SEB sets up new division to strengthen private banking business

SEB (Stockholm:SEBA) has said that it has established a new division - Private Wealth Management & Family Office - to strengthen its focus on entrepreneurs, individuals and families and their businesses in SEB's home markets.

William Paus, current co-head of SEB's Large Corporates & Financial Institutions division, will take charge as head of the new division. SEB's Private Banking segment has helped its assets under management (AuM) grow to more than SEK 1.0tn over the years, corresponding to nearly 50 percent of SEB's total AuM.

Paus will assume his new role on June 1, 2021, when the division becomes operational. He will continue as a member of SEB's group executive committee.

By leveraging expertise from across the bank, including Investment Banking, SEB says that its Private Wealth Management & Family Office division will have a solid platform to respond to new customer needs and allow further business growth. The division will initially have around 500 employees in Sweden, Finland, Norway, Denmark, Germany, Luxembourg, the United Kingdom and Singapore.

As part of its efforts to enhance its offering to customers, SEB has already started to invest in several areas by setting up SEB Singular, a dedicated Investment Banking group focused on fast-growing tech companies, launching Corporate Finance Growth to support small and medium-sized companies with capital raising, IPOs and M&A advisory and launching an initiative called the Venture Debt concept, to meet the capital needs in the growth phase of emerging companies.

A Nordic financial services group, SEB offers financial advice and a wide range of financial services with presence in around 20 countries worldwide. As of March 31, 2021, the group's total assets were SEK3.443tn while its assets under management totalled SEK2.243tn.