eve-nings of insight andknowledge from theBanks foremost expertsand provided an oppor-tunity to network withother business owners.

Nearly , customers at Business Day

small and medium-sized companie

Olle Larsson, Fiskarhedens Trvaru AB (No. 2 from the left),received SEBs prize for best interntionel growth 2011.


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seb annual review

A , Petter Mikaelsson (to the right) in discussion with Lennart Persson at Repays plant in Skellefte in Northern Sweden.

Our relationship is unpretentious, open and professional. We know

each other well I can say what I think and Petter says what he thinks.At SEB we have a broad spectrum of specialists, and the challenge forme as a company adviser is to convey all that knowledge to the cus-tomer.

Transparency and dialogue are important. You can only achieve atrue relationship with a customer if you have a genuine interest in thecustomer and the skill to listen.

Lennart PerssonCorporate advisor SEB in the city of Skellefte


17/38

A f w When we were considering switching banks just over a year ago, we were in an ex-pansive phase and felt that we werent really getting the service we needed fromour bank at the time. We shopped around among the various banks, but from SEBwe received an offer that was not only competitive, but fast. We are often in need offast action, so it was a key factor.For us it is very important to have a good relationship with our bank. We wantour bank to serve as a sounding board for matters in which we do not have our ownspecialist expertise, such as investments and foreign business. I want open,straightforward and clear information, and I get that from SEB.

Petter MikaelssonCEO and founder, Repay

R is a supplier of form-cut and sawed steel components and commercial steel to customersin Sweden. The company offers products and services in gas and plasma cutting, laser cutting,tube laser cutting, sawing and commercial steel. The company has experienced strong growth inrecent years and currently has operations in the Swedish cities of Skellefte, Uddevalla, Jnkping,Kping, Strmsund, Gllivare and Kiruna.


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seb annual review

A f

Providing advice is at the core of SEBs relationships with four million private customers in Swedenand the Baltic countries. At SEB we attend to every customers individual needs, and through our breadth and depth of knowledge we can help our customers nd the best solutions for everythingfrom their day-to-day nances to insurance, loans and investments.

SEB p to h p th c tom ch th go d m t o .Th dth d d pth of SEB off g com d th c tt g dgxp t m of g th B k th ty to m gt c tom c d t g d ph of f .

W t fo t o g d d g t o h p th o c -tom d top o d t m t o to o c tom co d c , t M t To t d h , h d of SEB R t B k-

g d o . W t k c of o c tom d off o t o foo d p o c oth th d o g t m.A ty mpo t t fo SEB c tom , ho t th

f dom to choo h d h ch y th y t f c th thB k. C tom c g t p of o d c f c to f c t SEB

ch, h th y c o t t c o mo comp x m t-t . Fo mp k g m tt th t c tom c d t tom g th m , SEB I t t B k d mo pp

d y too , th p o c th y c o t ho d y th T pho B k.

Q Fo c tom th z t to m g d ho dof mo -d pth d q d d c , SEB off t A t M -g m t d P t B k g c . Th o gh A t M g -m t, c tom o t d y of q d d c o d-g th p o c , th foc o tm t . SEBd c co yth g f om p t g m tt to cd c g. W th P t B k g, c tom th No d c d

B t c co t g cc to oth p o t m d xp t

t c of p o c , p y of p c y d g d tm t

c d p od ct d o oof.A d t o of SEB t o g po t o p t k g , th B k t o go of c tom (c o to , c tom- d SEK t ) d m d

th t No d c k fo p t k g c th G o P t B k g A d .

St o g t o h p th h t d o of p t k g,y M t G t , h d of P t B k g. O th y ,

h o o c tom t t d o o t d t o d ty to of-f c , o g-t m t o h p com d th t o g off g. It o xp d m t o to co t o g th p th d mo th to t o c tom d oth c m d t t t m .

N w I , SEB co t d to d op t o c tom t f c ffo t to m t c tom th y th t t th m t.

Amo g oth t t th B k ch d pp fo m tpho E to d L th , d mp o d th f ct o ty oft mo pp S d ( o p g ). A d L t SEB

S f k

Martin Grtner, h d of P t B k g.

Many meeting places

private individuals


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seb annual review

co t d t o k d op g t I t t k g c .SEB o co t to d op t oc m d p c

ffo t to t ct th c tom th d y . SEB th t S d h k to ch c tom c f ct o o F c -ook, h ch h - c d. I , SEB t , h

y kd y po d to c tom q t o g g dd p o d og , h d , t . SEB o o off

c tom c F c ook E to . A d SEB g

t ct g th c tom T tt oth S d d L t .

R Fo mo t f m , y g hom om th g th y m ght do o yo c o t c th f . Mo o , ho g g y th g

g t t m ho ho d dg t. Th fo t t th t d t mo tg g th foc po t SEB t o h p th

m y of t p t c tom . SEB co t to dh to po - d g p ct c o t of co d t o fo t c tom , ot

o y y h p g th m c th d m hom , t o to m k th t th y c ffo d th hom tod y d th f t .I , SEB co t d to d op t off g to t hom mo t-

g g c tom . I E to , SEB th o y k th t off op ot ct o fo hom mo tg g c th t h g o pop -

ty d g th t t o y . Tod y pp ox m t y p c t ofSEB hom mo tg g p ot ct d y c . I S d , SEB t th o y k th t op y d c o t f d g co t . Fo SEBt mpo t t th t c tom k o h t th y p y g fo .

T SEB tm t off g fo p t d d y do th c tom ho t t o . Th off g g f om -

g cco t , th B k o f d d xt y m g df d to xch g t d d f d (ETF ) d t ct d d tp od ct . Amo g oth th g , th off g c d SEB foSt t g c F d , th y g k p o , d P t B k gMod I tm t P og mm . C tom c o chooSpotR, SEB of ETF th t t od c d . Th t d d k tock o tock xch g , t c t ct d ch y to g t t h th d y g m k t

th g o f g.

Protecting the air we breathe is an important part of SEBssustainability work. In Sweden, for some time SEB has of-fered customers better borrowing terms for environment-friendly cars, and SEB was the rst to introduce green leas-

ing in Estonia. In autumn 20 our leasing offering featuringbetter terms for customers who choose a car that emits lessthan 0 g COper kilometre was introduced also in Latviaand Lithuania.

Better nancing terms for low-emitting cars

Planning for retirement

Overview ofpersonal nancesIn summer 20 SEB was the rst Swedishbank to launch an iPad application for pri-vate individuals: Min ekonomi, whichgives users an overview of their personal -nances and how their income and expens-es develop over time as well as a break-down of expenses by various categories.The customer response was enormous the app was the most popular downloadin Sweden during its rst week, and us-ers have given it high marks across the board.

SEBs Baltic customers can also get an overview of their per-sonal nances through the Internet-based Financial Planner, aservice that was launched in Estonia in 20 0 and is now alsoavailable in Lithuania.

