The ratings on FöreningsSparbanken AB (known internationally as Swedbank) reflect the bank's strong retail customer franchise in Sweden, its stable asset quality, and satisfactory capitalization. On Feb. 22, 2001, the ratings were affirmed following the proposed merger between Swedbank and Skandinaviska Enskilda Banken AB (SEB; A-/Watch Pos/A-2). With assets totaling Swedish krona (SKr) 2,052 billion pro forma at year-end 2000 ($200 billion at SKr10.26 to $1), the new bank group would rank as the largest financial institution in the Nordic region, alongside Denmark's Danske Bank A/S (A+/Stable/A-1) and the recently formed Nordea group. The SEB Swedbank group reported a pro forma pretax profit of SKr19 billion in 2000 and had equity capital of SKr77 billion at year-end 2000. The new
