SEB Looks to Sell Off German Retail Banking Business
Due to the unsatisfactory profitability of its German retail banking business, SEB is reviewing different alternatives to resolve this situation. The bank has a diversified German business comprising a profitable corporate banking and asset management business, as well as a country-wide retail banking business. SEB has received third party interest for acquiring the retail business and it is now pursuing a dialogue with several parties regarding a possible divestment.
“Germany is an important market for SEB and our customers and we will continue to develop and invest in the corporate business there,” affirmed the bank in a press statement.