Download - SEB's annual report 2010
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iiseb annual report
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Annual Report
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this is seb
SEB a la No aal ou. a laoak, SEB Sw a Bal ou o aala a a w a o o . I Dak, Fla,Nowa a Ga ak' oao a a o ou
o ooa a ak a o a ull-o o ooa a uoal l. T aoalau o SEB' u o ou wolw. T Gou a aou 7, lo.
Oa oGghic diii, c
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Key gures
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Rewarding relationships are the cornerstones o our business. Ever since A O Wallenberg ounded SEB in 1856,
we have provided nancial services to assist our customers in reaching their nancial objectives.
Oa o Oa o
Ma Bak Cmmci d ivm kig vic g c
d iii ci i ci, miy i h Ndic gi d Gmy.
SEK ,m (,) SEK 8,98m (,8)
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mdim-izd c cm i Swd w cd i i h Ndic
ci.
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m d, d iv kig vic iii ci d high wh
idivid.
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mdim-izd c cm i Ei, Lvi d Lihi.
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(v EUR .8)
Nm M&A ci i Swd
(v EUR .)
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SEB's Business divisions
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g ci, ci iii,
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d .
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wih dc d vic m hi
ci d. Th icd dc d
vic diy c, vig, wh
mgm d i ic. SEB iv
xcc i cm vic d -
h vic i vi m
cm d-h-cck, -y d
i Swd i m h gg.
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Oig icm: SEK ,89m (,)
P cdi : SEK ,98m (,) Oig : SEK ,m (,)
N m ciig i: SEK 8,8m (,89)
R qiy, ciig i: 8. c(.89)
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Pd dividd: SEK . (.)
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8, SEB ihd iiv ig i Bici i h hid d h q .
Th vi B III, h ci d iqidiy dgy mwk, w cd y h B Cm-mi i Dcm . Th gi wi i cig m .
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00 Cv
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P' a 3
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T ol SEB 12
Cooa uaal 14
T SEB a 16
Ro o Do 1
Fici Rviw h G 1
R d iiy 1
Fici c 21
Divii 24
Mch Bkig 24
Ri Bkig 2
Wh Mgm 32
Li 34
Bic 36
Rik d Ci Mgm 3
C Gvc wihi SEB
Bd Dic 64
G Exciv Cmmi 66
Rmi
Faal Sa 3
SEB G 4
Icm m 4
Bc h Sm chg i qiy 6
Ch fw m
Skdivik Ekid Bk
Icm m
Bc h
Sm chg i qiy
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N h icm m 1
Fiv-y mmy 14
Dii 14
P h diii 1
Adi 11
Cv
Co
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Pici A R h I 2 Fy
A G Mig 24 Mch
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SEBs nancial information is available on www.sebgroup.comFaal oao u 0
Fo u oao la oa:
Fo o: Ki Kj (m SEB) d R Kjid (m Fi) Fi' wh i Ti (d m i SEB A Rviw , g ).
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1seb annual report
The deep nancial crisis had a majorimpact on the economies around the world.The Nordic region was also aected but didindeed show resilience. Three years later itis time to summarise and conclude on aperiod of exceptional market conditions.
On pages 23, Marcus Wallenberg, theChairman of the SEB Board, and Annika Falkengren, SEB's President and CEO, givetheir outlook on the new nancial land scape that is emerging. They also discuss
how the Bank has strengthened its positionin the past few years by prioritising nan cial stability and customer relationships.
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chAirmAn's stAtement
w ulao awok -al, all o o a aaluo o a a o aqual o w oo.
I h id my im dig h
c y' g ci c,
i vh dv
d: k di m h ii-
i h c k c
y cm d hhd,
wid cic khd ig i
ck d wk ci ym
i. Thi cd idy mi i
dv c h cmy
wh.
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imdii c, hgh
d, mk mk, vid
ck iqidiy, d ym vic.
A md ciy wd ci
wih i ci iii. Thi
m h ci iiy,
d ihi ciic cc
c.
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iy dd w c ig id
d i 211 w xc h ic
h w gi i c. I
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h mch ccmih, c
mc h mj
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c. Th chg i cm
ci iii h hy i
dqy m h d h wid
cmy.
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21 which dd ic i
SEB' h ic y 2 c, mi-
ig iiv dvm h d-
yig i. Thi mc fc
c iiii cm -
ihi d c, h iii
i h Bic cmi. Sv
gicy ig i mix d
SEB m wh k w
ccy xcd dig h y.
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divd, d h cd gwh iii-
iv i h Ndic d Gm wh-
gm w chd.
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m hiic viw SEB c
h c icig h vid
gy dvm. Tdy, h
k c h i g, wih -
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h m g-m cm d.
O h h Bd I wd ik
x wm cii mg-
m d my wh hv hw
g cmmim h k. Thi
ci dig chgig mk
vim hv v h d
ihi mi g-m vi
SEB.
Sckhm, Fy 211
Mc Wg
Chim h Bd
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presidents stAtement
Ou oo a Rlao Bak o oa a o uulo a, w a o oou lo- uo oao. Goowa, w a o a w a lao o ow o.
A w w c h k 21, i i
im mmi h g id
xci mk cdii d
v mc-cmic chg v
h h y. Thgh hi
id, SEB iii d dcii
w gd g-m ci
iiy i d cm-
d hc ii h
Rihi Bk.
Lkig wd, i h h
k h g cmy i m
miig h h m gi i-
m h mkd h h y.
Smmig 21, ig
md SEK 11.1. A qiy
imvd igicy, cm civiy
gd , d w gicy igd
i mix wig h div-
m Gm Ri.
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i d iii ci
. W ciy k m
h d cm i-
hi. Sic h h g -
ci cii i mm 2, h c
cdi i h icd y SEK
12, 24 c.
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h y, ch P' qiy
ch vy d c i-
hi kig vy, cm hv
md Ndic ii. I
Swd, SEB w md h Bi
Bk h y. SEB ghd i
ii i h SME gm m m-
k h 1 11 c. O h
ck m iiv c i-
m, SEB w h m M&A
h i Swd.
Boa a oSEB' mii i hiic -
civ vig hiz d
ik d idivid ci
dvic cm. O vig
i icd di ghig,
mgm, i-ikd i-
c d iv kig ig.
Ov h y, w hv cid
m d wih i
idx mgd d civy mgd
d. N md SEK ,
igig d mgm
im high.
I i wih h mgig w ci
dc, di ghig i cm-
ig icigy im. SEB' im
di cc, Pcigk,
cd SEK2 cm -
cid h cmiiv i .
Bal oao ak lakTh Bic i diyd
mkd imvm wih dcd
-mig d hy
dcd vii cdi .
Oig h ci
d iiv wd y-d.
Thgh h v cmic
dw, w miid civ
d cviv c i d -
gd ci iiy, qiy
d g-m cm ihi.
W hv ivd i h
w y i hi hm. W
d h di dic id
h gi, SEB h kd h
m cm-idy k i Ei
d h m cd k i Lvi
y idd v.
Flxl a lW ci gd g-m
iiy, which i hmk SEB.
Thi giv h fxiiiy, iic
d cciy gw cm'
i w ccmmd
h w gy mwk i
vim h m i dd
h mccmic chg.
Bkig i d m
chcid y diciiy d
g-m cm ii. W
id v hvig h mii
d i vy gm i which
w .
Mvig wd, w cd
h w hv h did m
gw m. O gy mi
chgd. SEB i the Rihi
Bk. Wih c xd my
cm, w wi ci id
h dig c k i h Ndic
ci, gw c i
i Gmy, d cmhiv
g iv kig vic i
Swd d h Bic ci.
Sckhm, Fy 211
Aik Fkg
President and Chie Executive Ocer
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SEB continues to adhere to its strategic direction: SEB is to be theRelationship Bank in our part
o the world, with growing ocus on corporate banking and wealth management in the Nordic
region and Germany while strengthening its universal banking ofering in Sweden and the Baltic
countries.
strAtegy
Sa
Fdd i h vic i m h 1 y g,
SEB h g h k chic g cmi d
iii i Swd d, icigy, i h h Ndic
d Bic ci. Thi i vid y i h i mix,
which cy fc h Bk' c g c d
iii ci, i SEB' hig, i h wy h
i i cdcd, d i h c c g-m -
ihi.
A Rihi Bk i h gi, SEB wi i mi-
i h d i hiv y vidig qiy
dvic d ci c d ch i vii h
d cm wih ii. A SEB, h
cm wy cm .
F o o lolo- laoThgh h w y, chcid y h
ci cii d gi g cmy, SEB' ci w
gidd y i ihi c. I highy ci vi-
m, SEB vidd cig, ik mgm dc d
dviy vic cm im wh h mk w
y cd dig h m c h h cii. I -
, SEB dvd i ig vig dc i m-
gm g wih iv kig d i ic i
hdg dwid ik. Th igh i d g-m dig
id i 2 gdd h Bk cciy xd -
im wh h kig ym w xicig mjdici. I h Bic ci, SEB vd i i
id kig m d g cm
chi.
Cuo xllTh xic gid i c y h mi
SEB' gig vi wd y cm-cic k.
Thi dvm gi h Rd
Excc gmm h w ihd i 26 wih
iii c icd igi SEB gii d
mvm wy m hdig cmy-ik c wd
vidig i xcc hgh hcd dciv-
T la No ooa akSh icm , c
Lg cmi d iii
Li ic (i-ikd)
A mgm
Ri
) Excdig Ri Gmy, which w divd J. ) Agggd icm diii Swdk, SHB, Nd,
Dk Bk d DB NOR. Bi i y (idiciv)
SEB
Ndic
8
Mission
T h d i hiv y vidig
qiy dvic d ci c.
Vision
T d
cm wih ii.
SEB theRlao Bak
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strAtegy
iy d cicy. Th cm h ch h
wh k O SEB gd hw hy c c-
dc hi i wih h Bk.
SEB i ciig i wk igi wihi h G
i d ic c-ig d xc c ygi
hgh m ci cmm c. Twd hi
d, SEB h ihd G-wid gmm, cd SEB
Wy, which mi c h c c
d d d m dcivy g h i-
. Th gmm h immd i h
G d h dy ihd v ck cd
h d ci.
Cm xcc i chivd y ig h h c-
m' civ i k i cc i vyhig SEB
d, y mwig my mk h igh dcii
h cm d SEB, d y dhig h dm
h cm yy d g-m iiy.
A SEB, cm xcc i mig h cm
xci i ii.
Rl a xlTh mccmic cvy mi gi d ci
qi g d ii di which SEB c
i gic dici. Hvig h qid fxiiiy
cc m gwh dd, gh wih h
cciy d c xc h gy, wi mi ky
cc c.
