Swedish banking group Skandinaviska Enskilda Banken (SEB) has
announced a third quarter profit of €2.5 million, some 99 percent
down on last year’s figure of €187 million, due largely to
write-offs in the Baltic region.
The bank, a major player in Scandinavian and Baltic leasing,
reported €323 million in credit losses over the quarter, with most
attributable to loan books in Lithuania, Latvia and Estonia.
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The Lithuanian arm of SEB Bank, for example, reported a net loss
of €181.6 million for the first nine months of this year, accrued
from a leasing and credit portfolio in the country worth over €6
billion.
Fred Crawley
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