Leading merchant bank franchise. Strong risk-adjusted capitalization underpinned by resilient earnings and asset quality in a European context. Pressure on revenue and asset quality stemming from the COVID-19 pandemic. Concentration of relatively large single-name exposures. Predominance of wholesale funding and corporate deposits in the funding profile. The stable outlook reflects our expectation that Skandaninaviska Ensilda Benken (AB) (SEB) will be able to comply with the requirements set by the FSAs to further improve its anti-money-laundering (AML) framework. Furthermore, we expect the bank to maintain robust capitalization over the next 24 months, despite intensifying pressure on earnings and asset quality stemming from COVID-19. We expect that its asset quality will remain broadly in line with that of domestic peers. We also
