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 one of the leading the financial institutions in the Nordic region alongside Danske Bank A/S (AA-/Stable/A-1+) and the Nordea group (Nordbanken AB, Christiania Bank og Kreditkasse ASA, Merita Bank PLC, and Unibank A/S; all rated A+/Stable/A-1). The SEB Swedbank group reported a pro forma pretax profit of
