SEB Bank Looking to Expand in Germany

Sweden's SEB is keen on expanding its investments in Germany, bank chief executive Lars Thunell said Wednesday. "We are looking for possibilities for smaller acquisitions in Germany," Thunell told journalists in Frankfurt, according to Reuters. When asked whether SEB was considering buying the state-backed savings bank Frankfurt Sparkasse, Thunell said: "No, that would not be a smaller acquisition." SEB Germany chief Thomas Altenhain stressed that the bank was more interested in financial institutes with mobile distribution which could strengthen SEB in the wealth management sector. SEB, which has 175 branch offices in Germany, expects to profit from the end of government liability for state-backed savings banks in mid-2005 as well as from the consolidation of those banks and cooperative banks, Thunell said. "Many people think that Germany is a problem. We see opportunities here instead."