SEB first Nordic bank to offer cross-border tra...

SEB is the first Nordic bank to provide cross-border trade related
settlement and account services including cross-border payments and
foreign exchange transactions in Chinese currency Renminbi (RMB) to
all corporate customers for settlement of eligible trade transactions
outside China. All SEB sites can now offer their clients these
services through SEB in Singapore. In addition, SEB's corporate
clients based in China can execute all their financial needs in RMB
and foreign currency via SEB's branch in Shanghai.


"This new service allows all SEB clients to take advantage of the
possibility to use RMB for cross border trade and cross-border
payments between China and Singapore under the pilot programme
launched by the Chinese authorities ", says Bo Carlsson Head of SEB
Singapore.

The pilot programme is seen as a first step in developing the RMB
into an international settlement currency for Chinese exports and
imports.

"With the RMB license that SEB received earlier in the year, we can
offer a complete corporate banking solution within Cash Management,
Trade Finance, Foreign Currency Trading and Lending for Chinese based
clients through the Shanghai Branch", Carl Christensson, Head of SEB
Shanghai continues.


 SEB is a North European financial group serving some 400,000
corporate customers and institutions and five million private
individuals. SEB offers universal banking services in Sweden, Germany
and the Baltic countries - Estonia, Latvia and Lithuania. It also has
local presence in the other Nordic countries, Ukraine and Russia and
a global presence through its international network in major
financial centres. On 30 September 2009, the Group's total assets
amounted to SEK 2,233bn (~EUR 219bn) while its assets under
management totalled S