SEB has identied a great need for advice among customers

who are nearing retirement, among other things because manypeople do not know how much money they will have in retire-ment. We have therefore begun taking an even more focusedapproach to providing advice to customers over 55 years ofage. We provide them with a thorough pre-retirement reviewand an overview of what their personal situation looks like andwhat opportunities they have to inuence the outcome of theirvarious pension solutions. For SEB it is important to take re-sponsibility not only for the various ways that our customerscan save toward retirement, but also for how they shouldmanage their assets once they have stopped working.

private individual


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seb annual review

I have had Johannas family as customers since , so its a very personal relationship. Bothher mother and father were customers of mine, and Johanna has been a customer of mine for a

long time. Plus, I was practically raised on their cinnamon buns!We know each other very well. That makes it much easier to do business, since we have agreat amount of condence in each other. I can help her with the whole picture, no matter whatit concerns legal matters, taxes, insurance, or what have you.

Torgil MagnussonPrivate Banker, SEB in Malm

A -

Johanna Francke, baker and Managing Director of Franckes bakery in the city of Trelleborg in discussion with Torgil Magnusson, Privatebanker at SEB in Malm.


21/38

Whats good about SEB in Trelleborg is that they have a small office I know the people who wothere and they recognise me. After all, it is the people who make the bank, so the staff are importaWe have had SEB from the start , and Torgil is always there when we need him.

Availability is a good word I like it when people are available. You can do a lot yourself onlibut I know I can always call or send an email if there is anything else I need help with. Most of oucontact concerns investments and stock transactions. Sometimes I handle decisions based some-

what on a whim because I enjoy it. But he always comes with good suggestions.Johanna FranckeManaging Director, Franckes Bakery

SEB w f F k B k is one of the oldest companies in the city of Trelleborg and has supplied hungry citi-zens with bread and cakes for more than a century. In 99 , Franckes was granted an cultural award by the paper Trelleborgs Allehanda for its time-honored handicraft tradition.

The bakery is owned by Anita Francke since 3. Her daughter Johanna is the fourth generation inthe Francke Family to lead the company.


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seb annual review

T y go p c t of p ym t SEB p oc dt ght-th o gh. I , th co po d t h p c t.

A m t d to d g c t y h gh of tom t oc m y oth of SEB op t o , tho ghth t y th t q d og d p o h d g.

P o y, IT d m y dm t t ppo t. To-d y t t g t d p t of do g . IT- d o t occo t fo y g h of th c p o d to o c -tom , y M t Joh o , h d of B S ppo t t SEB

th , p op d g o po ty fo t ct op oc , c tom ppo t, m t c , p o dd opm t of IT y t m .

C I , SEB t h d d c o -m k g p oc d fo tIT op t o . A d d c t d t t p fo go c dp o t t o of tm t co-op t o th th

t , h th d ff t IT d ppo t t po foffi c cy d q ty of th op t o .

W o h c d ff t t o t th c t od pp o g t o . Th h d to t k ho t cpp o ch to o d opm t po tfo o d t y p o t thct t th t mo t ff ct d g t th mo t tf om th c tom p p ct , y Joh o .

Q f Q ty p mo t fo IT op t o . Sy t m d p oc m to k, d c tom m t to f c h co d ct gth k g. SEB co t o y o k g to t gth t c t c

p oc d m m p o m d k fo c tom .

M IT

Banking and technology are closely intertwined. Today a major share of SEBs transactions areentirely automated, and customers contacts with the Bank are largely conducted via IT channelssuch as the Internet and mobile phones.

In 200 , SEB made a strategic decision to move parts of its

back offi ce activities to the Baltic region. Processes and backoffi ce routines for trading, payments and securities arehandled by Riga Operations Centre in Latvia, with 250employees. Parts of the home mortgage process, accounthandling, and HR and IT processes are handled by VilniusOperations Centre in Lithuania, with 00 employees. As aresult of the transfer of these operations, not only can wehandle greater volumes at a lower cost, but the processes forthe Banks global operations have become more structured.Moreover, the changes were achieved with unchanged highcustomer satisfaction.

IT an integratedpart of SEBs businessSEB IT f k f B k ff

FX p tfo m , , mo th USD t o

( , , , , ) o m S c t t d g p tfo m . m o t ct o

p d y m o p ym t , of h ch p c t t ght-

th o gh p oc d, p y E ct o c ch fo g co po t d t t t o

c tom , t t o y, SEK t o o m

O d mo k g c S d m o I t t k og- d . m o mok g t p mo th.

... f ffi k ;

F y tom t d p oc d ffi c cy o ko M g m t fo m t o Mo to g, co t o d c ty.

Business support in the Baltic region improved effi ciency and struc

it and support


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seb annual review

R w SEB co t o y d op g t f t ct to m t t c -tom d , th B k o xp o d o g to ych g . Tot tm t fo pp ox m t y SEK .

O -fo th of tm t t d to . A gh of tm t g p t to th y t m th tm k p th co of th B k op t o . M y y t m th

k g o d d op d th d , d th fo d of o pg d g. O x mp of ch

t SEB th f t ct p o d d y t o k d t ch c p tfo m S d , h ch comp t d .A p oj ct th t t p og o ch g th y t mfo h d g c tom f d ho d g . I th B t c co t , th

y t m L th h dy t y p c d.

N w I kTh g t, o go g d d tm t o c t g d mp o d I t t k. A t t p, th ch of th

I t t k fo p t c tom p d fo . E h c dg t o , mp d f ct o d mod g ph c d g

x mp of ch g o d to mp o c tom c .Th xt t p to t od c I t t k g cfo m d m d m- z d comp .

I , th m of c tom of SEB I t t k-g c fo p t d d S d c d y p

c t, h th m of c tom SEB I t t k focomp o y p c t.

G ffi

B t d th p od ct o co t p t ct o d -c d y p c t. Th ch d th o gh com t oof o IT d opm t, c d of tom t d o t o yc tom , d xt f cto . Fo co t d ffi c cy o ,SEB h ct d to co-op t th t t o p t

d to o t o c c t g m t to xt IT compd co t t .

S c SEB h co d ct g g IT p oj ct to m-p o co t- d gy- ffi c cy h o co t t g to thB k o m t go of d c g t c o m o . I t d , h gh ffi c cy coo g y t m o g t

d t h S d d took ct o to d c o gy co -mpt o .

Today more smart phones are sold in themarket than ordinary PCs, and mobilephones will soon be the most common ac-

cess point for the Internet for private individ-uals. It is estimated that by 20 5, 0 per centof all ordinary banking services will be per-formed via mobile phones.

SEB was early to adopt this technologyand introduced its Mobile Bank already in99 . But it was not until SEB launched itsiPhone app in May 20 0 that use of the ser-vice really took off. When it became possi-ble at year-end 20 0 to log in to the mobileservice using a password, the number oflog-ins exploded from 200,000 to 700,000per month.