SEB g ci d dig, id mk ii
d v cmiiv dg i h Ndic c m-
k dvg h wi h h Bk iz ii
i h mk hy i.
SEB oa aSEB' gic iiy h cmig y wi h
xd i mch kig d wh mgm civii
i h Ndic ci d Gmy. I Swd, Ei, Lvi
d Lihi, SEB wi ci dv i iv kig
ig. I i ic d h cd i, SEB wi gw
d iv i i i id h Ndic ci. I
h igh h chg xicd i h Bic ci i
c y, i i im mhi SEB' g-m mi-
i i h gi.
SEB i chig hi chg m g ig
i. I Swd, hi cm SEB' dii g
c ci d hcd ii h m d
mdim-izd i mk w h Bk' mk
dig ii i iv kig d i ikd ic.
Oid Swd, SEB i ig xi i wh
i i Dmk, Fid d Nwy. I Gmy, wh
SEB h vd wh k 3 y, h Bk i
w ig xi i h Mid gm, md
m d mdim-izd cmi. Dig h y,
SEB h d i gic dici hgh h div-
m i i i i Gmy.
SEB' xi wi imiy gic, div y
icd mk h d h w, gwh
d icd cm civiy. Exi wi cd
y cid id ik mgm d hgh ik/wd
yi.
I viw h x-id h -Ndic d
Bic gi w Gm c, SEB ddi-
cd cm ig ii i.
Thi i vidd hgh ihm i gic
ci d i ckd y gic hi wih gi
d. I i gy h h cc v h y.
Th ddii SEB' ii c icd h
cd ig h Hg Kg ch d h ci-
d dvm h Shghi ch.
Mo NoGrow as corporate bank in Denmark, Finland, Norway and Sweden
Mo wolalGrow within wholesale banking in the Nordic countries and on the market formedium sized companies in Germany
Mo oaGrow organically through increasedmarket shares and larger share ofcustomers' business
SEB' xao la
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The global economic recovery continued in 2010, but in a ragile and uneven way. Public
debt continued to rise and fscal risks remained elevated despite rescue packages or Greece
and Ireland. The economies in the Nordic region have been more stable than in other parts
o Europe and the situation in the Baltic countries has improved considerably.
In 2010, SEB urther enhanced its position within corporate and investment banking
in the Nordic markets.
Markets and coMpetition
m
Di i g chg, h cvi i h Ndic
d Bic gi d i Gmy hd iiv imici
SEB c mk i . Th Bic ci i dv-
i ici cc, whi h c
g imc h vidd icy Swd,
Nwy d Gmy.
SEB i ihi k wih g c wh
kig. Thi i cd i SEB' ii i hm m-
k. SEB diiy m gh cmii i h g c-
i d ci iii gm, y m h
g Ndic k d ich y, m i-
i ci g. Hwv, i m h i-
i k w i y ck i i h
g ci cii. I h i mk, h cmi c-
i my dmic d gi k.
SwSwd i SEB ig g mk wih ximy
6, c d ,6 mii iv cm d 6
ch fc. I , Swd ccd 6 c
h Bk' ig icm.
SEB hd h dig ii mg g ci,
ci iii d iv kig cm, wih -
i mk h ig xchg dig, qii d-
ig, ch mgm, mgm, i-ikd i-
c d cdi/di cd. I , SEB w c gi h
g k, y h Sckhm Sck Exchg,
h Ndic d Bic xchg. SEB i h g -
ig xchg k dig i Swdih k d h y
Ndic k mg h g c ig xchg
k i h wd. SEB w md k i Swd
h qiy ch d FX dig y P d h m-
M&A h i Swd d m w i h Ndic
gi i m ci i .
I h Swdih hhd vig mk (xcdig
dicy wd h), h G w h cd g c
, wih h .4 c (Sm ). SEB i
h cd g c i c dig d di
( mk h 8).
I , SEB w h cd g vid i i-
c v i Swd, wih mk h .3 c. I
m i-ikd ic SEB miid i N. ii,
wih mk h 4.9 c.
Whi SEB h kig mg g ci, -
ci iii d iv kig cm, i k w
h mk vg i m cm ici mg
i cm i Swd.
Oh N uI Dmk, Nwy d Fid, SEB i cc-
d h G c gh: c d
ivm kig d wh mgm. SEB h
g ii i i-ikd ic i Dmk w i
cd i (Ecd, Di C d MCd) i
h Ndic ci. I , SEB h ximy 6
cm i Dmk, Nwy d Fid.
Sw Dm
m vlm Sg gwh i h W wd i 2010d d dmGDP 2010 (im) +5.7 cGDP 2011 (im) +.7 c
Rcvy, y d imvd cmiiv- GDP 2010 (im) +2. c GDP 2011 (im) +2. c
Cum g Uiv kig wih ciy g iii c d ivm kig, ivkig d i-ikd ic
C d ivm kig, i ic,wh mgm d cd
Cm A mj Ndic k, c ich y, iic cmi d iiivm k
A mj Ndic k, i ic cmid ii ivm k
Og m, SEK m 20,1 (2,0) ,020 (,1)
Og f, SEK m 5, (,70) 1,2 (1,12)
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Denmark
I Dmk, SEB hd dig ii i mj qiy d
ci mk dc w c c. I ,
SEB w wdd B Dih FX Bk i h j G
Fic, SEB Ekid' qiy ch w kd m
i h igi Dih Iv Ri Acii wd
d SEB Ekid C Fic w h h cc-
iv y kd m i P. I , SEB h
h h c gwh gy wih
g i-w w c ci d hcm
h i vm wih xiig ci.
SEB Pi i Dmk' h-g cmmci -
i cmy, wih SEK 9.4 i d mgm.
Div y g ic i ig mim, mim
icm icd i .
SEB' cd i hd mk dig ii h i
h c mk d h c-dd cd mk.
Wih SEK i d mgm, SEB Wh
Mgm i h g c i h Dih mk.
I , SEB xicd g gwh i cmmii
d h cvy h ci mk cmid wih
g . N high wh idivid w
im high d giv vidc h SEB i dvig
g chi i h iv kig gm.
Norway
I Nwy, SEB cid c w c cm,
d h i md ccdig , i m-
wh w v h h xci vi y. SEB c-
md i mk ii h h high kd
k g d mdim-izd ci d cid
gw i mk h i h g c gm, wh
SEB' dig gw igicy. I ddii, SEB k i i-
i vid ig xchg vic Nwgi
ci d w kd m i ci, ccdig
P' vy .
SEB cd i ii mk d i c
c d qii, w h w k
h O Sck Exchg. F h h cciv y SEB
Ekid kd m i qiy ch mg
iv d iii ci i h Nwgi mk i
P vy .
SEB cd i k i dig ii i h c
mk.
Piv Bkig i Nwy cid xd i cm
d d mgm.
Markets and coMpetition
A u mgm, N gSEK
SEB
DnBN
ORSHB
Norde
a
Dansk
eBank
Swedb
ank
,
,
,
SEB i h cdg m-g i h Ndicgi.
2
2
Lg quy bMk h, Ndic d Bic ck xchg, JDc, c
Sc: Ndic ck xchg
SEB CgiSHB Nd MgSy
Deutsche
BkCdiSi
Nwy Fl
m vlm Md gwh i 2010 d wk iv c-mi d x GDP 2010 (im) +0.1 c GDP 2011 (im) +2.7 c
Rid x d d g cmi wk h y GDP 2010 (im) +.0 c GDP 2011 (im) +.5 c
Cum g C d ivm kig, whmgm d cd
C d ivm kig, whmgm d cd.
Cm A mj Ndic k d iiivm k
A mj Ndic k d iiivm k
Og m, SEK m 2,5 (,) 1,272 (1,1)
Og f, SEK m 1,7 (2,125) (52)
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Finland
SEB cid gh i c d ivm
kig chi i Fid. M h gwh cm m h
xiig cm . SEB cid i mi m
dvcd dc vid g-m c ihi
k i h Fiih mk. Gwh icd dig d
ci mk, jc d x cig, cmmci
, ch mgm, cdy vic d ivm
kig. F h hid cciv y, SEB kd h
qiy k y P. F h im, SEB w N. i
dviy ig xchg, ccdig P.
SEB Gyg h ii i h iii
mgm mk d i h dig vid
iv kig vic i Fid.
SEB' cd i imvd cmd wih y,
miy d c civiy wih h divii i Fid d
fcicy m iy.
Th Bl uSEB iv kig i i h Bic ci cm-
i wk 4 ch fc, vig . mii idi-
vid d , c cm.
I , h Bic cmi d gd x d
cvy. A di-ik GDP dci 48 c
i 9, h cmi md iiv gwh Ei
d Lihi i h cd d Lvi i h hid q
md y--y. Th d w y
cmiiv x, d y h w y v
c m, i.. i dvi. Fic ighig c-
id ccdig d Ei w giv g igh
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Markets and coMpetition
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Estonia
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Og f, SEK m 112 (5,207) 15 (77)
Markets and coMpetition
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Markets and coMpetition
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SEB is frmly committed to the Baltic region, which not only has cultural and historical ties to
Sweden, but is also an increasingly integrated part o the Nordic economies. During the severe
recession experienced by the region in 2008 and 2009, SEB held ast to its long-term approach
with respect to its customers, markets and employees. Deepened relationships orm an
important platorm or the regions economic recovery phase, which started in 2010.
Lg b h Bl x
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Markets and coMpetition
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P ihi ciic SEB i d m- h Bk i. SEB id dig d wdigihi wih i cm d hhd, d iv c ii iviv d civ ciw my. A SEB, cig iy d wihddici cm y, d ig cm dcg wih c.
Th cm i wy cm f. By igiv d ig id kwdg h Bkvic, SEB my h cm i hi i-i. Emy d mg gh idifd ddvd wih viw ig cm cfdc dyy.
Em CSEB wk gicy idiyig d cig h i d h Bk g-m dvm. Amg ygcmic gd i Swd wh hv d h j m-k, SEB h kd v y h Emy Chic i h kig c. I , SEB w kd ixhmg Swd m civ cmi, gd c-. I h Bic ci SEB i gdd my chic. Syig civ i w i cc c chig d d civ my. I , SEBihd c i vi ci mdi iii, icd-ig Fck d Ck.
Sd d cdmic hv viy c hwyi SEB. Th Global Trainee programme iciiq ii gi d d id iigh i hG i. Th Aspirant programme high chgd ii wk SEB ch, whih IT Young Proessionalgmm k wy gddcdid m h fd i d ym cic. IMch Bkig Summer Internship programme, dd giv h iy wk iivhd- xic i h fc.
