SEB Stock

Skandinaviska Enskilda Banken AB is a Swedish bank headquartered in Stockholm. SEB offers a comprehensive range of financial services in Sweden and the Baltic countries. In Denmark, Finland, Norway, Germany, and the United Kingdom, the bank focuses on corporate and investment banking services for corporations and institutional clients. Founded in 1972 by the Swedish Wallenberg family, which remains SEB's largest shareholder through the major investment company Investor AB, SEB is Sweden's largest bank based on both market capitalization and total assets.

The SEB Group's roots can be traced back to Stockholms Enskilda Bank and Skandinaviska Banken, established in 1856 and 1864 respectively. Both banks were pivotal in Scandinavia's industrialization during the late 19th and early 20th centuries, particularly in Sweden. Following substantial growth throughout the 20th century, Stockholms Enskilda Bank and Skandinaviska Banken merged in 1972 to form the SEB Group.

Since the implementation of European Banking Supervision in late 2014, SEB's German and Baltic subsidiaries in eurozone countries have been classified as Significant Institutions. This designation subjects them to direct supervision by the European Central Bank.

In 1972, Stockholms Enskilda Bank, established in 1856 by André Oscar Wallenberg, and Skandinaviska Banken, founded in 1864, merged to form SEB. This merger aimed to create a better-equipped bank to serve corporate clients and compete with major international banks. Through its predecessor, Stockholms Enskilda Bank, SEB claims to be the first bank globally to employ women.

Stockholms Enskilda Bank was founded and run by the Wallenberg family, prominent figures in the banking industry. The bank was a cornerstone of their investments throughout the late 19th and 20th centuries. Even today, its successor, SEB, remains one of the most valuable companies within the Wallenberg family's portfolio, alongside corporations like SKF, Atlas Copco, and Ericsson. SEB previously held significant shareholdings in these companies until changes in Swedish legislation in the early 20th century. These holdings were subsequently transferred to Investor AB, a company still primarily owned by the Wallenberg family.

Skandinaviska Banken, initially known as Skandinaviska Kreditaktiebolaget, was a product of the Scandinavian movement. Despite Danish financier Carl Frederik Tietgen's preference for Copenhagen, André Oscar Wallenberg's influence led to the bank's establishment and initial headquarters in Gothenburg. The bank's headquarters were later relocated to Stockholm. Following its founding, Skandinaviska Banken expanded throughout Scandinavia and eventually encompassed the entire Nordic region before its merger with Stockholms Enskilda Bank in 1972.

In 1997, SEB acquired the insurance company Trygg-Hansa. The following year, the company rebranded its Swedish-market logo and name from SE-Banken to SEB. Towards the end of 1998, SEB acquired its first shares in three Baltic banks: Eesti Ühispank in Estonia, Latvijas Unibanka in Latvia, and Vilniaus Bankas in Lithuania. This marked the beginning of SEB's expansion into the Baltic states, a market where the bank maintains a substantial presence.

In the early 21st century, the European Union initially rejected SEB's proposed merger with Swedbank. However, in 2007 and 2008, SEB collaborated with the World Bank to develop the concept of green bonds, a type of bond designed to accelerate the transition to a greener economy. Subsequently, SEB Group divested its banking operations in Germany and Ukraine due to weak profitability, selling the German operations to Spain's Banco Santander.

SEB Kort AB, a subsidiary of SEB Group, held the franchise for Diners Club International in the Nordic countries until it discontinued the service on May 31, 2019. This decision was attributed to increasing competition and regulatory pressures within the Nordic payment card market.

SEB Group is headquartered in Sweden, where it stands as the nation's largest bank in terms of market capitalization and total assets. It also boasts a significant presence in Sweden, employing around 17,500 people and serving over 4.5 million customers.

Expanding beyond its home country, SEB has a strong foothold in the Baltic states, where Swedish banks hold a prominent position. SEB ranks among the largest banks in Estonia, Latvia, and Lithuania, where it competes with other major Swedish institutions like Swedbank. Furthermore, SEB operates in most Nordic countries, as well as in key international markets including Germany and the United Kingdom.

As a universal bank, SEB offers comprehensive financial services and advice to all customer segments in Sweden and the Baltic states. In Denmark, Finland, Norway, Germany, and the United Kingdom, its focus shifts towards providing a full-service offering for corporate and institutional clients. SEB has a global presence with offices in over 20 locations worldwide, including major financial centers like New York, São Paulo, London, Luxembourg, Geneva, Warsaw, Kyiv, Beijing, Shanghai, Hong Kong, Singapore, and New Delhi.

SEB caters to a diverse clientele, serving 2,000 large corporations and 1,100 financial institutions, 400,000 small and medium-sized enterprises (SMEs) and approximately 4 million private individuals. The company's operations are structured into six business divisions: Large Corporates & Financial Institutions, Corporate & Private Customers, Private Wealth Management & Family Office, Baltic, Life, and Asset Management.

The Wallenberg family, the founders of SEB, still maintain ownership and leadership within the company. Marcus Wallenberg serves as Chairman of the Board of Directors. The Wallenbergs' investments in SEB are primarily channeled through Investor AB, a family-owned investment company.

SEB is committed to sustainable practices and signed the UN Global Compact in 2004. The company has since embraced various global initiatives and international codes of conduct, including the UN Universal Declaration of Human Rights, the UN Guiding Principles on Business and Human Rights, the UNEP FI Principles for Responsible Banking, the Net-Zero Banking Alliance, the Principles for Responsible Investments, and the Net Zero Asset Managers initiative.

SEB has developed ten sector policies covering agriculture, arms & defense, forestry, fossil fuel, gambling, mining & metals, renewable energy, shipping, tobacco, and transportation. It also has thematic policies addressing environmental issues (including climate change, freshwater, and biodiversity) and social and human rights. In addition to pioneering the green bond concept alongside the World Bank in 2007 and 2008, SEB played a role in developing the Green Bond Principles in 2014. These efforts align with Sweden's emphasis on mitigating climate change.

SEB published its first sustainability report in 2009, adhering to Global Reporting Initiative (GRI) guidelines. Since 2017, the sustainability report has been integrated into the Annual Report. It aligns with reporting frameworks such as the Task Force on Climate-Related Financial Disclosures (TCFD) and the Principles for Responsible Banking. Unlike many banks, SEB rarely faces controversies related to its climate policies, unlike larger institutions like JPMorgan Chase, Goldman Sachs, and Credit Suisse.

SEB has subsidiaries in various countries, including Skandinaviska Enskilda Banken A/S (Denmark), SEB Pank (Estonia), DSK Hyp (formerly SEB AG) (Germany), SEB banka (Latvia), SEB bankas (Lithuania), SEB Corporate Bank (Ukraine), SEB Bank (Russia), and SEB SA (Luxembourg).