In June 20 SEB launched the opportunity to scan OCR

numbers on bills using a mobile phone. With this new ser-vice, the number of visits grew to .5 million per month.In Sweden, SEB was named Mobile Bank of the Year in

20 , while in Estonia, SEB launched its rst iPhone app.SEBs goal is to offer services that make everyday life easier

for our growing number of customers who handle their bank-ing needs with their mobile devices. The rst step is to fur-ther improve the functionality of the base offering. We willthen broaden the range of services and work on deepeningour relationships through value-creating auxiliary services.

Dramatic increase formobile bank services

In SEBs two largest computer rooms in Greater Stockholm, measuring,000 sq.m., ,700 TB of data are stored on some 2,500 servers.

The computer rooms meet high standards for security and operation:Robust communication links which would make it possible to transfertraffi c if one of the halls were to be destroyedFireproof walls with special protection against electromagnetic disruptionBack-up electrical and cooling systems designed to ensure uninterruptedoperation in the event of a power outageAdvanced re extinguishing systemsStrict access routines and camera surveillance.

To contribute to a cleaner environment, we use surplus heat from ourcomputer rooms to heat our offi ces.

H SEB

22 per cento co t p t ct o

it and suppor


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seb annual review

Th g t co t t o th t SEB c m k to oc ty to ppo tt c tom po m . Th o gh o c dp od ct , co t t to t co om c d opm t,t t o t d d c c ty. O o m jo com-

m c k q th t t d p ot o th t c p y , m o pp , d p y t x d d -d d to o h ho d . I , th co om c th t

d t t d th oc ty th y mo t d to SEK .

B SEB comm tt d to ct y ppo t g co om c d opm t,p omot g c t cy d com t g oc xc o oc -ty. Th o gh o p t h p ppo t th xt g t oth p o ty foc o ch d , yo th d t p . I , t d SEK m th . I , co t toppo t yo g p op th o gh o m to g p og mm d t gth o ffo t to h p mp o c t cy occomm t , fo t c th o gh J o Ach m t S d .

S I SEB co t d t o k o p omot g po t-m t. W xp d d o y t m th A t M g m t dc d o t d p d og th po tfo o comp o m ttch co pt o , t ho t g , c m t ch g d ct t

co ct zo . I , m g d t th oc y potm t (SRI) p o d c d y p c t to . ( . ).SEB o op d p g t oppo t t to o m t

c th th ch of G L g th th B t c co t .Th B k co t d to g o d o h f of th Wo d B k,d tot of USD . ch o d c t y o t t d g. Wo p t c p t d p d c o t th UN G A m y o

t c d g tm t . O d d c t d c g

of gy p oj ct d q pm t mo t d to SEK .Th m of t ct o d th Eq to P c p , h chm to t ck oc d o m t k p oj ct c g,mo t d to co d ct d OECD co t .

O mpo t t m to th d c o o SEB G o p- dpo t o t t m t (o c m t ch g , f h t d ch d o )d cto po c (co c g th m d d f c d t y, fo t y,

fo f , m g d m t , gy d h pp g).Th c t commo f m o k d p o d ppo t fo f t -o t d d og th c tom d po tfo o compd g d y g t od c d th o gho t th o g t o .

R fFo th co d y o SEB c d d th C o D c o-

L d h p I d x. W o c d A- t g d o t of po t o ho po t d d o o go of d c g

c o m o d oth c m t m . W comp t dfo o x t g c o m o y t g t o fo t t op oj ct T z d K y . W o co t d o ffo t tod c p p m g d g th y .

SEB

As a bank SEB contributes to sustainable development in society by transforming savings intoinvestments, providing growing businesses with capital, maintaining a secure payment system and managing individual and corporate savings. The current nancial uncertainty and greater awareness about what growing global challenges entail presents both risks and opportunities for us and our customers.

SEK 108 billion c d d g to comp d d d

20 , marks the fth time thatwe publish a sustainability report,entitled Sustainable Perspectives.We continue to use the GlobalReporting Initiative as our mainreporting framework. To downloadthe report, our separate CS Fact Book,the GRI index table or our annualreport to the UN Global Compact, visitwww.sebgroup.com/sustainability.

S R

SocialValuing our people

Access to nancial servicesInvesting in communities

K n o w l e d g e a n d e c o n o m ic c o n t r i b u t i o

n

EnvironmentReducing our footprintSustainable nance &

investment

E t h i c

s

Ethics

E t h i c s

To be the trusted partner for customers with

aspirations

K n o w

l e d g e a n d

e c o n o m

i cc o n t

r i b u t

i o n K n o w l e d

g e a n

d

e c o n o m

i c c o n t r

i b u t i

o n

Governance

Responsible selling & marketingTackling nancial crimeResponsible ownership

Th po ty d ght t - p o t g d

o o k.Read more on:www.sebgroup.com/sustainability .

S

sustainability


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seb annual review 201

R t o h p , t t d o g-t m p p ct y th fo d t ofo SEB . O co Comm tm t, M t R -p ct, P of o m d Co t ty c t p t of oco po t c t d g d o d y ct o . D g thy , SEB mp oy d m g p t c p t d g o p- dd og , Yo SEB, foc g o th co o ho m t o c tom xp ct t o d ho c tt

t co o t g th o gho t th o g t o .P c d c mm mI 2011, mp oy y co d ct d y SEB ho d g t t t th B k o d m o . Emp oy po d d th t th y

f g t of mpo m t d comm tm t to th o k,d g m jo ty o d g d y comm d f d to SEB

c tom o pp y fo po t o t th k.SEB ot o y pp c t d o k p c mo g x t g m-

p oy , t o o of th mo t tt ct comp to o k fo S d d th B t c co t mo g yo g p of od t d t . W t to tt ct p op ho p o t o t

th o k d h gh y g g d h t t fo th c tom . I2011 SEB c m d to fo th p c mo g S d mo t tt ctmp oy g d of cto mo g yo g p of oth d g , d o c d top k g L t ,

E to d L th .

L d d m d v mSEB p omot t t g c d h p c t th t ppo t thB k t m t o to h gh p fo m g o g t o . M g-

xp ct d to t k o g-t m po ty th foc o thc tom , d c d g d x c t g, d d g d mpo g.

A y of d h p d opm t ct t off d to m -g t d ff t foc g o m g g , m g go f d m g g ch g .

At SEB p tho o gh y fo f t comp t c d do k co t o y to c k o dg d comp t c thth o g t o . W off d ty of t g d d op-m t ct t fo oth g t d p c t .

D v c W th t d ty g d q ty ch th

d c o ty to m t o c tom xp ct -t o . SEB t to th t q oppo t t d ght

off d to yo , g d of g d , t o o th co g , g , x o t t o d f th. W o o k to d t fy,d op d co g om to t k o po t o .

A c v w c

Professional and committed employees who build long-term relationships with customers arecritical for SEBs long-term success. We strive for a sustainable leadership where managers support employees in their development and lead the business towards our common goals. To meet achanging environment employees are encouraged to take responsibility for their part of thebusiness and their own development.

M A d , Head of PrivateBanking, Sweden, is one of SEBsmanagers whose employees haveachieved very good results.