Mj tts dvmtSEB fmy iv h i my w d cdv i hi wk, d h h Bk i i gh-d y hvig my wh cy imv hi cm-c d iigh. Twd hi d, h Bk h gig iig d h dvm ii gi, cii d mg ik. A my
xcd k iiiy hi wk, hi dvm d hi c, d c i ccdc wihh Bk hd v d Cd Bi Cdc. Echy my d hi mg gh gg i di-
g wh hy idivid g, m dv-m d m h cci w h dSEB vii, gy d g. Thi i qy -wd g iv h h mydvm i igd wih h g h hv .Thi dig i h di cmc dvmd h- d g-m c ig.
Dvg ttd ms d dsLg-m ig cmc d i h i ig c. Hvig h igh h igh c h igh im i m imc SEB. A civ c i cy vvig idiy ddv my wh jdgd icy dd hv wh i k cc g iiiy. SEB i h m ig dhi cci ih Bk.
SEB ch g imc dvig d whk g-m i iiiy d d h wy himy y i hi i. Nm dhigmm xi wihi h Bk mg vi v-, cig cmmiciv dhi, g c-dci d mgig chg. Th gmm id h ici w i chg d g ddici d iciviy. I , m mid-vmg icid i h Bk dhi dv-m gmm. Dig h y, G-wid m dvig mgm m w h dvd.
Competent and dedicated employees who are putting the customer rst are a success actor or
SEB, where the culture is marked by cooperation, proessionalism and continuous improvement.
Through supportive and communicative leadership, SEBs employees are encouraged to take
responsibility or their own development. SEB always strives to be the employer o choice that
attracts talented people.
E
The people in SeB
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Rmt sstmsSEB h c mi icy. I i d h m-i i c h i h g-m c i h -f h cm d h v im wi giv h Bkhhd h . SEB iv i cgigg mc, did hvi d cd ik-k-ig h i igd wih h cm d hhd xc-i. Th mi c i digd cgh h-d g-m mc d g-m gicdcii. I d m d ik c, i i d h k h c ci d iqidiy i cc.Th cmii d iz my mi id i gic, mk cic, h cmiiv i-i d h my cmc d mc.
SEB mi ym digd h c,i d miv my wih h igh cmc,which ci h Bk g-m cc. SEB civym q y m d wm d ciy v- h c h mi c d i cmi-iv.
M imi SEB mi icy i d .
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SEB wk civy idiy, dv d cgwm k i ii. F xm, m i, h m wy m cdid mgm ii. I h G i dhidvm gmm, h g i h hid h ici hd wm. Th g-m g iq gd diii vy v h gii.Diviy i cidd wh my cidd mgi iig.
d wkSEB iv h d wk/i c i qii my wiig d iiy m hi m.T chiv hi h Bk m i h dd c cdii. Exm icd hm d miyvic my wih chid, ic, v-iv hhc f d cmy hh vic.
I c-i wih SEB cmy hh vic, my- d gd w c i ch wk/i c, -w d cchig. SEB iv mii c dig d c igwih my i , dig d m v. Th wk vim SEB h vid di ciy, w-ig d hh. SEB mg i- wkig gh wih my d wkvim d iiv wk cim wih imig did civ dvm ii. A d wk vi-m d hhy my, g w-ig dw c, which gh c cdii vi .
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The people in SeB
Awds E s m
Award Rank Awarded by
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Em sttsts
2009 2008
Nm my, vg 20,717 21,640 22,311
Sweden 8,545 8,700 8,884
Germany1) 3,36 3,582 3,623
Baltic countries 5,307 5,572 5,764
Emy v, % 10. 11.0 13.8
Sick v, % (i Swd) 2.7 3.0 3.5
) Ax. , wig h divm SEB' i i i Gmy
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Th k i i dvm i di hh idi c. A vic cmy, k hv -ivy imid imc h vim c cmmii.Hwv, i hi fci imdii, k hv ig-ifc idic imc.
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Itgtg sstbt t t d tvtsSd y h Bk C Siiiy Cmmid h G C Siiiy m, SEB cid gh h igi iiiy i h diy civi-i. Th iv gvc c w cmmd iv wy. SEB id ddicd c iiiyc i divii d cy mg -iiiy h Bic divii d SEB Gm i. ThBk ddd i Si Ecmi h C Si-iiy Cmmi d ihd Sc Picy Cmmi.
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immd hgh h i divii dig .SEB cid i g d h Wd Bk d i i h Ii Fic Ci, dh id h Wd Bk i iig USD . i g
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Siiiy R, vi dwd www.g.cm/iiiy.
Banks have a undamental role and can contribute to sustainable growth in society. By provid-
ing nancing, investments, secure payments and asset management, banks support economic
activity, international trade and nancial security. SEB has a broad approach to sustainability,
with eforts targeting governance and business ethics, environmental responsibility, social
issues and investments in communities, among others.
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corporaTe SuSTainaBiliTy
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corporaTe SuSTainaBiliTy
M mt Corporate website
SEB' cm ig, icdig KPI dC Siiiy R www.sebgroup.com/sustainability
Social media site
Si iiiy m SEB d hcmi, Qiz, c.www.sebgroup.com/sustainableperspectives
Microsite
F imi C Chigd SEB CO
dci gmm
www.carbonchaser.com
SEB welcomes your questions and feedback! [email protected]
SocialA great place to work
Access to financial servicesInvesting in communities
Knowledgeandeconomiccontribution
EnvironmentReducing our footprint
Sustainable finance andinvestment
Eth
ics
Ethics
Ethics
To be the trusted partnerfor customers with
aspirations
Know
ledgeandeconom
iccontr
ibution Kn
owledgeandeconomiccontribution
GovernanceResponsible selling & marketing
Tackling financial crimeResponsible ownership A gig iiiy civii wihi
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The SeB Share
In 200 the SEB Class A shares rose by 27 per cent, which can be compared with a decrease o 0
per cent or the FTSE European Banks Index. Earnings per share amounted to SEK 3.07 (0.58).
The Board proposes a dividend o SEK .50 or 200 (.00).
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E s Css ASEK
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Es Css C ssT cii ig whi h C C h w i-dcd h d h . Th dig vm h CC h vy imid d h m C C h yci . c h h ci h Bk. D hi, h qii cig y c h, hgivig h C C h h m igh h C A h,hv xmid. Th xmii h hw h h igifc cic dici imm ch c.
Accdig h Swdih Cmi Ac, hh C C h hd cy h m igh h C Ah qi h h i d y hhdig / h v c d h -d G Mig Shhd w y / h C A h d h G Mig. F-hm, v m mjiy C A hhdi qid. Th hi i h i hi cwd d ci dii h C A hhd.Sic h m hhd i SEB i g, iig chv wd dw- d cmicd cd.
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Bdx
The SeB Share
E ss
Data per share1) 2009 2008 2007 2006
Bic ig, SEK 3.07 0.58 10.36 14.12 13.24
Did ig, SEK 3.06 0.58 10.36 14.05 13.10
Shhd qiy, SEK 45.25 45.33 86.22 7.16 70.11
Adjd hhd qiy 50.34 4.1 4.81 8.6 7.78
N wh, SEK 50.34 50.17 5.44 2.23 82.08
Ch w, SEK 11.60 44.86 20.48 125.24 4.26
Pid dividd A d C h,SEK 1.50 1.00 0.00 6.50 6.00
Rd dividd A d Ch, SEK 1.50 1.00 0.00 4.60 4.24
Y-d mk ic
C A h, SEK 56.10 44.34 42.5 117.01 153.77
C C h, SEK 53.20 46.00 38.88 108.88 147.76
High ic id dig hy
C A h, SEK 56.55 53.00 120.0 177.10 155.54
C C h, SEK 53.5 55.00 112.77 16.68 150.24
Lw ic id dig h y
C A h, SEK 38.84 15.48 36.06 110.64 107.82
C C h, SEK 42.18 15.22 36.06 103.3 102.87
Dividd cg h y, % 48.0 172.0 0.0 32.6 32.0
Yid, % 2.7 2.3 0.0 3. 2.8
P/E 18.2 75.8 4.1 8.3 11.6
Nm id h, mii
vg 2,14.0 1,05.5 68.5 64.7 52.3
y-d 2,13. 2,14.2 68. 66.8 5.4
) Pvi y d h igh i 9.
Cg s t
Year Transaction SEKChange in
no. of shares
Accumulatedno. of
issued shares
SharecapitalSEK m
172 5,430,00 543
175 Righ i 1:5 125 1,086,180 6,517,080 652
176 Righ i 1:6 140 1,086,180 7,603,260 760
177 Si 2:1 7,603,260 15,206,520 760
181 Righ i 1B:10 110 1,520,652 16,727,172 837
182 B i 1A:5 3,345,434 20,072,606 1,004
183 Righ i 1A:5 160 4,014,521 24,087,127 1,204
184 Si 5:1 6,348,508 120,435,635 1,204
186 Righ i 1A:15 0 8,02,042 128,464,677 1,2841)
18 B i
A+1C:10 128,464,677 256,2,354 2,5610 Dicd i2) 88.42 6,530,310 263,45,664 2,635
13 Righ i 1:1 20 263,45,664 526,1,328 5,26
14 Cvi 5,001 526,78,32 5,270
17 N-ch i 1.30 61,267,733 588,246,062 5,882
1 Righ I3) 35 116,311,618 704,557,680 7,046
2005 Rdci hh ci 17,401,04 687,156,631 6,872
200 Righ i 10 1,507,015,171 2,14,171,802 21,42
) Th cdd h ci Dcm, 9 w i SEK ,m, ic hcd m h igh i w id i i y 9.
) Th i w dicd h mm-k Scdivi Bkig P.
) Accdig h ici h Fici Sviy Ahiy, cidh h hv id wi gid h ci i h c hi h igh i h gid (which k c i Jy ).
Thgh i i 9 (:) d 9 (:), h mi v h h w chgdm SEK SEK .
