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-SEB sells Ukrainian retail operations.

Global Banking News-November 18, 2011--SEB sells Ukrainian retail operations(C)2011 ENPublishing -

Global Banking News - 18 November 2011

Skandinaviska Enskilda Banken AB (SEB-A.SK) has said that it has agreed to sell its Ukrainian retail banking operations to an international consortium led by Eurobank Group, for an undisclosed sum.

While the value of the deal has not been disclosed, SEB spokeswoman, Viveka Hirdman-Ryrberg, said that it would have a negative impact of SEK250m (USD36.7m) on results in the first half next year. The bank has registered a SEK2.82bn net profit in the third quarter.

Subject to approval from regulators, the sale is expected to close by mid-2012.

The transaction includes the transfer of 60 branch offices, a SEK1.5bn retail loan portfolio and about 750 full-time employees, and is part of SEB's long-term strategy to reduce retail exposure in markets other than Sweden and the Baltic countries. Hirdman-Ryrberg said that SEB would remain in Ukraine as a corporate bank, encompassing a loan portfolio of about SEK500m.

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Publication:Global Banking News (GBN)
Date:Nov 18, 2011
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