W dc d ?

P o fo h t I do, t o -h p d h g f h h p dm th o gh my c . P og gy d d to comm t-m t, h ch mpo t t o dto mp o d d op. If yoh p o yo d .

E t h g o d t o h p c c fo d g t o k dfo h g op d og th c tom d mp oy k ,

d o m t p ct. R t o h p d to g th y c t p c .

A d y h g f d g to gh th yo t m. Ith k th t o d to to t y foc d h t co t !

W d w c w m ?I f o dy m c d d d o k o m t, o p t f omp o I ook fo p op ho g om th g to th t m.

73 per centof th mp oy o d comm d f d to to pp y fo jo t SEB

U m, comp y p -c g mp oy d g,h t d th 100 mo t tt c-t mp oy fo yo g p o-f o th co omy d c .

A d m

11

Source: www.universumglobal.com

Hennes & Maur itz

IK EA

Google

SEB

Nike

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ICA

Nor dea

Hande lsbanken

Unilev e r

Com pa ny

1

2

3

4

5

6

7

8

9

Ra nking 2011

the people in


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R m m SEB

A banks fundamental role is to enable individuals and businesses to save and borrow money so they can invest, build a nancial buffer and secure a comfortable retirement, which in turncontributes to economic growth and social development. When secure savings are turned intoproductive investments, some form of risk transfer is involved. This risk must be managed by the bank. As additional risk protection, the bank has established strong nancial buffers.

risk

Credit riskSEB

Liquidity riskI c d d c c

Market riskA m SEB

Good c d t k m g m t p q -t fo k to f th o th co-om c f ood oc ty. Th m th t

y c d t d c o m t d o y of th c tom ty to p y. Fo

m ho ho d o , th doth o gh t d d d p oc , h

g o to co po t d t t t oq d d y th t d

o k o dg of th c tom .It o y th of t d d t o

th t . Th k m t m k th tth o o c m t t o g t o . Thp c p th m fo fo m of c d t.

Th k m t m t c h ff to th t f d o d m d.

S c d po to k t to to thd g t t m , g dof h th k c o p ym tf om t o o , q d ty k foth k.

I dd t o to c tom d po t , ko f d th th o gh o o g th c p t m k t . Th o t q d ty k ho d th d m d th

m k t to y th B k o d d co d pp .

O of th k mpo t t o to h pc tom y d o typ of -c t . I o d fo th to o k, th km t h t d g po tfo o of t -m t , c d g tock , c c dx d- com t m t . A d f om th ,SEB o t g h of t q d ty

po tfo o of c go -m t d co d o d . Th k th fo xpo d to m k t k, thpo tfo o m y d c . I dd -t o , SEB h m k t k c t c-t o c d o t th o m t -t , t t t , c c , tc. hth ch g g co t t y.

R m x m : R m x m : R m x m :

W h c p oc fo d c o .R d t mo tg g d m -

o d c d d t oc chd mo comp x c d t d p -

d t c d t comm tt . D c o o yg o m d y th Bo d.

Th q ty of th c d t po tfo o co t -o y mo to d, g t t tmo g oth th g . P o o fo po -

c d t o m d cco d g toco t p c p .If c tom to p o m , SEB -y t to d o t o tog thth th c tom . Th c g t g p t o o t m t to o

f m y to t y th hom o comp yto t y . H th B k d tc tom h m t t t.

SEB h ff of SEK 377 of d y q d ty.

W h m tch d f d g fo t o y th t co o th t xp

o th xt t o y o c o dk g c g t f o t m .

Th B k q d ty k co t o y

mo to d y d p d t f ct ofo R k Co t o . W g y t t to q d ty po t o d o c oco g o m k t d t c .

W h c d c o -m k g t c-t th p -d d m t fo ho g

k c .C tom t d g ct ty t SEBt d g th c p t m k t . SEB doot co d ct t d g o t o h f do ot q ty to p c t .

Th k m k t k co t o ymo to d y th d p d t f ct ofo R k Co t o . W g y co d ctt t t to ho d ff t ch -g th m k t c ff ct th k .

F c c

SEK 377bn th q d ty ff

F c c

SEK 109bnof c p t


27/38

seb annua l rev iew 201

risk

G c m cm d dc . W SEB ?A o d 90 p c t ofo c d t po tfo o th th t o g t

co t E op .W th c o oom-

g, o g co po t c tom h tht o g t c h t I h d g my30 y th . SEB o of E op

t c p t d k , d h o t

q d ty ff . So h h - th p d p p d fo to my th ,o o k o h t th f c .

D SEB w z ?O t k to th t o c tom f h o o g o d po t g mo y th. A tho gh t y to do th th tt k

po , k o d p t of o. B t k-t k g ot go t f.

H w SEB c d c d c c ?

Th c p c p fo ho m g kh t ch g d. Ho , h dom co t o t th . S c 2008 ho d o k t d to k d c -t go m t .

I B c c v w?Y , th mm d t c o . Th o gh h do k th B t c co t h ho th tyto com ck, d to co

g po t o of th p o o fo c d t o .Wh c co y, th B t c co -t ff ct d y th o go g E o c .

H w d SEB w w m c v ?B k h mpo t t o ch g o g-t m g o th d t d opm t. Wh t k o m t p ct to cco t o d g fo om t m , c th y c -

t c k fo o o . W o tfo c o d og th o c tom to th t o d g co t t to po t co om-c, oc d o m t d opm t.

Operational riskT m

Insurance riskL d m

SEB h d g m of c tomo d y d y. Th q th B k toh y t m , -f ct o gp oc d th t th mp oy k oho to ct o d to o d m t k . A -tho gh y 100 p c t of t c-t o x c t d tho t y o ,om t m m t k m d d to h -m o . Th k, c d op t o k,

o typ of t t o h thk m k m t k d m t m

om o o p y d m g .

SEB off p o c t o fo m :t- k d c , h th c tom

d c d th k p o d ho h o hg to t d d ff t

f d ; d t d t o f c , hSEB t k po ty fo m g m tof t d k d g t m -m m t fo th c tom .

Th k p o d f c th t th p m m , h ch

d o mpt o o t f xp ct -cy d c m xp c , d q t .Th o k th t th t o t ffi c t to m t th g t d m -

m m t to th c tom o t m .

R m x m : R m x m :

A mp oy c t g m-po t t ch mo y d g,f d, d fo m t o d d t c ty.A c d t ogg d d o ght toth tt t o of th po m gfo p op ct o .I dd t o to d d c d t po t-

g, th B k gg g t d op t ok mo to d d t t t d yth d p d t R k Co t o f ct o .

M k t k fo t d t o f c d c d y h dg g. M k t

mo to d co t o y, d t t t co d ct d d o d ff t co o-

m c c o .W co t o y fy o p c p fop m m c c t o d o mp-t o o f xp ct cy d c mxp c th f c th o gh ct y d po tfo ot t g.W th p ct to d ty d mo t ty

k , SEB o t c fo tth t co d t c m .

q J A dCh f k offi c

W v w d w d m w , w ww w w c .