Dstbt ss b sz dg
Size of holding
No. of shares Per centNo. of
shareholders
1500 36,101,800 1.6% 181,21
5011,000 37,078,7 1.7% 48,77
1 0012,000 46,681,484 2.1% 30,15
2,0015,000 71,646,723 3.3% 22,2715,00110,000 51,82,056 2.4% 7,173
10 00120 000 38,736,80 1.8% 2,717
20,00150,000 40,3,778 1.% 1,286
50,001100,000 27,001,407 1.2% 372
100,001 1,843,48,766 84.0% 650
2,194,171,802 100.0% 295,472
gst sds )
31 December, 2010Share of capital,
per cent
Iv AB 20.8
Tygg Fdi 8.1
Ac 7.0
Swdk/ R Fd 3.6
SHB 1.7
AMF Ic & Fd 1.6
SHB Fd 1.6
Wg Fdi 1.5
SEB Fd 1.4
AFA Ic 1.4
Fig w 21.3
) F m did imi g Sc: Ec AB/SIS gvic AB
Nmb tstdg ss, D.,
Share series A Share series Ct N. ss
t mb ssdss 2,170,019,294 24,152,5082,194,171,802
Hdg g-m icivgmm 1) 267,360 0 27,0
Rchdw h 2) 0 0 0
t mb tstdgss 2,19,751,94 24,152,508 2,19,904,442
) Uiii g-m iciv gmm gig) AGM dcii, ch md
E s tNsdq OMX tkm tk Exg
SEK m 2009 2008 2007 2006
Y-dmkciii 123,023 7,330 41,606 113,447 14,251
Vm h dd 12,626 126,462 11,011 252,303 162,707
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Financial review o the GroupIman a vn an n n First quarter
A h mk c d giv GDP dvm
v h w y, h cmy d i SEB'
h wd.
SEB vii Bic cdi w dcd y 4
c cmd wih h vi q, miig h v
iii i h gi.
SEB cd i iv i h wh mk i
h Ndic ci d i Gmy.
Second quarter
Th cmic im i h Bic gi imvd h
d idi dci icd, gy d d
cmiiv i h x c. SEB vii
cdi dcd iy.
Th Bk' i i Fc, wih 4 my, w d
Sci G.
Third quarter
I Jy, SEB chd gm div i i -
i i Gmy Bc Sd EUR m. Sgi-
cy h divm w SEB cc i c
cmiiv dvg i Gmy. Th divm
w id 3 Jy 20.
SEB d iiv ig i Bic i
h im i w y.
Fourth quarter
I Dcm, h vi B III h ci d
iqidiy d gy mwk w cd y h
B Cmmi.
Cm civiy icd i my , xm
mg d qiii d c dig.
SEB' i i h Bic ci cid m
w, wig h vii, dig
qiy 4.3 c i h q.
Result and proftability
Th cmiv m i hi hv miy fcd
y h xci mk cicmc . Exciy high
viiy, ggiv icy c d vd cdi d c-
d ii wh my icm fc, h iiv d
giv miid. Lg GDP , i ic i h Bic
gi, cd g ic imid d imim
cqiii gdwi d E E.
I ddii, h ci-d c h divm
SEB Gm i i imcd iiy. Th -
m SEB hiic cc i ciig d dicid
i im icd cy g-m d.
SEB prot beore provisions or credit losses 200 md
SEK 2,2m (,377), dc 2 c cmd
wih 200.
Operating proticd SEK ,0m (4,3),
imcd y h i dc i cdi viiig. Th
ig xchg i fc w giv SEK 4m.
Net proticd SEK ,7m (,7), whinet prot
rom continuing operations SEK ,4m (,).
InmTotal operating income dcd y c SEK
3,7m (4,7). Adjd ci gi i 200, ig
icm w c w. Th ig xchg i
fc wd icm y SEK ,3m.
Signicantly lower provisions or credit losses in the Baltic countries and increased corporate
activities in the wake o the gradual return to more normal market conditions were the main
reasons behind SEBs operating prot increase o SEK 6.8bn in 2010.
With a strong balance sheet SEB invested in expansion on the corporate markets in the
Nordic countries outside Sweden and in Germany during 2010.
report o the directors
R D
Oang nm
SEK m
N i icmN d cmmii
N ci icm
N i ic icmN h icm
,
,
,
,
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Net interest income dcd y SEK 2,03m, c,
SEK ,00m (,04). Cm-div i icm
dcd y SEK ,0m, c, d w vg
vm d ig di mgi w h y. Th
chg i vm d mgi cii w g-
iv SEK 22m d SEK 7m, civy. A Swdih h-
m g i ig mid-200, di mgi
imvd.
Th c h dig ci h cdig y
idd xc iqidiy cd mgd
d cdi d SEB id cii wd i 200.
I ddii, h high h-m i
icm. N i icm icdd c SEK 300m
h Swdih iiy d chg.
Net ee and commission income icd y 7 c,
SEK 4,0m (3,2). Th ic w imiy d
icd cii cmmii i h mgm d
cdy i. A d mgm, ig SEK
,3, hv d -ci cii v. Cmmi-
i m ym d cd d h -ci mk-
d i w viy chgd.
Net nancial income dcd y 2 c SEK
report o the directors
Ky fgu
2009 2008 2007 2006
Cnnung an1)
R qiy, % 8.65 1.89 1.19 18.9 .
Bic ig h, SEK .88 .95 1. 1.8 1.
Did ig h, SEK .8 .9 1.9 1.8 1.6
C/icm i .65 .61 .59 .5 .55Nm im qiv 1,1 1,9 18,9 1, 1,6
L di i, xc d cid d, % 19 19 16 1 18
Tal an
R qiy, % 6.8 1.1 1.15 19. .9
R , % . .5 . .6 .6
R ik-wighd , % .8 .1 1.1 1.68 1.1
Bic ig h, SEK . .58 1.6 1.1 1.
Wighd vg m h, mii ,19 1,96 ,969 ,965 ,95
Did ig h, SEK .6 .58 1.6 1.5 1.1
Wighd vg m did h, mii , 1,911 ,9 ,969 ,96
Cdi v, % .1 .9 . .11 .8
T v i idividy d imid , % 69. 69.5 68.5 / /
N v imid , % .6 . .1 / /G v imid , % 1.6 1.9 . / /
Rik-wighd ), SEK ii 8 95 986 8 1
C Ti 1 ci i), % 1.9 1. .11 . .1
Ti 1 ci i), % 1.5 1.8 8.6 8.6 8.19
T ci i), % 1. 1.5 1.6 11. 11.
Nm im qiv 19,15 , 1,91 19,56 19,6
A d cdy, SEK ii 5, ,85 ,891 5,1 5,
A d mgm, SEK ii 1,99 1,56 1,1 1, 1,6
) d d m ccd xcdig Ri Gmy.) B II (Lg ig wih ii ) m , B I .
N n nm
SEK m
,
,
,
,
,
,
,
Cm div N-cm div
Q Q Q Q
Q Q Q Q
Q Q Q Q
Pym, cd, cd dig, di, g d h
Cdy & m d Scdy mk & diviv
Nw i & dviy
F an mmn nm
SEK m
,
,
,
,
,
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3,m (4,4), y d w icm m h ig
xchg i cid wih w mk viiy
i 200. Th dc w iy f y ic i h
qiy-d ci icm. Vi fc d h
d ivm i w imid.
Net lie insurance income ( i ci m
d cmi) dcd y SEK 342m, 0 c, SEK
3,2m (3,7).
Net other income dcd SEK 2m (2,). Adjd
ci gi SEK . i 200 d y-ck
w did d, h icm dcd y
SEK 30m.
ExnTotal operating expenses md SEK 23,m (2,).
Excdig gdwi imim chg SEK 2,m i h
Bic ci d E E i 200 d cig
c i 200, x y 4 c. Th ig
xchg i fc wd c y SEK 3m.
Staf costs icd y 2 c, SEK 4,004m
(3,7). Ivm i h Ndic d Gm c
xi hv icd h m f i h ci
gii. Th c h-m iciv mi
icd 2 c () f c. C g-m
iciv gmm w chgd.
report o the directors
Inm amn n qualy ba
SEK m 2010:4 2010:3 2010:2 2010:1 2009:4
N i icm 56 18 6 5
N d cmmii icm 96 8 6 19 58
N ci icm 51 9 95 99
N i ic icm 8 818 8 89 9
N h icm 1 1
Tal ang nm 10 08 8 882 9 224 8 75 9 220
Sf c 558 9 616 8 85
Oh x 1 965 1 69 1 85 1 8 18
Dcii, mii d imim gi d igi 65 5 16 9 6
Rcig c 9 55
Tal ang xn 6 182 6 21 5 907 5 61 5 76
Pf b l 856 2 651 17 104 844
Gi di gi d igi 1
N cdi 19 196 69 1 81 6
Oang f 4 296 2 847 2 675 1 287 756
Icm x x 65 6 5
N f m nnung an 592 2 082 2 075 85 42
Dicid i 8 1 486 71 146 19
N f 509 596 2 004 689 284
Ai miiy i 6 15 1 15
Ai qiy hd 5 581 1 98 6 5
Ciig i
Bic ig h, SEK 1.6 .9 .9 . .18
Did ig h, SEK 1.6 .9 .9 . .18
T i
Bic ig h, SEK 1.6 .6 .91 .1 .1
Did ig h, SEK 1.58 .6 .9 .1 .1
Divii diii,
) Ciig i, xcdig h d imii.
Gghic diii,
Pf b l )
P c SEK m
Swd ,
Nwy ,
Dmk ,
Fid
Ei
Lvi
Lihi
Gmy
P c SEK m
Mch Bkig ,
Ri Bkig ,
Wh Mgm ,
Li ,
Bic
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Th vg m im qiv y-d 200
w chgd ximy 7,300 xcdig Ri G-
my; icdig Ri Gmy h vg m w
,220 (,2).
Other expenses c SEK 7,303m (,740),
miy d ivm i h Ndic d Gm x-
i. Dcii c icd y SEK 77m djd
gdwi imim i 200, d SEK m m h wi-
f ym i cci wih h immi w
c kig ym i Lihi.
C l an vnTh G net credit losses dcd SEK ,37m
(2,030), dig cdi v 0.4 c (0.2).
Th v i w chgd. (S h 424.)
Tax xnT x md SEK 2,2m (2,42). Th x
200 w 23 c (7). Th w x i i
dc i cdi i ci wih w x E-
i, Lvi d Lihi d -x ddci gdwi
imim i 200.
Financial structureBi vm w miy fcd y h cii
h Swdih k i 200, which w 2 c i i
h d y c h U.S. d. Whi h G
c h SEK 2,0 3 Dcm d
dc c ic y-d 200. Adjd ig
xchg i fc w c.
ATh g im h c h ci
h ic, which i 200 dd y 0 c SEK
,07 (,). Adjd ig xchg i
fc, dig vm w gh i y mm 200
d icd dig h cd h h y. L cdi
iii dcd SEK 204 (33).
SEB cdi i dcd SEK ,703
(,); h . 424 d N 7.
