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FINANCIALS: SEB Internal Reshuffle; May Be Positive, Appears Immaterial

FINANCIALS
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SEB (SEB: A3 pos/A-/AA-) reshuffling internal functions; could be a very minor positive but immaterial to the credit.

  • SEB is merging its wealth and asset management divisions together, a logical move, which a range of other banks have done. It is also creating a COO function and renaming two other divisions.
  • This is, apparently, “ahead of the introduction” of the new 3yr business plan (2025-27) but there’s currently no investor day showing in calendars. This may be released with upcoming results.
  • SEB does have a pre-close call scheduled with analysts for 26-Sep, but this is usually more of a model updating exercise, in our view. 3Q24 results are 24-Oct and FY24 are 24-Jan-25.
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SEB (SEB: A3 pos/A-/AA-) reshuffling internal functions; could be a very minor positive but immaterial to the credit.

  • SEB is merging its wealth and asset management divisions together, a logical move, which a range of other banks have done. It is also creating a COO function and renaming two other divisions.
  • This is, apparently, “ahead of the introduction” of the new 3yr business plan (2025-27) but there’s currently no investor day showing in calendars. This may be released with upcoming results.
  • SEB does have a pre-close call scheduled with analysts for 26-Sep, but this is usually more of a model updating exercise, in our view. 3Q24 results are 24-Oct and FY24 are 24-Jan-25.