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SEB Joins Danish Private Banking Partnership with Ringkjobing Landbobank

By Dominic Chopping

 

STOCKHOLM--Skandinaviska Enskilda Banken AB said Wednesday it is partnering with Ringkjobing Landbobank AS in Denmark to strengthen its footprint in the local private banking market and pave the way for increased growth in the professional family office segment.

The Sweden-based bank said the partnership will allow it to offer its customers a complete range of private-banking services in the Danish market, with Ringkjobing Landbobank's customers gaining access to SEB's range of services.

In parallel with the new partnership, SEB said it will establish a new professional family office unit within SEB Denmark, working in collaboration with SEB's Large Corporates & Financial Institutions and Investment Management divisions and with Ringkjobing Landbobank.

As part of the partnership, SEB will transfer its existing private banking business in Denmark to Ringkjobing Landbobank. The business consists of 15 employees, who serve around 800 customers, with assets under management of around 15 billion Danish kroner ($2.15 billion).

The financial effect for SEB is not significant, it added.

 

Write to Dominic Chopping at dominic.chopping@wsj.com

 

(END) Dow Jones Newswires

April 27, 2022 04:16 ET (08:16 GMT)

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