Fici wihi ic i cid
ci i v. Ivm cc, wh h
ic icyhd cy h ik (i-ikd ic),
md SEK 7.4 (.). Ic cc (di-
i ic i) md SEK .3 (.).
Fx-nm u lSEB mii i xd icm cii iv-
m, y d ci dig . Th i
miy cmi gvm d, cvd d, d
id y ci iii d cd cdi.
A y-d 200, SEB' ii i h i
md SEK 27 (22), xcdig xc iqidiy iv-
m i cic id y h Swdih C Bk. A
qiy i h hdig h ghd i 200 wig
c hi high qiy cii. Gvm d,
cvd d d h im qiy cii hv i-
d c d, cd cdi d cd -
ci. Th im qiy cii d 77 (2) c
h hdig y-d.
A 3 Dcm 200, h d ivm i
Mch Bkig hd dcd SEK 4 m SEK 0
y i, which i i i wih h dc h hdighgh mii d imid . Th imid
i h i. Ud viig cdi mk cdi-
i, SEB viw mi d h hdig iky
report o the directors
SEB G Ndic
Gmy Bic
C l lvlP c
ExnSEK m
Sf c
Oh x
Dcii/imim
Rcig c
,
,
,
,
,
,
Balan uu Dcm
Liquidassets
Short-term
funding
Stablefunding
A Equy & Labl
Bankingbook
Household mortgage lending(cover pool)
Lending
Equity
Deposits
rom the public
Funding, remaining maturity
> 1 year
Funding < 1 year
Deposits
fnancial institutions
Cash & lendingfnancial institutions
Net bond portolio
Net other trading
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report o the directors
d h ik imim chg imid. c
h hdig cid L d Rciv.
S h 47 i h Rik d Ci Mgm ch.
DvavA y-d 200, h i m h G diviv
cc d SEK ,3 (7,277). Th vm i-
miy div y fig ci diviv dc mg-
m hi ci x. Th G mg h
ig ii y ig fig cc i h m-
k c. A cqc, h mix diviv did i
N 4 gy c h dmd h G cm
. Th cm d mk mkig ci m
h dig k d kd mk v ci-
i.
Th G diviv h c-
ig h ch-w d i v i ci d ii-
ii m i ci. A h cc
ccd mk v.
Th mj i h G diviv ggm i
d i- d ccy-d wd cc wih
h miy. A mi i ci xchg-dd
diviv cc, wh ciy
d ch i.
Piiv mk v imy cdi x h c-
y; h cdi ik c hi i dicd i Rik d Ci-
Mgm 4.
Inangbl fx a, nlung gwllA y-d 200, igi d SEK . (7.2),
which 2 c ci gdwi. Th m im
gdwi im w d h cqiii h Tygg-
H g i 7, SEK .7, d ivm i h
cdi cd i i Nwy d Dmk, SEK .2.
Gdwi im mid, jc yy
imim .
Dd cqiii c i ic i
md SEK 3. (3.).
D an bwng
Th cig h G ci di m h ic(hhd, cmi c.), m Swdih, Gm d
h ci iii d i my mk i-
m, cvd d, h y d d did
d. Di d wig m h ic dcd y
c, SEK 72 (0). Di y cdi iii
w dw y 47 c, SEK 23 (37).
Labl n nuan anA y-d, iiii i ic i md
SEK 24.0 (24.0). O hi, SEK 74. (.) w
d ivm cc (i-ikd ic) d SEK
.2 (3.) ic cc (dii ic).
Tal quyT qiy h ig 200 md SEK .7.
I ccdc wih i h A G Mig
i 200, SEK 2,3m hi w d dividd . A y-d
200, qiy md SEK ..
Caal aquayTh SEB G i ci g h cmi kig,
c, cii d ic cmi. Th ci d-
qcy y ch idivid G cmy h h
ic m kig vic, c cii -
i w h cidd ci g dk-
ig.Simiy, G cmi h cy ic -
i hv cmy wih ci vcy qim.
Th cidd SEB G hd cmy wih ci
qim ccig cmid kig d ic
g (ci cgm).
Caal nSEB h miid d g ci i. A y-
d 200, h c Ti ci i w 2.2 c (.7),
h Ti ci i w 4.2 c (3.) d h
ci i w 3. c (4.7). Th G B II ik-
wighd (RWA) md SEK 7 (730).
Adjd h viy ii dig h
B II y, SEB RWA SEK 00 (7), Ti
ci i 2. c (2.) d ci i
2.4 c (3.).
I d imv qiy h ci , ci m-
gm dig 200 cd ci ic h Ti
i h ci . Th d , i cmii wih
ci ddci md m ci, w h Ti ci-
w g h h ci .
Fh imi ci dqcy d ci
i d i h Rik d Ci Mgm ci
34 d i N 4.
DvnTh Bd h AGM dividd SEK .0 C
A d C C h civy, which cd 4
c y- i. Th dividd m SEK 3,2m
(2,3), ccd h m id h
3 Dcm 200, icdig chd h. Th SEB
h wi dd x dividd 2 Mch 20. Th -
d cd d h dividd i 2 Mch 20 d divi-
dd ym wi md Ai 20.
Th h wih c h imvd
k h cmic vim, h G ig
gi d ci ii. Th Bd dividd icy ih h dividd h h, v i cyc, c-
d d 40 c ig h.
D an bwngm ublSEK
Lan ubl
SEK
,
,
,
,
C c Pic c Piv c
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report o the directors
RangI Fy 200, Sdd & P chgd i k m
giv d md SEB g-m A cdi ig.
I J 200, Mdy chgd i k m giv
d md h g-m A ig. Th mi
giv h chg w SEB' ii ig i 200,
h g qiy i i Ndic i d imv-
ig mccmic ii i h Bic ci i 200.
I Sm 200, Fich md SEB g-m ig
A+ wih k. SEB g g-m AA ig.
Th w hw h ig SEB Fy
20.
Dvmn Gman RalTh divm SEB Gm i kig i
Bc Sd, cd 2 Jy, w id
3 Jy 20.
Th G h d i cc c h div-
m. Rcig chg SEK 74m (EUR 0m dj-
ig ic) i h ciig i d c-
i-d c SEK ,240m (EUR 30m dviy c,
IT djm d hyic i icdig ddcy)
i h dicid i w cdd h im h
igig h gm i h hid q.
Th c ci fc h ii h div-
m i i wih h imd d cmmicd c-
qc wh h gm w igd; ci gi
mig EUR 3m d giv fc m widig
hdg mig EUR 24m which w kd h
ii h ci.
Th divm icd h G c Ti ci
i y 0 i i. Thi i h fc h dcd
ik wighd d h EUR 0m giv fc h
.
Oulk Th mdim-m k h g cmy i dividd
wh Ndic cmi hv v , iy
m i my ci cc vig ik d c-
dd cmic gwh, which cd imc SEB mi
mk. Th, giv fc cmic cvy c
d . A, vig ik my imc vi.
Bd kw c, d viy cmmicd. h
i icm i 20 wi fcd y h wig w
c. Fiy, h divm h Gm Ri i
wi dc i icm h y 20 y EUR
m, d h my cii, SEK 0m i h h
q 200, m h hdg i ik i h
divm, wi di. Scdy, Swdih k wi hv
y h h Swdih iiy d, which wi d
SEB' c m SEK 300m SEK 00m. Agh, d
q, i m h h ig i i
icm i h q 20 i ximy SEK 37m
w h h i icm h h q
200.
Rang
My Outlook Stable
(June 2010)
Sana &POkS
(February 2010)
F Outlook Stable
(September 2010)
Sh Lg Sh Lg Sh Lg
P1 A A1+ AAA F1+ AAA
P A1 A1 AA+ F1 AA+
P A A AA F AA
A A AA F AA
A1 A+ A+
A A A
A A A
B1 BBB+ BBB+
B BBB BBB
B BBB BBB
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A gaual mvmnTh mk im d c-
m civiy imvd gdy
wd h h y,
h d y high i d ck idic gh-
ig, ig icm wd h d
h y.
Oig icm h
y dcd y c cm-
d wih 200 cig h -
mid mk cdii h
ci cii d m x
icd y ciy i v-
ig d ii. Di h
w ig icm cm
civiy w g d gdy
imvig v h y.Corporate Banking imvd
h ig icm m y
g cm -
i which w h hcd
dig h ci cii. Icm
wd h d h y w
h d y high civiy
wihi mg d cqiii
(M&A).
Trading and Capital Markets
icm mid i 200
h y high v i 200
d h ic mkcdii. Lw i
dig h h h y hd
ck h icm gwh Global
Transaction Services.
Oig x 200
w c cmd wih
200 d w miy d
h gwh id Swd d
h-m iciv cmi.
Oig md SEK
,m, dc m vi
y hiicy high v.
A qiy mid g.
report o the directors
The Merchant Banking division has overall responsibility or servicing large and
medium-sized companies, banks, nancial institutions and commercial real
estate clients. Merchant Banking operates in 17 countries.
Man Bankng
seb annual report
Mch Bkig f i ci igd ivm d c kig
i, icdig ci ivm kig civii d h d m SEB
Ekid. Mch Bkig mi civiy icd: Ldig d d ci mk
Tdig i qii, cci, xd icm, cmmdii,diviv, d xchg dd d
Adviy vic, kg, ch d dig gi
wihi qiy, xd icm, cmmdii d ig xchg mk Pim kg d cii d cig i C c Ex, jc d -ckd c Acqiii c V ci Ch mgm, iqidiy mgm d ym vic Cdy d d vic Td d y chi cig.
Mch Bkig h w g i Tdig d Ci Mk dG Tci Svic. Th h i i, .g. h CRM ci, Cm-
mci R E, C Fic d Scd Fic, cidd i
C Bkig.
2009
Pcg SEB icm 46 49
Pcg SEB ig 57 65
Pcg SEB f 15 15
Pf an l aun
SEK m 2009 Change, per cent
N i icm 8,1 9,98 19
N d cmmii icm 5,8 5,647 6
N ci icm ,745 4,77 14
N h icm 46 46
Tal ang nm 7, 2,2
Sf c 4,91 ,59 16
Oh x 4,5 4,14
Dcii 169 155 9
Tal ang xn ,4 7,
Pf b l , 2,24 2
Gi di 8 1
N cdi 195 85 76
Oang f ,4 ,42 2
C/Icm i .49 .9
Bi qiy, SEK 8. 5.1
R i qiy, % 1.7 .4
Nm im qiv, vg ,548 ,6
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Lang mak nG M&A civii icd i 200
d ccd wd y-d. SEB
Ekid cmd h g chi
hgh h Ndic gi y dvi-ig .g. A Ay, Ag Idi,
Hxg, Im Jii d TDC i
hi cc ci dig h
y. C Bkig ihd 200
wih id h q, ciy
wihi Scd Fic. Th high
M&A civii hd iiv fc
h dmd c wig
cmid wih icig d
cig xiig ciii, d -
h d y iw w cm-
. N i icm gw i h c-
d h h y wig highciviy v d w icy vii-
i C Bkig d G
Tci Svic. A y-d,
d cdy w SEK ,02
(,).
