Well-diversified revenue base by geography and business area. Entrenched franchise in core business areas, particularly merchant banking. Stable earnings from Nordic retail and merchant banking business. Diverse funding sources and improved liquidity reserves. Higher share of capital-market revenues than peers. Concentration of large single-name exposures for the business model. Relatively low cost efficiency of the retail operations compared with peers'. Standard&Poor's Ratings Services' outlook on Sweden-based Skandinaviska Enskilda Banken AB (publ) (SEB) is stable, reflecting our expectation that SEB will continue to benefit from the stability of its diverse revenue sources and maintain capital firmly within Standard&Poor's "adequate" ratio bands. We expect SEB's risk adjusted capital (RAC) ratio to increase by 50-60 basis points (bps) annually
