The ratings on Skandinaviska Enskilda Banken AB (SEB) reflect the successful defense of the group's core franchise in corporate banking as well as the group's heightened attention to risk-adjusted earnings. Moreover, the retail business in Sweden has been revitalized and is contributing positively to group performance. All of this, together with a tight cost discipline, has resulted in continued stable performance, despite adverse market conditions. Group performance is also supported by the operations in the Baltic countries, while the German banking operations continue to be a drag on the group's overall financial performance. SEB ranks as the fourth-largest financial services group in the Nordic region. Its most important operations are in Sweden and Germany, and the group is growing rapidly