Johan Andersson, Ch f k offi c .


28/38


S cTh SEB h t d o th N d q OMX Stockho mExch g .Th h c p t mo t to SEK 21,9 , d t t do 2,194.2 m o h . E ch C A- h t t to oot d ch C C- h to 1/10 of ot .

S c Exc d2011 k y o th N d q OMX Stockho m Exch g dth OMX Stockho m G I d x d opp d y 17 p c t. Th -

of th SEB c A h do y 29 p c t, h thFTSE E op B k I d x d opp d y 33 p c t. D g thy , th tot t o SEB h mo t d to SEK 106 . SEBth m d o of th mo t t d d comp o th Stockho mStock Exch g . M k t c p t t o y y - d SEK 88 .

D v d d cTh z of th d d d SEB d t m d y th co om c -

o m t th c po t o d g o th pot t ofth G o p. SEB t to ch o g-t m g o th h m -t g th c p t t g t .Th d d d p h h , o

cyc , co po d to o d 40 p c t of g ph .

In the wake of the Eurozone sovereign debt crisis the SEB Class A shares dropped by 29 per cent in2011, while the FTSE European Banks Index decreased by 33 per cent. Earnings per share amounted to SEK 5.06 (3.07). The Board proposes a dividend of SEK 1.75 for 2011 (1.50).

T SEB d v m

SEB d

December , No. of shares

Of whichSeries Cshares

Share of

capital. % votes. %

I to AB 5 , , , 5, . .T ygg Fo d t o , , . .A ct 5 , 5 , . .S d k Ro f d , , . .St t of No y , 5 , . .No d f d , , . .SEB f d 5, , 5 . .

W g-fo d t o , 5 , 5, , .5 .F t AP f d (AP ) , , 5 . .SHB f d , , . .Fo th AP f d (AP ) , , . .S co d AP f d (AP ) , , . .AMF I c d f d , 5 , . .Th d AP f d (AP ) ,5 , . .Sk d L f , 5 , 5 , . .

Fo g h ho d 5 , , 5 , 5, . .

So c : E oc AB/SIS g c AB.

SEB A h .P c q t c o gp c p d o t d y of ch mo th.OMXS Stockho m.

E op B k I d x (FTSE).N m of h t d d, tho d .

SEB Data per share)

B c g , SEK 5. . .5 . .D t d g , SEK 5. . .5 . . 5Sh ho d q ty, SEK . 5. 5 5. . .Adj t d h ho d q ty, SEK 5 . 5 . . . .N t o th, SEK 5 . 5 . 5 . 5. .C h o , SEK . . . . 5.P d d d d p A d C h ,

SEK . 5 .5 . . .5R t t d d d d p A d Ch , SEK . 5 .5 . . .Y - d m k t p cp C A h , SEK . 5 . . . 5 .p C C h , SEK . 5 . . . .

H gh t p c p dd g th yp C A h , SEK . 5 .55 5 . . .p C C h , SEK . 5 5 . 5 55. . .

Lo t p c p dd g th yp C A h , SEK . . 5. . .p C C h , SEK . . 5. . .

D d d p c t g of t

fo th y , % . . . . .Y d, % . . . . .P/E . . 5. . .No. of o t t d g h , m o

g , . , . , 5.5 .5 .t y - d , . , . , . . .

) P o y t t d ft th ght .

SEB C ASEK

,

,

,

,

,

seb share


29/38


analysts ask

A SEB

SEB is closely monitored by some thirty equity analysts. Every quarter SEB arranges a pressconference and meetings with both analysts and investors to explain the banks performance and answer questions. During a year like 2011, characterised by the European debt crises and a number of changes in regulatory requirements, some questions are more frequent than others.

H w c m d v d SEB?

N t t t com fo 2011 mo t d toSEK 16.9 , c of 6 p c t.C tom o d d po t com dco t t d SEK 1.8 mo comp d to2010, d g d d po t o m -c d y 7 d 8 p c t, p ct y.N t t t com f om oth o c

SEK 0.8 o th 2010. Th c t q d ty th t t d f t th ho t d -t o d t th m t m c d

th o g-t m f d g. Th q d d to ppo t c tom o

c t co om c co d t o .

G v w d w E d c d , w SEB

d q d ?

SEB h t gth g t ch t d c fo y . I2011, h d f cc to f d g m -k t , co t t to m y k E op .W d mo o g-t m f d g thh t m t d. W c d th q d

f om 13 to 16 p c t of tott , h ch g tot of SEK 377

t y - d.

H w d SEB v w c? A

c d ?

Sh ho d p t c p t d ght - th y go to f g d th

B k f t th ft m th of th L h-m c h d th B t c co om c d -opm t. D g th f of 2008, -

c d d g to S d h d No d ccomp h c p t m k t c o d d th to ppo t thc tom . S c th h c do co T 1 c p t t o y p c t-g po t d tod y o of th tc p t d k E op . Th

, t ct c p t fo k S d comp d th th t t oB III- d . O foc d g thcom g y to f g d ot o g c p t t o d th d th co om c c t ty. Th d -

d d th p m y m th o ghh ch o o t.

M w d v m d , d m c m . H w SEB m

w c ?

O , SEB -po t o d. W hfoc d o d g o t c

h t, d o c p t t o t o g.Oth dd d y th g -t o c d oth ho t- d o g-t mq d ty. W dy comp t th th

fo m tod y, c h t p - to th t SEB h th q d-

ty th t o c tom d. M t g thq m t o d g o g-t m -

q d ty o th k t ct c-g k ch g fo S d h

k . R t to th t of E op , thS d h c y t m h o of d po t f om t c tom , hop f to t th mo y q td m t f d . Co po t d po t

p t t d d t g d th c tg to y t ct .

M m c q . W SEB?

Th t ct c p t d q d ty q -m t fo S d h k d to h gh- co t fo k g. Ex ct y h t of

p ot ty th k g cto cch th f t m to .O foc o t gth g o c -tom t o h p , ch g o g o tht g t d m k g th t th k m-p o t co t ffic cy. Th p o d th t p tfo m fo th f t d

comp t t t o t m .

P co f c t SEB h d offic Stockho m, 28 Octo 2011


30/38


The Groups income and expenses for the year including credit losses (both incurred and probable losses) and write-downs are reported in the income statement.

Operating incomeN c mS mp y p t, t d t o k g m tt of m d t g c p tt c tom th p c p t d c tom d of o . C tom d y d y th p ct to

o z , m t ty d oth o t m . I t o m d -to , th k c , fo x mp , ho ho d g dho t-t m d po t fo co po t d mo tg g d g.