Ca bn uanC d ic m cm
ck -cii v wd h
d 200, d SEB w h dig
g Scdivi dmic
d i 200. Icm gi i
Tdig d Ci Mk, ywihi ig xchg d ci
mk vd ii dig h y.
Di imvd im, ck m-
k vm w cycicy w hgh-
200 d qii icm w -
ivy wk. Cid dhi i hi
w cmd y h c P-
vy i which Ndic iii
gi kd SEB Ekid h m-
Eqiy h i h gi.
Cmv uanSEB ci civ , -
ig ci ciy d wih
dvic i id mk ciy.
A cmd y h cm -
vy, h hcd ihi md
dig hi id hv vidd
g m gwh c h
Ndic gi d Gmy. Di
iid cmii i h Ndic
gi, SEB h cid imv i
mk ii d mid mkd i m i , i
kig w.
N an Gman xannGwh ivm i h h Ndic
ci d Gmy d i 200
d Mch Bkig cid v 0
i i i h mk
d mgd cqi d 0 w
g c ci h cm
. Th ivm i ci cvg
m d w cm ihi
wi ci cc hgh20 h xi. M-
ch Bkig wi ci
iv i m ich cm
gm, wh mk dig i-
i c chivd.
Magnu Caln
5seb annual report
report o the directors
Hw wul yu b ky aa- SEB bun ml?I wd, wy chivd i dig
wih cm d divd y i
. SEB i md i h i vig cm d, which d g-m
hi.
Wa yu vw nm ua-n llwng fnanal ?O g v h i i h
hv ddd d vd, w w
g i 200. I i giyig h h Ndic
gi md w hgh h cii.
Wa anng wn yu vn nGmany?
Th divm h Gm i i i im mi. Fc i w ciig
id h g wh chi w hv i
Gmy. Th mk i cdciv gy
d w h w hv mmm.
Hw N an Gman xanngng?W hv g m i h Ndic ci
d Gmy, d w ivig ci d
c g hm cciy. A h
d h h-y i 20 hi wi
SEK 0200 i icd dig d
00 w c cm.
Wa a ky allng anun 011?Nw gi wi fc d h h
kig idy gig wd. Thi my d
high c ig k. Th ky chg
wi h d c-ci wy wd
whi miiig cm ici. Th
my ii, h d y h
chgig cmiiv dc.
M man ankng n 010
B ci ihi k i Swd P
Fici Advi h y i h Ndic gi Fici Tim d Mgmk
B Sckk i h Ndic gi P
N. 1 FX h i h Ndic gi P
B Ov Bk Ch Mgm i h Ndic gi G FicB Bk Liqidiy Mgm i h Ndic gi G Fic
B Bk Rik Mgm i h Ndic gi G Fic
qi
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Oang f by bun aa, c (SEK ,m)
Sa nm by uny, c (SEK ,m)
Tdig dCi Mk ()
C Bkig ()
G TciSvic ()
Swd ()
Gmy (3)
Nwy (3)
Dmk ()
Fid ()
Oh ()
Fnanal vlmnOig d R Bi Eqiy
Tang an Caal Mak nmBy mi dc c, xc. ivm i, SEK m
Ca Bankng nmSEK m
Cuy vlum vlmn
3,
.
,
,
,
,
,
,
,
,
,
3,
,
,
,
,
,
,
,
3,
SEK N. ci / dy
Oig
RBE
,
,
,
,
,
,
3
A d cdy N. ci/dy
FX Eqii Ci mk
Scd Diviv d h TCM
N i icm Oh icm
Q Q Q3 Q
Q Q Q3 Q
Q Q Q3 Q
Q Q Q3 Q
Q Q Q3 Q
Q Q Q3 Q
SEK m P c
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Ou lan w Kma
g bak a lng way......and has grown stronger during the last two to three years. We really appreciate
Kemiras approach we have an open dialogue and we share inormation and
ideas. We trust each other. We work together on a daily basis with everything rom
cash management and nancing to large, strategic projects.
Tm Unn, Cln Exuv, SEB
W a anw w knw wll...
...and who we can trust. SEB has always delivered what they have promised. We have
worked together very closely on big deals over the years, but we have also come to
know each other in everyday situations. For us, it has been very important that they
listen to us and ask us what we want over the years it has been a partnership in the
truest sense o the word. Kemira and SEB work together not only in Finland, but else-
where in Europe as well as in countries like Brazil and China, where we are expanding
our water treatment operations.Jyk Mk-Kala, CFO Kma
Kma is a global euro chemicals company that is ocused on serving customers inwater-intensive industries. The company oers water quality and quantity managementthat improves customers energy, water, and raw material efciency.
Timo Uotinen (let) and Jyrki Mki-Kala
at Kemira in Helsinki.
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A ya ablanTh 200 ig h
Ri Bkig divii w
c w h i 200, v
i w y iii dcm ii. Th mi -
h dc w h w-
d i icm, h mi
c icm i Ri Swd,
wh h ig
dcd y 20 c SEK
,0m. Divii c icd
y c, imiy d
imvm i cm vic.
C cid i c i
d ig
dvm. N cdi
dcd y ccmd 200.
Th Cd i ig
md SEK m.
Adjd h ig ccy
fc, 200 w h y v
Cd, v hgh h v d
c-dig i w g-
ivy fcd y h vcic h
cd dig h ig.
Vlum an magnN i icm dcd
h-m i midw dig h mj h y
d di m-
gi. L d di vm
h icd hgh h y
d di mgi d
ic wd h d h
y. Ldig mgi mid
.
Hhd mgg mgi,
md gi h dig c
icdig iqidiy mim
(which SEB, h y Swdih
k, ih) w .Hhd mgg vm gw
i i wih h mk d chd
T Ral vn a w bun aa: Ral Swn, wih . mii iv cm d 0,000 m d
mdim-izd c cm, whm m h 00,000 civy
ig h Bk ch mgm vic. Th cm vd hgh
ch c, h Th k (2 mii c i 200) d i(. mii cm).
Ca, wih . mii chg, cdi, di d c-dd cd. Th i
i Swd, Dmk, Nwy d Fid d icd dmk
ik Ecd d Di C. Cd h cqiig gm wih m h
200,000 i.
The Retail Banking division serves private individuals and small and medium-sized
corporate customers in Sweden and is also responsible or SEBs card operations in the
Nordic region. Customers have access to SEBs complete range o nancial servicesthrough branch ofces, telephone and e-banking services.
Ral Bankng
2009
Pcg SEB icm
Pcg SEB ig 17 16
Pcg SEB f 19
Pf an l aunSEK m 2009 Change, per cent
N i icm 5,8 5,44 8
N d cmmii icm ,41 ,54
N ci icm 7 9 7
N h icm 47 64 7
Tal ang nm , ,4
Sf c ,66 ,54 4
Oh x ,81 ,668 6
Dcii 84 9 1
Tal ang xn ,4 , 4
Pf b l ,2 ,7
Gi d i 1
N cdi 54 84 5
Oang f 2,44 2, 4
C/Icm i .65 .59
Bi qiy, SEK 9.7 1.8
R i qiy, % 18.9 19.8
Nm im qiv, vg ,95 ,85
report o the directors
Ral Gmany vmnDig 1, SEB d i gm div i Gm i i. Th c-i w id 1 Jy 11. I d cii cmi d c h i- gig wd, h divii g hv d h Ri Gmy i icdd i h ig.
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Ma TnalSEK 2. Gwh idd wd
y-d d cdi icy h
ighd i 200.
Cum nanBi civiy i Ri Swd w
high d ivm w md i
mi- d i kig imig
imvig c kig vic
hc cm vic v. SEB
m kig vic chd v-
w div y cm
dmd, .g. ici iPh d
Adid, Fck cm vic,
d h iiiy g cm
dc m dicy v h h,
which imvd h viiiy
cm vic.Ivm i h ch c -
wk, imd imvig ic ch d
c kig vic, w md.
Sg h Th k h
icd i d imv h i-
iiy id cm i-
c. Th im i id qiiv -
ihi wih cm gm.
Ri Fici Advi cc,
imd h m iv g-
m cid cc. Addi-
i cm w gid d y
y-d c 0,000 RiSwd cm w id
y ci dvi.
Th i k h y k-
ig d h ic i c cdi
y c ig SEB
ghd ii i h c
mk.
I d h id c i-
hi wih m d mdim izd
cmi d cmig hi -
d i , h ci i-
c w imvd d ckgd -i icdig ic, kig d
dviy vic w cd. Ci
xciv w cid f h
w gi c c which
c h divii g cm.
I h m d mdim izd -
i mk, h mk h m
0 c dig 200.
Nw mana SEB CaDig h y v igic c-
cd gm hv
igd. Th w dc CBI, CBd Iig, h chd i
vy cc wy i v E
ci. A mj gm wih
Fii ch c-dd cd w
igd, h ch d i Dcm
d i w dwy.
Th d dcig vg
ch m cid which
h c d
c cicy.
report o the directors
Hw an SEB mv anng amngmall an mum-z a u-m?A i k w hv md i i m
cmi d i wih hgh ckgdi ch Ek Fim. Dig 200 w
cid xivy d vidd ci xc-
iv wih ddii iig. W hv id -
di dvig d dig cm
ihi.
Wa SEB ng mv um xn?W ciy cig cciiiy d
imiciy d civy wkig wd -
ci gd ic. W h
cm d c vid hm wih -
vic d dvic 2 h dy. I i im- iv cm id
d viw.
Wa vlmn gang Inn an -mbly?O cm xc ic wih
h im d md h i hm . L y
w chd ici h iPh d
Adid mi dvic d immd imid
g-i cd mi kig vic.
W hv h dvd i k
d d cm vic g Fck.
F 20, w ig m ici d icd c i ci mdi.
Wa SEB vw n m mgagmak?O hm mgg i gw dig h y i
c wih h mk, d hi gwh wd m-
wh wd y-d. W k y ci mk
cm d vxd hmv.
Wa a ga unan allng ung 011?O m im chg i gwh
iy: ci idig g d g-mcm ihi.
qi
Fim kd SEB h
Swdih i k h y 200.
