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Annual Report 2001 01 Annual Report 2001 01 Increased customer satisfaction, intensified co-operation within the Group and increased cost-efficiency are top priorities Contents SEB’s financial information is found on www.seb.net Important events in 2001 1 Financial information during 2002 Chairman’s statement 2 Publication of annual accounts 21 February President’s statement 3 Publication of Annual Report End of March Economic development 4 Annual General Meeting 10 April Interim report January–March 7 May SEB in brief 6 Interim report January–June 22 August Interim report January–September 7 November SEB and the society 8 For further information please contact: The SEB share 10 Gunilla Wikman Per Anders Fasth Head of Group Communications Head of Investor Relations SEB’s divisions Telephone +46 8 763 81 25 Telephone +46 8 763 95 66 Nordic Retail & Private Banking 12 E-mail: [email protected]: [email protected] Corporate & Institutions 14 SEB Germany 19 Boo Ehlin Laurence Westerlund SEB Asset Management 22 Press Officer Investor Relations Telephone +46 8 763 85 77 Telephone + 46 8 76386 27 SEB Trygg Liv 24 E-mail: [email protected] E-mail: [email protected] SEB Baltic & Poland 27 Annika Halldin Report of the Directors 29 Responsible for financial information/ Shareholder contacts Risk- and capital management 38 Telephone + 46 8 763 85 60 E-mail: [email protected] Accounting principles 44 Definitions 47 Profit and loss accounts 48 Balance sheets 50 Cash flow analysis 51 Notes 52 Five-year summary 82 Proposal for the distribution of profit 84 Auditors’ report 85 Board of Directors 86 Group executive Committee and auditors 87 Addresses 88 Cover picture: Anders Larsson, SEB in Trelleborg, Sweden IMPORTANT EVENTS IN 2001 Important events in 2001 2001 was characterised by economic recession both in Sweden and internationally. The downturn of the global stock market that started in 2000 continued during the major part of the year. Except for the Baltic States and Norway, all SEB’s home markets were affected by the deteriorating business cycle. FEBRUARY SEPTEMBER On 22 February SEB and FöreningsSparbanken announced At a press conference on 19 September, SEB and Förenings- their plans for a merger. The two banks complement each Sparbanken declared that they had jointly decided to interrupt other well and a merger would have created good opportu- the merger work. The reason for this was that an EU approval nities for growth and for the creation of a European financial would demand such far-reaching concessions that the value of group. the merger would have been lost. APRIL OCTOBER SEB’s German subsidiary bank changed its name to SEB. The name change attracted much attention through TV In order to make better use of the potential within SEB’s own advertising etc. and was very successful. organisation a strategic programme was started in October. The following are the main features of this programme: • Increased customer satisfaction MAY • Increased co-operation and cross-selling within SEB and • Creation of a long-term cost-consciousness culture In early May the Bank’s yacht in the Volvo Ocean Race was At the same time a cost-cutting programme was launched named SEB by Sweden’s Crown Princess Victoria. Five which will save SEK 2.5 billion, net, per year, starting in months later, on 23 September, Team SEB with its Skipper 2003. A renewal of the Executive Management is made. Gunnar Krantz started the race from Southhampton. The goal in Kiel is expected to be reached on 8 June, 2002. AUGUST DECEMBER The number of e-banking customers in the SEB Group In order to focus further on private customers in the Nordic passed one million. Particularly gratifying was the fast region the Personal Banking Sweden was merged with the increase in the Baltic States, where SEB’s three subsidiary Personal Banking International division into Nordic Retail & banks had 225,000 e-banking customers at year-end. Private Banking. At the same time the branch offices are put into focus in order to increase customer satisfaction. Corporate & Institutions, the division for large companies, also underwent changes: Securities Services and Mid Corporate were made part of Merchant Banking. SEB ANNUAL REPORT 2001 1 CHAIRMAN’S STATEMENT SEB strengthened through special measures Since 1999 SEB has changed – from orous cost-cutting programme. Our risk exposure is low in a being a Nordic bank, with an over- world where there have been spectacular credit losses and whelming part of its employees corporate bankruptcies, like Enron. Our engagements in the and customers in Sweden – into a worst hit countries like Argentina are very limited. North European bank with more SEB has a unique position as the leading Nordic bank than half of both staff and cus- for companies. This is one of the conclusions that we have tomers outside Sweden. Now- drawn from working on the proposed merger between SEB adays, our home market includes and FöreningsSparbanken. Furthermore, we have concluded Germany and the Baltic countries. that we must put more focus on customers and customer The world picture changed on needs and that our cost-efficiency needs to be improved. 