D to th g m of cco t th y g d d t ,g d d po t t f d g .Th t t t com t y co t of th d ff -

c t g o d g to th g p c(ho ho d , comp ) d c d t t t t o , d th co tfo d po t d o o g f om th g p c d c d t

t t t o . B k t t m g d ff o p t ofth m k t, d p d g o h d g co t d k . Ch g m g o m of SEB o o g d d-g ct t of g t mpo t c fo th d opm t of

th t t t com . I dd t o , t t t com f-f ct d y th t f om th po tfo o of x d- com c -t . Co t t d to th B k c of c t p t

of th f d g o ff ct t t t com .I 2011, SEB t t t com c d y 6 p c t

to SEK 16,901m m y t of h gh g o mfo c tom t d d g d d po t . Som co t f-f ct h ft th o d ho d g d f to th S d ht ty f d.

N d c mm c mF d comm o com f om o c ch q ty t d g, d o y c d c d co t t moto th op t g t SEB th oth S d h k .Th c th B k h y foc d mo th oth

k o c g g comp d o th m g -m t. L d g f o po t d th t m.

I 2011, t comm o com t f om th p oy . Lo c t d p ym t comm o off ty h gh d g f . A t d m g m t mo t dto SEK 1,261 t y - d.

N c c mN t c com c d oth d g d o co ct o th th of h , o d d oth c

t m t , d d ch g th m k t ofth SEB c tom t d g to y of c t . Th -c m k t d opm t mpo t t th co t xt. Th

I c m m

SEK m 2011 2010Ch g ,

%O c mN t t t com , 5,N t f d comm o com , 5 ,N t c com ,5 ,N t f c com , , 55 -

N t oth com - 5T c m 37,686 36,735 3

O xSt ff co t - , - ,Oth xp - , - ,D p c t o of t - , - , 5 -5R t ct g co t - -T x 23,121 23,751 3P c d 14,565 12,984 12

G o d po of t gd t g t -

N t c d t o - ,O 15,345 11,389 35

I com t x xp - , ,5N mc 12,299 8,820

D co t d op t o ) - , 55 - , -N 11,144 6,798 64

A m 37 53 -A q d 11,107 6,745 65

) I c d th t op t o Uk dG m y th t h d t d.

I c m m

I c c To ensure that the nancial reporting is of high quality, theBanks works, since several years, with certain key internalcontrols. The effectiveness of these controls is monitoredcontinuously. To the extent that weaknesses are identied,they are reported to management and to the Board who willmanage the risk of erroneous reporting and ensure that theweaknesses are corrected.

the year in figures


31/38


N c d Th G o p c d t o co t of oth c d o dp o o h SEB th t th co t p ty to f t p ym t o g t o . A y co h po t mp ct o t c d t o .

I 2011, th t of c d t o of SEK778m. Co q t y th t c d t o -0.08 p

c t of d g. Th m y d to co t d mp o -m t of th t q ty th B t c co t . I th No d cg o , t q ty m d h gh.

O P ot fo c d t o c d to SEK 14, 6 m (12,984)d op t g p ot mp o d to SEK 1 ,34 m (11,389), d to

th c d t o .

N m c Th t t xc d g th G m d Uk t op -t o SEK 12.3 , h ch co po d d to g ph of SEK . 9. Th p t t t g po t focomp o of f t d opm t of th t.

N N t p ot fo th y , . ., op t g p ot ft t x, SEK11,144m (6,798). Th mo t fo m th fo c c t g

g p h d th p opo d d d d to th h -ho d .

t m o c d th t of fo g xch g t d g, hSEB d g po t o S d .

I 2011, t c com t gth d y h ghfo g xch g d c p t m k t ct t .

N c c mTh t m c d of f c p od ct of h ch t-

k d c cco t fo y g h .N t f c com d c d y 2 p c t comp d

th 2010.

N c mN t oth com co t of, t , c p t g d d -d d . I 2011, d o of SEK 3 7m f om th ofth o-c d GIIPS c t c d d th t m.

Operating expensesExTot op t g xp d c d y 3 p c t 2011. Io d to th t th co t comp t t d ffic t, co t c p of SEK 24 th o gh 2014 mp m t d d g2011. Fo 2012, th c p t t SEK 23.1 .

O SEK m

Op t g p ot c d th3 p c t to SEK 1 ,34 .

,

,

,

,

,

D c mSEK m

I 2011, t t t com c-co t d fo 4 p c t (43) ofSEB tot com . N t f dcomm o com th c-o d g t o c of com dmo t d to 38 p c t, -ch g d f om th p o y .

N t t t com N t f d comm o comN t c com N t f c comN t oth com

,

,

,

,

,

C d SEK m

Th G o p p o o fo c d to t o to th G o pd g d opp d to -0.08 p

c t, comp d th 0.1 pc t 2010. Th h of m-p d o , t, t o toth G o p d g 1.3 pc t (1.8). No -p fo m g op k d t y - d 2009 d h

c d c d y SEK 10. to18.1 .

,

,

,

,

,

,

D xSEK m

Exp d c d y 3 pc t to SEK 23,121m 2011.St ff co t ch g dh mp o m t th ITf t ct c d oth

xp y 3 p c t.

St ff co t Oth xpD p c t o of t R t ct g co t

the year in figu

,

- ,

- ,

- ,

- ,


32/38


AssetsTh mo t mpo t t t m o to th p c (ho ho d ,comp , tc.) d d g to c d t t t t o , h chtog th cco t fo o d 0 p c t of tot t . A othmpo t t t m th ho d g of x d- com c t .

Liabilities and shareholders equTh m t m t to c d t t t t o dd po t d o o g f om th p c. D t c t

d y SEB mpo t t t , too.Sh ho d q ty co t of th o g h c p t ,

c p t co t t o th o gh , t p ot fo th yd t d g .

U Th z of th d d d d t m d y th SEB G o p -

c po t o , c p t t gth d f t oppo t t .Fo 2011, t p ot of tot op t o ( c d g th d -

co t d op t o ) SEK 11,144m, co po d g toSEK .06 p h . Th Bo d of D cto p opo th tSEK 3,836m, o SEK 1.7 p h , h d t t d to thh ho d . Th p opo m d o th ckg o d of thc t co om c c m t , th B k g c p c ty d

th c p t po t o .

The book value of the Groups assets, liabilities and equity is shown here.

B c

SEK m 2011Ch g ,

%AC h d c h c thc t k , ,Oth o to c t k ,5 ,Lo to oth c d t t t -t o , ,5 -

Lo to th p c , , , ,F c t t f ) , ,A -fo - c t ) 5 , , -H d-to-m t ty tm t ) , 5 -A t h d fo ) , 5 , 5 -I tm t oc t , ,T g d t g t , , 5Oth t 5 , 5 5, -

T 2,362,653 2,179,821 8

L d qD po t y c d t t t t o , , -5D po t d o o g f omth p c , ,5L t to po cyho d , ,D t c t 5 , 5 ,F c t t f , ,L t h d fo ) , , -Oth t , 5, -P o o , ,S o d t d t 5, 5,55 -Tot q ty , ,5

T d q 2,362,6532,179,821 8

) Of h ch o d d otht t g c tc d g d t 5 , 5 ,

) A t d t h d fo p t th Uk top t o h ch o d d g th y . I , th t mp t d th of th G m t op t o h ch

co c d d d g .