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Numb aun ln n SwnThd (Ci vd y ci dvi)
3
Ca vlmn = idx
Tv Tci
Pva mgag lan n SwnSEK
3
T k
Ca , SwnIcdig , ig, cig d cmmid ciii.
SEK
report o the directors
Numb mall an mum-za um n SwnThd (ch mgm cm)
Oang f by bun aa, c (SEK ,m)
Swd ()
Cd (3)
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Anders Willis (let)
and Jan Roy
at Kolmrden zoo.
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The Wealth Management division oers a ull spectrum o asset management and advisory services.
Its product range includes equity and xed income, private equity, real estate and hedge und man-
agement. It has around 1,000 employees, manages over SEK 1,300bn o assets and has ofces in theNordic and Baltic countries, Luxembourg, Germany, the United Kingdom, Singapore and Switzerland.
Sng ang fgwTh Wh divii hd g
i 200 wih c
ic i ig . O-ig icm icd y 20 c
cmd wih y. B cm-
mii icd h d
SEB mix d h ic i
. Pmc d c-
i chd SEK 0m i
200 (). Oig x
w c m y,
gy high civ-
iy d ivm v.
Imv ln ng
Cm civiy wihi hPiv Bkig d Iii
Ci w high dig 200.
SEB hiic ci fig
iv idivid d -
w dvd h. SEB
Fmiy Oc k w gd
wih imvd dd iv-
m d ccig c. A
w ici iPh d
iPd ciig ck ic, qiy
ch d w h
chd. Cm w giv
h iy iv i m- SEB idx dc w
h hid y dc cm-
m SEB w fig. Th
ii fig h -
h ghd y h iiiy
cc i h Chi
ccy Y. SEB w h i-
gi G Piv Bkig Awd
(Fici Tim G) h
iv k i h Ndic gi.
Wihi Iii Ci, SEB
h cd v ci
civiy, igig i igicm w md. M-
v, v w dc hv
T Wal Managmn vn a w bun aa: Inunal Cln which vid mgmvic iii,
di d i ic cmi d i i mkig d
SEB m d fig i-d id Swd.
Pva Bankng which vid mgm, g d x dvic, i-c, cig d kig vic high-d iv idivid i- d
id Swd.
Th divii dii i vic miy hgh i iii ci c,
SEB Tygg Liv, SEB i wk, i w iv kig i d hgh hid
y dii. Th Ivm Mgm gii, wih 0 ivm
i i 2 ivm m, i i h mgm d
d md.
Wal Managmn
2009
Pcg SEB icm 1 9Pcg SEB ig 11 7
Pcg SEB f 6 6
Pf an l aun
SEK m 2009 Change, per cent
N i icm 485 598 19
N d cmmii icm ,75 ,955 7
N ci icm 89 76 17
N h icm 58 17
Tal ang nm 4,4 ,4 2
Sf c 1,19 1,9 7
Oh x 1, 1,16 15
Dcii 84 116 8Tal ang xn 2,7 2,
Pf b l ,4 ,4 44
Gi di 9 1
N cdi 8 111
Oang f , ,42 4
C/Icm i .6 .69
Bi qiy, SEK 5. 5.5
R i qiy, % .5 14.9
Nm im qiv, vg 986 1,16
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An Jnn
ccy chd, xm
Piv Eqiy h cd i
m h g iv. I ddii,
h dviy cc wd ii-
i icdig iiiy yi, -
i cci d mg ci
civd vy iiv ci dck
d igic vm.
A un managmn a allm gTh c hcig h cm
xic d i ic
m SEK i 200 SEK
2 dig 200 Piv Bkig,
d d cid high v
Iii Ci SEK , which
w i i wih y.
Dig h y SEB w m
w md igig
d mgm SEK ,2. Thxi id SEB hm mk
cid yid wih vm
c SEK 20. Iw divd
m m m d dc
. Avg d mg-
m imvd y c cmd
wih y. N md
SEK , cmd SEK i
200.
Ivm mc md m i v ch-
mk chd c (v
c i 200), whi c (v
c) d mg-
m w hd hi civ
chmk.
Oang f by bun aaP c (SEK ,m)
Iii Ci ()Piv Bkig 3 (3)
A un managmn unyP c h divii d mgm (SEK ,)
) Oh icd Nwy, Bic ci d h m mk
Swd ()
Dmk (3)
Gmy ()
Fid ()
Lxmg 3 ()
Oh ) (3)
report o the directors
Wa wa m ngung au 010?200 w gd y i my c: icig
ik i gd gd iw qiy
d d h Iii Ci d PivBkig hwd g .
Hw wll SEB an lang vabank n n N un?I Piv Bkig i i idig d
g-m ihi wih h cm. Big
iv, fig g i d cig dg
xi cd idivid d h c-
m ky c. Gidd y h ici
w ciy dv fig i
dig ii.
Hw SEB wkng a a lvw um ng n avng?A dig c i h mk, w f cm-
cm vig dc. Id
dc y dc ch, w c i
h c ch cm iq d d h
hm chiv hi vig jciv.
Wa SEB vw n av manag-mn v. nx u?Bh m mgm hv c i
cm i. Wh m im i
h cm civ dvic h i d hi
cic ii d d. A hdvic c, w c ivm i
cmd m dif y dc imig
chiv h did ivm .
Wa ang yu akng la n aa a managmn?Pximiy d iv h chgig d
d hvi h cm wi wy ky. I
iv h cm wi dmd m divic-
i wih iv c ik ,
cmmdii d iv qiy. T -
i d civy mgd i idx d
m cmx dc wi ic i iy.
qi
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B ul v un valuu by 15 nTh Li divii ig
icd y c cmd
wih h g 200. Excdig hfc cvd g vi-
i i dii i -
ig y c.
Oig icm, djd
g cvi SEK m
(2), y c. Icm
m i-ikd i imvd
y 2 c iiv
mk d d high ik -
i mg icyhd, cig
m dvcd d qiy d
iv. Th d v
icd y c SEK (). Icm m h
ic, miy dii i-
c d ik dc ch
ick d hh ic,
dcd.
Oig x, xcdig
dcii, w cmd
wih 200. Cid imvm
h dmiiiv cicy -
c d icy.
Dcii dd cqiii
c icd hd
i h igh icd i-ikdicm.
Hg mum nmSv cm civii w
chd i 200. Imvd vi-
iiy cm vic c,
icd dviy vic d
hcd dc fig hv
i c i d
gh g-m ihi
wih cm.
Th cid high mim
iw cmd h h iiiivw w civd y h cm.
The Lie division is responsible or all o SEBs lie insurance operations and is one
o the leading Nordic lie insurance groups. Within unit-linked, SEB is number one
in Sweden and number two in Denmark.
T L vn a bun aa: SEB Tygg Liv (Swd) SEB Pi (Dmk) SEB Li & Pi Ii.
Th i cmi ic dc, miy i-ikd, wihi h
ivm d ci ciy iv idivid d cmi. Th divii
h . mii cm d i civ i Swd, Dmk, Fid, Id, Lxm-
g, Ei, Lvi, Lihi d Uki.
SEB dii i ic i i Swd miy cdcd
hgh h my d ic cmy Gm Livkigkig
SEB Tygg Liv. I i h cidd wih SEB Tygg Liv d SEB Tygg
Liv d hv c h iy. Gm Liv i cd w i.
L
2009
Pcg SEB icm 1 11
Pcg SEB ig 15 1
Pcg SEB f 7 6
Pf an l aun
SEK m 2009 Change, per cent
N i icm 11 18 9
N i ic icm 4,55 4,44
Tal ang nm 4, 4,42
Sf c 1,1 1,17 1
Oh x 54 56
Dcii 69 667
Tal ang xn 2,7 2,
Oang f 2,22 2, 4
Chg i v, 1,165 9 9
Bun ul ,7 , 2Chg i mi 5 79 5
Fici fc h-m mkci 554 19 7
Tal ul , 4,2 7
C/Icm i .51 .5
Bi qiy, SEK 6. 6.8
R i qiy, %
d ig . 7.4
d i 49.4 9.
Nm im qiv, vg 1,19 1,191
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Jan Sjnm
T mim icm i 200
icd y c i c c-
ci, dcd y 0. c i
Swdih k SEK 0.. Ci-
d c i-ikd h d md-
ik x, high ci -
cicy d icd i
qiy.
Ui-ikd ic mi h
mj dc g, ig
c (0) . I 200,SEB mk h i-ikd i-
c i Swd md 2.
c, c m ii.
Th h c id ici
icd c (). S i
h Bic ci y c
cmd wih 200.
T d mgm (
) md SEK 2, which
w ic c m y
g.
report o the directors
Oang f by bun aaP c (SEK ,m)
Swd ()
Dmk ()
Ii ()
Wa aa 010?O v c hgh h divii h ,
wih d c, h dv, d
imiy cm fig. Icig h v
vic d cciiiy ci h iiy .
Hw wll SEB n lang nn Sw un-lnk nuanmak?W hv h dvg kig g
which i im cc c. Hvig
c dc fig, cmid wih h iiiy
v ci whv hy ch m ,
giv gd i mii dig i-
i.
Wa a yu ky u aa 011?W wi civy dv gy d cc
d d g ivm dc i di-
c d wih dif ik v. W
cgi h i i cmig icigy im-
cm hi im d w
wi h dv dviy vic m hi
d.
Wa SEB vw n an g?I i dm chic d
h igh ici d c
h vig mk. O c, hi m
icd h mk cciv gm cc-i i.
Wa a m allng anun gng wa?Th igg chg i dmghic chg. I
Swd w i h h W
wd, w civ wkig hv
m i. Thi wi m i
ci ciy ym. O i i w
iv i m h ic ym.
Thi viy igic ii
ic cmy.
qi
Vlum
2009
Sal vlum (wg), SEK m
Tdii i d ick/hh ic 7,111 1,67
Ui-ikd ic 41,76 4,99
Tal 4,47 ,
Pmum nm, SEK m
Tdii i d ick/hh ic 6,946 9,1
Ui-ikd ic ,5 1,5
Tal ,4 ,
A un managmn (n a), SEK bn
Tdii i d ick/hh ic 44.6 45.
Ui-ikd ic 179.5 156.4
Tal 424. 4.7
Oang ulSEK m
,
,
,
,
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The Baltic division encompasses the retail and all lending operations in Estonia, Latvia
and Lithuania. The ull Baltic geographical segmentation including the operations in
Merchant Banking, Wealth Management and Lie is described in the chapter SEB in theBaltic countries on pages 1011.
