SEB compensates institutional investors in Estonia

(Thomson Reuters ONE) - SEB in Estonia has in a specific case decided to compensate investorsdu to an omission to fulfil its information obligations. Ascollateral agent for the Estonian company OU TR Majad' s privateplacement of its corporate bond in June 2007 to institutionalinvestors, SEB in Estonia should have informed investors of anymaterial event within ten days.. Such a material event was thecompany's disposal of assets that formed part of the collateral forthe bond. SEB in Estonia informed the investors four weeks too late.Nine months later the company was bankrupt."Our customers and counterparties should know that we always strivefor the highest professional standards. When we discover any faultswe have made, we act", says Annika Falkengren, CEO and President ofSEB.As it has been hard to define the exact impact of the bank's omissionfor the investors, SEB has decided to compensate the investors infull. The compensation amounts to EUR 11.3m.SEB is a Northern European financial group serving some 400,000corporate customers and institutions and five million privateindividuals. SEB offers universal banking services in Sweden, Germanyand the three Baltic countries - Estonia, Latvia and Lithuania. Italso has a local presence in the other Nordic countries, Ukraine andRussia and a global presence through its international network inleading financial centres. On September 30, 2009, the Group's totalassets amounted to SEK 2,233 billion and its assets under managementtotalled SEK 1,295 billion. The SEB Group has about 20,000 employees.Read more about SEB at www.sebgroup.com._____________________________________________For further information, please contact:Viveka Hirdman-Ryrberg, Head of Corporate Communications, tel.+46-8-763 85 77, +46-70-550 35 00Ulf Grunnesjö, Head of Investor Relations, tel. +46-8-763 85 01,+46-70-763 85 01http://hugin.info/1208/R/1360619/332069.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

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Bereitgestellt von Benutzer: hugin
Datum: 11.12.2009 - 09:42 Uhr
Sprache: Deutsch
News-ID 9515
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