Well-diversified revenue base by geography and business areas Entrenched franchise in core business areas; particularly merchant banking Sustained profitability, underpinned by better efficiency and revenue growth Low provisioning requirements and stable asset quality Adequate capitalization High component of capital markets-related revenues Low profitability at the German operations Higher cost base than regional peers Concentration risk arising from some large exposure to single names The ratings on Sweden-based Skandinaviska Enskilda Banken AB (SEB) reflect the group's well-diversified revenue base, underpinned by its very strong franchise in corporate and merchant banking in Sweden, its adequate capitalization, and the group's solid and sustained profitability. The ratings are further supported by SEB's very good asset quality, healthy growth in business volumes as well as
