This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks A leading merchant bank franchise in the Nordics. High single-name exposure. Diversified revenue base and high cost-efficiency. Predominance of larger corporate deposits and wholesale funding in the funding profile. Strong risk-adjusted capitalization aided by robust asset quality. In addition to holding a top position in the Swedish and Baltic retail markets, SEB has a leading position among large corporates in the Nordics. This affords the bank a diversified and steady revenue stream that will cushion the bank?s earnings performance despite headwinds from a lower net interest margin. We project annual income of approximately
