Well-diversified revenue base by geography and business area. Entrenched franchise in core business areas, particularly merchant banking, following the disposal of the German retail operations. Stable earnings from Nordic retail and merchant banking business. Diverse funding sources and strong liquidity. High proportion of capital-market-related revenues. Concentration of large exposures to single names, given the business model. Relatively low cost efficiency of the retail operations compared with peers'. The ratings on Swedish banking group Skandinaviska Enskilda Banken AB (SEB) reflects Standard&Poor's Ratings Services' view of SEB's well-diversified revenue base across Sweden, Germany, and the Nordic and Baltic regions; established franchise in core business areas, particularly corporate and merchant banking; stable earnings from Nordic retail and merchant banking business; diverse
