In a simple tree-planting ceremony at the Church of Sweden and the Norwegian Seamen’s Mission, the Singapore branch of Skandinaviska Enskilda Banken (SEB) marked the start of a programme of activities to celebrate 25 years of doing business here.
SEB began operations in Singapore in November 1979 as a wholly-owned subsidiary of Skandinaviska Enskilda Banken, Sweden. In November 1988, it was granted a licence to operate also as an offshore branch. It has been growing in stature ever since.
SEB’s primary target group is Northern European clients, but many Asian corporate accounts have been added over the years. Offering corporate banking and foreign exchange, interest rates and electronic trading, geographical coverage has spread across Asia. SEB’s Asian business is consolidated out of Singapore, which serves as the headquarters for all of its operations in Asia.
Planting a tree is symbolic for SEB. A tree represents life; with its roots firmly in the ground, as it grows, the branches will spread upward and outward.
Similarly, in the next 25 years, SEB Singapore and the group will be entering the next phase of growth. Addressing guests at the commemorative launch on 24 March, Sven Björkman, General Manager of SEB Singapore said that SEB would be expanding its existing product areas especially in non-deliverable forwards.
“I am pleased to announce that we are introducing new product areas, such as fixed income and debt capital markets. In addition, we continue to explore new markets, for example, China and India. Our growth plans also focus on German customers and financial institutions as well as core Nordic clients.”
“We are bringing in new specialist skills from the network to broaden and strengthen our product offerings and enter new client and market segments. Our core values are continuity, commitment, professionalism and mutual respect. They are part of our corporate culture and define our way of working,” he added.
“We want to show our commitment to Singapore and to the community among which we work and live. SEB has been in Singapore for 25 years and we will be here for many years to com,” continued Mr. Björkman.
SEB sees its association with the Swedish Church and the Norwegian Seamen’s Mission as “doing something for the community”. The Swedish Church and the Norwegian Seamen’s Mission provide a warm and friendly “home away from home” for the Scandinavian community of expatriates, families and students to gather.
For Christmas 2003, SEB Singapore provided new “psalmböcker” (hymnals) for the chapel. In conjunction with its 25th anniversary, SEB will support the Church and the Mission by donating a stained glass window for the chapel. It is also encouraging other to contribute towards the renovation and improvement of the chapel and community house through individual and corporate gifts and contributions.