11 September. The world economy SEB will face new and important challenges ahead. Right had already weakened and a gen- now we are living through times of extremely deep-going eral uncertainty after the terror attacks in New York rein- and thorough change. Business life is continually exposed forced this negative trend. Economic growth dropped dra- to fundamental change as a result of the deregulation and matically in the U.S. Japan fell into yet another deep recession globalisation that have characterised the last ten years. One and a currency crisis broke out in Argentina. Growth within example of this can be seen in the increasing pressure on the EU contracted, too. However, so far, it seems that Great companies to assume a more comprehensive social responsi- Britain has managed to fend off the unfavourable trend, bility. As far as SEB is concerned it is a matter of creating while Germany continues to experience growth problems. shareholder value by weighing in a balanced social responsi- Nor has Sweden escaped the economic downturn. The bility in our decisions, among other things. Swedish economy has been particularly pressured due to its Development and change go hand in hand. Change breeds high exposure on the crisis sectors telecommunications and new opportunities. I look forward to these new, interesting IT and its extensive export industry. opportunities that promise profitable years ahead for SEB. It is unlikely that there will be any change in this sensitive The past year was an eventful year. Many people have economic situation during the first six months this year. Poor made outstanding contributions during a challenging peri- corporate profits, many new unemployed and high private od. I have witnessed many fine examples of commitment, indebtedness in the U.S. and Great Britain, for example, will hard work and loyalty during the last year. Allow me, on restrain consumption. It will take some time before the posi- behalf of the Board, to convey my sincere thanks to the tive effects of the introduction of euro-notes and euro coins Management and all employees of SEB for all that they on 1 January 2002 will start to show. We will probably have have achieved during the past year. to live with economic uncertainty, even though there are In spite of a difficult market climate SEB stands strong signs that the American recession is on its way out. thanks to these efforts. Following the recession, companies have abandoned their more ambitious expansion plans for more concentrated in- vestments. SEB has increasingly focused its activities on Stockholm in February, 2002 Northern Europe, including Germany, in an effort to develop its own potential within its home market operations. This strategy has led to a satisfactory result for the past year, with the exception of equity-related areas that were affected by the general downturn. Jacob Wallenberg Despite the tough economic climate the Bank has capacity Chairman of the Board for consolidating its position further. We have started a rig- 2 SEB ANNUAL REPORT 2001 PRESIDENT’S STATEMENT 2001 – a year of turbulence 2001 was a turbulent year. The stock markets were weak and kets. Our operating costs the economies in most countries experienced a sharp down- decreased, although we have turn, reinforced by the terror attacks in the U.S. on 11 Sep- taken an up-front charge for tember. some of the restructuring costs SEB has a strong position within equity-related products in connection with the present and services and was therefore worse hit by the sharp down- cost-cutting programme. Most turn than many of its competitors. of these have been taken dur- In February last year we announced the proposed merger ing 2001, but will also have a with FöreningsSparbanken. We would have been able to cre- certain effect on 2002. ate a strong Nordic bank that could actively participate in A large part of the result of the restructuring of the European financial industry. the Group came from Corporate However, the demands that the EU merger task force posed & Institutions, where Merchant to approve the merger were so tough that we mutually Banking reported strong income due to the good perfor- decided to withdraw our application. mance of the customer-driven business. Enskilda Securities’ We immediately made an analysis of our experiences result was weaker, as for most investment banks, and cost from the integration work and, after five weeks, we reduction measures have been taken. launched a programme aiming at making better use of SEB Germany’s income decreased due to the weak Ger- our own potential.
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