The ratings on Skandinaviska Enskilda Banken AB (SEB) reflect the group's diversified earnings profile, satisfactory capitalization, and sound asset quality. The rating is constrained by the challenge of restructuring the group's German operation, and by SEB group's exposure to capital markets, which in turn create volatility in operating revenue. SEB ranks as the third-largest financial services group in the Nordic region, and has its most important operations in Sweden, Germany, and is also growing rapidly in the Baltic region. The group holds particularly strong market positions in large corporate banking, foreign exchange trading, asset management, and private banking. The Baltic operations are of increasing importance to group performance. Total assets for the SEB group amounted to Swedish krona (Skr) 1,169
