Goldman Sachs

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Goldman Sachs

  1. 1. Annika Falkengren CEO Goldman Sachs Berlin June 12 2008 1
  2. 2. SEB's markets in Northern Europe GDP, growth per year, % Average, Baltic countries Average, Nordic countries Euro Zone 12 10 8 6 4 2 0 2006 2007 2008 (f) 2009 (f) 2
  3. 3. This is SEB today Share of operating profit Q1 2008 Wealth Management Baltic Life countries Nordics 15% 10% 20% 18% Germany 4% 38% 37% 58% Retail Merchant Banking Banking Sweden 3
  4. 4. SEB's franchise Merchant Banking ● #1 Nordic stock broker ● #1 Nordic and Baltic investment bank ● #1 Nordic and Baltic cash manager ● #1 Custody Nordic and Baltic markets ● #1 Scandinavian currencies Wealth Management ● #1 Nordic and Baltic private bank ● #2 Nordic asset manager Life and pension ● #1 Nordic unit-linked business Retail ● #2 Baltic region 4
  5. 5. Our strategy – The Road to Excellence Expand and Co-ordinate accelerate universal offering growth in areas Focus of strength Sustainable profit growth Focused growth in 2,500 large corporates & institutions 400,000 SME’s 5 million private individuals Installing operational areas of strength excellence Merchant Group IT Retail Wealth Group Life Operations Streamlining and integration Group Staff Norway Finland Germany Latvia Ukraine Russia Sweden Denmark Poland Lithuania Estonia From To 1 1 2 3 Productivity 2 3 OK 4 5 OK 2006 2007 2008 2009 2010 Proactivity 5
  6. 6. Resilience from operational leverage Cost-management program SEB Way Status Q1 2008 2007 – 2009: Both front- and back-end processes 30 % of all employees Commitment More than 800 FTEs freed up SEK 1.5 – 2bn Realised since start SEK 625m 6
  7. 7. Strong balance sheet Core capital ratio Net liquidity position across maturities Basel II including transitional rules, % 31 March, SEKbn 300 8.9 SEB is match- funded approx. 7.2 one year 200 7.0 100 6.8 6.5 0 1 week 2 weeks 4 weeks 2 months 3 months 4 months 5 months 6 months 9 months 12 months 6.4* (2007) * Danske has during 2008 started to report the full Basel II effect 7
  8. 8. Capturing structural growth trends Capital markets SEB is: Creating demand for: Exploiting Trading, investment being the #1 banking, new asset classes Nordic Merchant Bank Demography Expanding the Asset management, asset manage- pension products ment and life insurance franchise Emerging markets Continued Local financial growth in services, int’l support Eastern for our clients Europe 8
  9. 9. Leverage being the #1 Nordic Merchant Bank Global Transaction Services Corporate foreign exchange Custody, Cash management etc International ranking Income, SEKbn 3.2 2.7 2008 2007 2.4 1.9 2.1 1 1 Citi 2 2 Deutsche Bank 2003 2004 2005 2006 2007 3 4 HSBC Assets under Custody 11 10 BNP Paribas EUR bn Nordea SEB 12 12 SEB 600 400 13 13 Mitsubishi UFJ Fin Grp 200 0 2002 2007 9
  10. 10. Demographics supporting long-term savings Strong market position in all markets Market shares, gross premium income, unit-linked insurance (%, 2007) SEB SEB Market share Competitors Rank Sweden* 22 1 Denmark 17 2 Estonia 28 2 Latvia 43 1 Lithuania 37 2 0% 20% 40% 60% 80% 100% * unit-linked (Sweden new sales) Net inflows in the Swedish mutual funds Cumulative FY 2007 and Q1 2008, SEKbn 15.2 -8.6 -13.6 -18.5 Robur SHB Nordea SEB 10
  11. 11. Go East: A continued growth case Operating result country level; SEK millions 4,000 Lithuania Latvia Estonia 3,114* 3,000 +34% 2,320 +62% 2,000 1,428 1,000 250,000 new customers during 2007 0 2005 2006 2007 * Adjusted for sale of Baltic real estate 11
  12. 12. Managing a downturn in the Baltic countries Phase I - Actions to manage overheating Jan 06 Jul 06 Dec 06 2007 ● Concluding ● Tightening of ● Overheating ● Further tightening internal review credit policy risks of credit policy of Baltic incl. cautious communicated ● Raised attention to economies property mgmt currency risks ● Increased ● ROE priority > ● Collective capitalisation volume growth provisioning policy Credit growth per quarter 12% 10% 8% 6% 4% 2% 0% 2006 2007 2008 12
  13. 13. Managing a downturn in the Baltic countries Phase II - Actions to manage correction Asset quality Targeted credit portfolio reviews Joint local and head-office work-out team Early conservative provisioning Business development Individual country approach Full integration in SEB Group to broaden product palette Develop relationships with existing and new customers 13
  14. 14. SEB in Germany Retail Merchant Banking Banking Asset Commercial Management Real Estate 14
  15. 15. Long-term objectives Customer Sustainable profit satisfaction: growth No 1 in chosen markets Highest Return AA-rating on Equity 15
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