Bak n blak n n al 010Th cmic cvy i h Bic
gi h cmmcd i y
200 cid hgh hy. Ei d Lihi w
diyig iiv GDP gwh
y--y i, whi h
GDP i Lvi i chgd. A
Jy 20, Ei chgd
i ccy m h Ei
k h E.
Th c ghig
g-m ihi i h
gi cid d SEB w
h cm wd c
h Bic ci i 200.
Oig icm h ydcd SEK 2,m (,),
i d h ghig
h Swdih k dig h y
which dcd ig icm
wih SEK 2m. Di mgi
mid w v d
h gig w i vi-
m. Thgh 200, h
v di vm d
vm iid i h
h Bic ci, d
mgi d ic i h
mh h y.Oig x SEK
2,0m (,) c h gd-
wi wi-f SEK 2. i h
cd q 200. Th h
q my ic
icdd SEK m m wi-f
ym i cci wih h
immi w c k-
ig ym i Lihi.
Oig h y w
SEK 2m (0,). Th
imvm w d igi-
cy w vii cdi, icdig wi-ck SEK
,00m i h cd h h
Th Bic divii v 2.2 mii iv cm d ,000 m d
mdim-izd cm i Ei, Lvi d Lihi. Cm hv cc
SEB cm g ci vic hgh h ch c wk,
h d -kig vic.
T vn a bun aa Ena, wih wk ch c vicig ,000 cm,
whm 22,000 I vic d ,000 m d mdim-izd
cmi. Lava, wih wk ch c vicig 00,000 cm, whm
0,000 I vic d 0,000 m d mdim-izd cmi. Luana, wih wk ch c vicig ,000,000 cm,
whm ,000 I vic d ,000 m d mdim-izd
cmi.
Bal
2009
Pcg SEB icm 7 9
Pcg SEB ig giv givPcg SEB f 17 18
Pf an l aun
SEK m 2009Changeper cent
N i icm 1 869 679
N d cmmii icm 877 94 6
N ci icm 6 16 5
N h icm 7 55
Tal ang nm 2,4 ,74 2
Sf c 64 7 1
Oh x 1 158 1 45
Dcii 91 89 88
Tal ang xn 2, 4,7 4
Pf b l 77 777 7
Gi di 5 17 71
N cdi 87 9 569 91
Oang f 2 ,
C/Icm i .7 1.
Bi qiy, SEK 11.8 11.8
R i qiy, % giv giv
Nm im qiv, vg ,958 ,75
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Man Jann
y. N-mig iid
dig h y i h ci.Th v i w
c.
Lang an al alA h d Dcm, SEB ig
i, ciig c, ck d
h vhic, md SEK .
(). Th vg cvy
d vhic w ximy
0 c.
A Dcm 200, SEB
hdig cmi i h h
Bic ci hd cqid wih
vm SEK m. SEB Bic
dig md SEK22, which c w imid
Dcm 200.
Bal lnng ubl1)
EUR
Ldig h ic
Cdi v
) Excdig cidd.
) Ldig h ic,qiv i SEK .SEK ) 3 3 3 3 3
report o the directors
Ha SEB bn vly auu n vnng l?W ci k ci d cviv
c. Ey i h y w did d iv h
h dwig iii wd y i, wmd vii cciv v. I w h
v h w qy divd h d
h y.
Hw a wll vy ak la?O cmi w m imiic i hi GDP
c h h g c dig h
y, d hi vd cc. F 20
d 202 hy xc c gwh.
SEB a nu a maj ang n Bal un ug
a n-n gamm. Wa a m man ang?M im i h SEB w h m -
cd hm k i h h Bic c-
i. I icigy m mk, i wi h
g-m ihi wih cm h di-
i imiy h dc. B h
i -i gmm i cd hw
d wih m cdi, imv h cdi
d i c, d c cdii
d ihi wih cm.
Hw SEB lan uu u
gw n wak ?SEB i vic k i ch h h Bic
ci. W wi idig h h -
m wih c iv d c
cm.
Wa a m unan allng n ?Th ii i i w d m m
mk ii i gi wih high
gwh. H SEB h dvg wih i g
dii ihi k d g d.
Th chg cy cid wih h c-
mic cvy, d hi wi k im. I k im wk hgh m cdi.
Q Q Q3 Q
Q Q Q3 Q
Q Q Q3 Q
Q Q Q3 Q
qi
Sa ang nm by aaP c (SEK , m)
Lihi (3)
Ei 3 (3)
Lvi ()
M man ankng n 010
SEB Ei N.1 i cm ici dy (EPSI)
SEB Ei N.1 vic cmy i Ei (TNS Em)
SEB Lvi N.1 i C i idx (TNS TRI*M)
SEB Lvi & SEB Lihi N. 1 FX vid (G Fic)SEB Lihi N. 1 Piv Bk (Emy)
SEB Lihi M civ my (V Zii & CV i)
-
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Focus areas during 2010
2010 w chcid y ci d h mh h
ci cii. Whi h wd cmy i i gi, i i i
ii h i 200. Th Bic cmi, which
im SEB, i cvy h d h hv
my ig imvm. Exic m h ci
mk mdw, h w gy qim, d x-
xci m iv, ig gci d cm,
hv cmid d cd i SEB gic viw
h c h, ik, ci d dig. Pic i
i ig id ik-djd d cmic .
Ayig ch mm ciy hgh h
gii h dii ihi kig i
d y hhy viw ik d .
I cgii h imc ik gvc d i
ccdc wih ihd idy cic, h Bd
Dic id Chi Rik Oc (CRO) i 2010. Th
CRO h Pid d CEO d h iiiy
h idd ik c, i yi d
cdi v. Th CRO vid h G-wid viw
ik m d ic hi imc hgh h
gii.
gulary vraulMy idy-wid chg qiig high ciii v-
, m ig d cm iqidiy mm d
icd cy ig dvd h
gy vh w ig cdcd y icymk d
gy hii.
Th B Cmmi w ci d iqidiy
gi B III w d i 200 d h
g i w h cid dig 2010. Th
i ig viwd y h idy. Th i i
immi h w gi i h 201
d immi i y 201 d yd. T-
ii wi id k d h w
mwk wih d ci cdi y. Th im
B III i imv k' ci v d qiy w
vid v-ic h-m dig.
Th c h w dd d mi h iqid-
iy ik kig gii, h iqidiy cvg
i d h dig i, wi dd hcci m h gd vi id. Hwv,
i i dy c h dig k wi g
miy h i gy h c dy.
SEB ci h mii cig m ii i-
i kig ym d h dici h
cd wih h G ci dig h cii d i
gic hikig gig wd. Nvh, h ivy
g gy chg h hv h qi c
cig d cmhiv imc yi h hy
chiv h did imc. SEB iv h di wi
dd c mk cicmc.
Cnnu aal rngSEB h miid i d g ci c i
m h qiy d iz. Th Bk' ci gy h
chg h cmii m c Ti 1 d
Ti 2 ci, wd c qiy d hyid ci
which mk h Ti 1 ci. Thi cviv ch
h div y di imv h -i
ciii. I cd h gy dvm d SEB
cy d ici y c mig i
ci qim. Giv h G c ci d-
ig, SEB iv ii wi ghd y h w .
Th idci vg i wd hv imid c
h G, cc i g ci d i
md dmid y c -c x.
By y-d, d wih yig ii f, h
G d c Ti 1 ci i 12.2 c (11.7)
d Ti 1 ci i 14.2 c (1.).
As the markets start to emerge rom the lingering eects o the nancial crisis, SEB has com-
menced a orward-looking review o its risk and capital management. The new lessons learnt
are being worked into the Groups view on business volumes, pricing, risk, reward, capital and
liquidity. This prepares the Group or setbacks in the economic recovery but primarily or uture
business development. Resilience and fexibility are watchwords in this process.
RepoRt o the diRectoRs
Rik d Ci Mgm
k an Caal Managmn
Caal aquay)
P c
) B II (wih ii ) id m .) T ci i i h h Ti I ci i. S g .
T ci i
Ti I ci i
C Ti I ci i(m )
Capital base
SEK bn . . . . .
)
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seb annual report
Srng unng an lquy nI 200 h w xdiy xi h G
dig mii, h ch ifw w high h
ch fw i d 18 mh, which im h
ch i d fw w q. Thi ii w miid
dig 2010 wh SEB' gic c h mgm
cd imvig h dig i m y
dig. A hi w md m iig i dig wd
cvd d which i m ci h Bk' .
Th cy iid cv i h mgg i,
ciy i Swd, wi v c dig gig
wd. Cm di m h i i
i gic c, d hi dig chciic.
Thgh y cgid i B III, h dig
c SEB i c di, which w wihdw
dig h ci cii.
Th, i m dig d iqidiy, h mk d
cmii hv dy div c h mgm
civii wd h idd dici h w gy
qim. Th c dig h dy icd i h
mk gy d i iky ci ic d
cmii dig d c h hi wd
g m dig.
Wih --di i 1 c (1) y-
d, xcdig d cid d i, SEB di-
yd d c dig ii. A y-d, SEB
hd iqid i m d SEK 240.
A qualy n uSEB h miid civ d cviv c i
d gd qiy d g-m cm -
i hgh h cii.
Pvii cdi i h Bic ci h y
2010 w SEK 87m (,6) which ccd 48 c
h G cdi dig h y. I h Ndic
ci d i Gmy, which cc m h 0
c h x i h cdi i, qiy
mid , wih w vii cdi . Th
cdi v i h G w 0.14 c.
Fwig h v cmic dw i h Bic c-
i, h i d d h Bic i ig
m m i vim. Sv
hgh viw h d i hv -
md dw ci v d h hv
yd i di. Imvm i cdi d i m-
gm d c ig immd. A , SEB i
w id im wh x c, ch h
cvig cmi d ig gwh, iiv.
Managng rk n bn rlSEB mii i d im ivm,
y d ci ciii . A y-d,
hdig d cii md SEK 22.
A ky mgm jciv dig h y h
gh h qiy h hdig, cig
gi ik, dig qim d ci iii. A
, h d ivm i h dcd
h gic jciv imi h icm viiy.Nw ivm iqidiy h high cdi
qiy d ci imiy vig, i d
cvd d x.
Sale of German retail businessA xm SEB ci mgm dig 2010, w
h h i i i Gmy which dcd SEB'
c h vm, ik d md ci i.
Th c h chciic chgd igicy i c-
ci wih xci h ci, m h
iiii hv d. Th ig i ik w
miimid hgh hdgig ivm which hd my
iiv imc i icm. Th divm wi hv
iiv g m ci d ik imc