A

DG og ph c d t t o , p c t

S d G m y Th B t c co t R t of th

No d c co t)

R t of th o d ) D m k, No y d F d.

L dG og ph c d t t o , p c t

S d

G m y Th B t c co t R t of th No d cco t )

R t of th o d 1) D m k, No y d F d.

the year in figures


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C Th c p t ff fo th k th t c d y k .Th z of th c p t d t m ho m ch k to d d t tot , . . , ho m ch k k cppo t. Th g to m k q m t o th of

c p t k.SEB f th g to y c p t d q cy q m t

y d m g . At y - d 2011, SEB o of th c y t o g t k E op , th co T Ic p t t o of 13.7 p c t. Th Co T I c p t t o c c t d fo o :

L q dTh ty of k to o o mo y p q t fof g c tom d d th fo y p o ty.I th t t c m k t , q d ty h com

mo p o t d d oth k d g to o k g to mp o q d ty m g m t.

At y - d, SEB h d SEK 377 q d t , tho-c d q d ty . Th t c g xc d thco po t d p t d g y d m g .

Some key gures of importance for analysing the result are shown here.

S m m

K 2011

R t o q ty ) , % . . .Co t/ com t o ) . . 5 .Co T c p t t o,cco d g to B II, % . . .

) Co t g op t o

R q )P c t

1) Co t g op t oT g t: Comp t t d t

C / c m )

Th t o t SEB xpd com .

1) Co t g op t o .

.

.

.

.

2008 2009

SEK 93,097m (Co T 1 c p t )

SEK 678,841m ( k- ght d o m ) = 13.71 p c t

SEK 12.3 ( t p ot fo th y )

SEK 103.1 ( g q ty)= 11.89 p c t

B c c D c m

L i q u

i d a s s e

t s

S h o r t - t

e r m

n a n c i n g

S t a b l e n a n c i n g

A L d q C o r p o r a

t e a n

d p r i v a

t e l o a n s

Household lending

Corporatelending

Equity

Deposits from the public

Financing, remainingmaturity > year

Financing < year

Credit institutionsCash and credit institutions

Net trading assets

Liquidity portfolio

the year in figu

R qSEB go to ch p ot ty, o t o h ho d

q ty, th t h comp t t d t th tp ot g o th.C c t d fo o , th t o h ho d q ty fo

th co t g op t o 2011 11.89 p c t:

C / c m Th co t/ com t o, . ., th t o t co t d com , mpo t t m m t of th G o p ffi-c cy. I 2011,

th C/I- t o 0.61 (0.6 ) fo th co t d op t o , . .dj t d fo th t op t o th t o d.


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Board of Directors

MARCUS WALLENBERGBo 19 6; B.Sc. (Fo g S c ).Ch m c 200 .O m : Ch m of S ,E ct o x d LKAB. D ctoof A t Z c , Sto E o, T m kHo d g d th K t d A cW g Fo d t o .Ow d c d

d : 7 ,698 c A hd 7 3 c C h .

TUVE JOHANNESSONBo 1943; B.Sc. (Eco ), MBA d Eco . D .H.C. D p ty Ch m c 2007.O m : Ch m of EcoI t t o A/S. D cto of M d .I d t d o to EQT dJ C B mfo d Exc to Ltd.Ow d c d

d : 202,000 c A h .

JACOB WALLENBERGBo 19 6; B. Sc. (Eco ) d MBA.

D p ty Ch m c 200 .O m : Ch m ofI to . D p ty Ch m of At Copco,SAS d LM E c o . D cto of ABB, thK t d A c W g Fo d t o ,th Coc -Co Co mp y d Stockho mSchoo of Eco om c .Ow d c d

d : 430,839 c A h d136 c C h .

JOHAN H. ANDRESEN, JR.Bo 1961; B.A. (Go m t d Po cySt d ) d MBA.O m : O d CEOof F d. D cto of NMI - No gM c o c I t t , th Co po tA m y of O k ASA d oth .Ow d c d

d : 100,000 c A h .

SIGNHILD ARNEGRD HANSENBo 1960; B. Sc. (H m o c ) d jo m t d .O m : Ch m of SLC-G o p AB, S k L tCh p , Ut h Ch pCo po t o , L A t d Go t Sp . dT m o. D cto of Loom , S d h T dCo c d oth .Ow d c d

d : 278 c A h .

URBAN JANSSONBo 194 ; H gh k d g (SEB).Ch m of th Bo d R k d C p t

Comm tt .O m : Ch m of EAB,HMS N t o k d S d g D to p.D cto of C Oh o d Hg .Ow d c d

d : 6,840 c A h .

BIRGITTA KANTOLABo 1948; LLM d Eco .D . H.C.O m : D cto ofN d qOMX (N Yo k), Sto E od No .

Ow d c d d : 1 ,000 c A h .

TOMAS NICOLINBo 19 4; B. Sc. (Eco ) d M. Sc.(M g m t). Ch m of th Bo dR m t o d HR Comm tt .O m : D cto of No d-tj , No Fo d t o , Ax dM g t Ax: o Joh o Fo d t o ,T m o,S d h S c t Co c doth .Ow d c d

d : 66,000 c A h .

JESPER OVESENBo 19 7; B. Sc. (Eco ) d MBA.O m : Ch m of NokS m N t o k BV. D cto ofFLSm dth & Co A/S d O k ASA.Ow d c d

d : 10,000 c A h .

CARL WILHELM ROSBo 1941; M.Sc. (Po t c d Eco ).Ch m of th Bo d A d t dComp c Comm tt .

O m : D cto of A dW h m & Co, C m , INGKA (Ik )Ho d g d B od .Ow d c d

d : 17,816 c A h d38 c C h .

ANNIKA FALKENGRENBo 1962; B. Sc. (Eco ).P d t d CEO c 200 .O m : D p ty ch m ofth S d h B k A oc t o . D ctoof S c t . M m of S p o y Bo dVo k g AG d M ch RE.Ow d c d

d : 38 ,71 c A h d4 8,733 p fo m c h .

D cto ppo t d y th mp oy

GRAN LILJABo 1963; H gh k d g .Ch m F c S cto U o of S dSEB G o p. Ch m R g o C W t ofth m o . D cto of th E opWo k Co c SEB G o p.

Ow d c d d : 3,208 c A h

CECILIA MRTENSSONBo 1971; Ed c t o co omy d -o , c t c t p o t t g .D p ty Ch m F c S cto U oof S d , SEB. Ch m oc CG o p Op t o of th m o . D -cto F c S cto U o of S d .

Ow d c d d : 4,236 c A h d

120 c C h .

D p ty D cto ppo t d yth mp oy

PERNILLA PHLMANBo 19 8; Ad c d c t c t occ -p t o f ty d h th d o k -o m t.S co d D p ty Ch m F -c S cto U o of S d SEB. V cCh m of F c S cto U o of S -d SEB oc c Stockho m d E t.Ow d c d

d : 9 c A h d9 c C h .

