SEB Announces New CEO: We Maintain Our Fair Value Estimate and No-Moat Rating
Following the announcement of long-term CEO Annika Falkengren’s resignation on Jan. 16, 2016, Skandinaviska Enskilda Banken’s Board of Directors has appointed Johan Torgeby as new President and CEO. Falkengren will serve as a consultant until her departure in July. Following the change in CEO, we opt to maintain our fair value estimate and retain our no-moat rating for the bank.Torgeby joined SEB in 2009 and has been a member of the executive committee since 2014. Currently co-head of the Large...
Skandinaviska Enskilda Banken provides corporate, retail, investment and private banking services, as well as asset management and life insurance services. Merchant Banking provides wholesale and investment banking services to corporations and institutions. Retail Banking provides products mainly to private customers and small and medium-sized corporate. Wealth Management performs asset management and private banking activities and Life provides life, care and pension insurance. Division Baltic provides retail, asset management and private banking services in the Baltic countries. As of Dec 31 2013, Co. had total assets of SEK1,904.16 billion and total deposits of SEK821.47 billion.
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