SEB : SEB to stay in current premises
SEB has finalised its review of a possible move to new premises in the
Stockholm district Norra Djurgårdsstaden. Taking into account the need for
office space and the associated costs, SEB has decided to stay in its current
premises. "We have less need for office space and rent has come down. It would
be less efficient to build something new," says SEB's Chief Financial Officer
Jan Erik Back.
SEB signed an option agreement with the city of Stockholm in May 2011,
enabling the bank to review a possible move to a new building in Norra
Djurgårdsstaden. The review looked into the prospect of having all staff in
one place while reducing costs. SEB reviewed moving around 7,600 work places
in four Stockholm locations (Rissne, Magnus Ladulåsgatan, Kungsträdgårdsgatan
and Sergels Torg) to the new building.
The review, which was finalised recently, shows that there would be more
negative than positive implications. SEB's need for workplaces has come down
to 6,800 from 7,600 during the review period, while the relative cost of
building new premises has gone up.
SEB has therefore decided not to renew the option agreement with the city of
Stockholm when it expires in May. The bank instead plans to upgrade the
current buildings as needed.
"The agreement with the city of Stockholm provided us with a possibility to
thoroughly review the implications of a move. We have gone far to achieve a
realistic business case and we have weighed the positive and negative factors.
We have now made a decision. Norra Djurgårdsstaden was an attractive
alternative, but we must do what is most efficient for SEB in the long term.
We have had good cooperation with the city of Stockholm throughout the review
period," Back says.
For further information, please Press Contact
contact Laurence Westerlund, Press Officer
Viveka Hirdman-Ryrberg, Head of +46 70 763 8627
Corporate Communications, email@example.com
tel: +46 8763 85 77, +46 ( 0) 70-550
SEB is a leading Nordic financial services group. As a relationship bank, SEB
in Sweden and the Baltic countries offers financial advice and a wide range of
financial services. In Denmark, Finland, Norway and Germany the bank's
operations have a strong focus on corporate and investment banking based on a
full-service offering to corporate and institutional clients. The
international nature of SEB's business is reflected in its presence in some 20
countries worldwide. At 31 March 2013, the Group's total assets amounted to
SEK2,580 billion while its assets under management totalled SEK1,374
billion. The Group has around 16,000 employees. Read more about SEB at
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