HKAN WESTERBERGBo 1968; E g g og t c .Ch m A oc t o of U ty G d -t t SEB. Ch m R g o A oc -t o Stockho m of th m oc t o .Ow d c d

d : 1,118 c A h .Elected as from 27 September 2011.

MARCUS WALLENBERG TUVE JOHANNESSON JACOB WALLENBERG JOHAN H. ANDRESEN, JR. SIGNHILD ARNEGRD HANSEN

CECILIA MRTENSSON PERNILLA PHLMAN HKAN WESTERBERG

BIRGITTA KANTOLA TOMAS NICOLIN JESPER OVESEN CARL WILHELM ROS ANNIKA FALKENGREN


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ANNIKA FALKENGREN JOHAN ANDERSSON JAN ERIK BACK MAGNUS CARLSSON VIVEKA HIRDMAN-RYRBERG MARTIN JOH

ANNIKA FALKENGRENBo 1962; SEB mp oy c 1987;B. Sc. (Eco ). P d t d CEO c200 .O m : D p ty ch m ofth S d h B k A oc t o . D ctoof S c t . M m of S p o y Bo dVo k g AG d M ch RE.Ow d c d

d : 38 ,71 c A h d4 8,733 p fo m c h .

JOHAN ANDERSSONBo 19 7; SEB mp oy c 1980;B. Sc. (Eco ). Ch f R k Offi c c 2010.H d of C d t d R k Co t o c2004.Ow d c d

d : 31,039 c A h ,1 4 c C h , 74,494 p fo m ch d 6,69 d f ght .

JAN ERIK BACKBo 1961; SEB mp oy c 2008;

B. Sc. (Eco ). Ex c t V c P d t,Ch f F c Offi c c 2008.Ow d c d

d : 36,383 c A hd 200,198 p fo m c h .

MAGNUS CARLSSONBo 19 6; SEB mp oy c 1993;B. Sc. (Eco ). Ex c t V c P d t,H d of D o M ch t B k g c200 .Ow d c d

d : 1,039 c A h d233,093 p fo m c h .

VIVEKA HIRDMAN-RYRBERGBo 1963; SEB mp oy c 1990;L c. Sc. (Eco ). H d of G o p Comm -c t o c 2009.Ow d c d

d : 19,222 c A h d1,91 p fo m c h .

MARTIN JOHANSSONBo 1962; SEB mp oy c 200 ;B.Sc. (Eco ). H d of B S ppo tf om No m 2011Ow d c d

d : 27,71 c A h ,107,389 p fo m c h d 17, 11

d f ght .

ANDERS JOHNSSONBo 19 9; SEB mp oy c 1984;H gh k d g . H d of D oW th M g m t c 2010.Ow d c d

d : 26, 86 c A hd 70,748 d f ght .

ULF PETERSONBo 1961; SEB mp oy c 1987; LLB.H d of G o p H m R o c c2010.Ow d c d

d : 16,739 c A hd 81, 21 p fo m c h .

MATS TORSTENDAHLBo 1961; SEB mp oy c 2009;M.Sc. (E g g Phy c ). Ex c tV c P d t, H d of D o R tB k g c 2009.Ow d c d

d : 36,376 c A hd 200,198 p fo m c h .

D p ty M m

PETER HLTERMANDBo 1963; SEB mp oy c 1997;B.Sc. (Eco ). Co t y M g SEBD m k d H d of M ch t B k gD m k c 2002.Ow d c d

d : 148,00 c A h d29,449 d f ght .

WILLIAM PAUSBo 1967; SEB mp oy c 1992;M. Sc. (Eco ). Co t y M g SEBNo y c 2010.Ow d c d

d : 47,4 7 c A h d37,1 0 d f ght .

DAVID TEAREBo 1963; SEB mp oy c 2006;B. Comm. H d of D o B t c f omNo m 2011.Ow d c d

d : 16,418 c A h ,2,786 p fo m c h d 26,64d f ght .

A d to

A d to ct d yth A G M t g

P c t ho Coop

PETER CLEMEDTSON

Bo 19 6; A d to of SEB, P t ch g of 2006.A tho d P c Acco t t.

Group Executive Committee and Auditor

ANDERS JOHNSSON ULF PETERSON MATS TORSTENDAHL PETER HLTERMAND WILLIAM PAUS DAVID TEARE


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SEBs nancial information is available on www.sebgroup.comF c m d

F m c c

B S d G c

B d D c

M cB

RB

WM m L B c

C R O c

G C m c

H m R c

C F c O c

I A d

P d d C Ex c v Offic

A G MThe Annual General Meeting will be held on Thursday, March , at p.m. (CET)at Stockholm Concert Hall, Htorget.

Not c co g th G M t g c d g g d fo th m t g o . g o p.com.

Sh ho d ho h to tt d th A G M t g h oth g t d th h ho d g t k pt y E oc S d AB o F d y, M ch , t th t t d ot fy th B k y t pho - (+ f om o t d S d ) t . .m. d . p.m. (CET) o

I t t o . g o p.com o t g t th fo o g dd : Sk d k E k d B k AB, AGM, Box , SE- Stockho m, S d , o M ch , t th t t.

D v d dTh Bo d p opo d d d of SEK 1.7 p h fo 2011.Th h t d d x d d d o F d y, 30 M ch, 2012. T d y, 3 Ap 2012, p opo d co d d t fo thd d d p ym t . If th A G M t g o cco d c th th p opo , d d d p ym t xp ct d to d t t d y E oc S d AB o T d y 10 Ap 2012.

SEB

F c m

J E k B ckCh f F c OfficT pho +46822 19 00E-m : j k. ck@ .

V k H dm -Ry gH d of Comm c t oT pho +46 8 763 8 77E-m : k .h dm - y g@ .

U f G jH d of I to R t oT pho +468 7638 01E-m : f.g jo@ .

M Sch k gF c I fo m t o OfficT pho +46 8 763 9 31E-m : m . ch k g@ .

P c t o of A Acco t 2011 7 F y 2012 I t m po t J yM ch 24 Ap 2012P c t o of A R po t o th I t t 7 M ch 2012 I t m po t J y J 16 J y 2012A G M t g 29 M ch 2012 I t m po t J yS pt m 2 Octo 2012

P c t o of A Acco t fo 2012 31 J y 2013


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Pleaserecycle me!


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SEB assists 2,700 large corporations and nancial institutions,400,000 small and medium-sized companies and four millionprivate individuals with nancial solutions.

SEB is present in some 20 countries, with 17,000 employees, ofwhom half are outside Sweden.

SEB is a relationship bank. In Sweden and the Baltic countries,SEB offers nancial advice and a wide range of nancial services.In Denmark, Finland, Norway and Germany, SEB has a strongfocus on a full-service offering to large corporate and institutionalcustomers. SEB is furthermore a leading unit-linked insurancecompany and card issuer in the Nordic countries and one of themost important asset managers in the Nordic and Baltic countries.

Welcome to SEB!

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SEB's Annual Review 2011

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