Well-diversified revenue base by geography and business area. Entrenched Nordic franchise in core business areas, particularly merchant banking. Stable earnings from Nordic retail and merchant banking business. Concentration of large single-name exposures for the business model. Relatively low cost efficiency of retail operations compared with peers'. Standard&Poor's Ratings Services' negative outlook on Sweden-based Skandinaviska Enskilda Banken AB (publ) (SEB) mostly reflects our view of the heightened economic risks in Sweden, the Nordics and Germany, SEB's primary markets. In our view, economic conditions and uncertainty remain a challenge for SEB's corporate exposures, in particular, and could impair the bank's ancillary merchant banking revenues. We would consider a downgrade if we saw a sustained economic slowdown in Sweden leading to
