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SEB

SEB aims to boost investment banking

SEB AB said it will form a new unit - SEB Enskilda Equities - within the business area Trading & Capital Markets in a bid to boost its investment banking operations.

Stefan Carlsson has been appointed head of SEB Enskilda Equities.

Furthermore, the banking group said SEB Enskilda Corporate Finance will form a separate business area within SEB Merchant Banking.

John Abrahamson, who will head the Corporate Finance unit, said: “SEB is now creating a unit with a broader product offering and a stronger financial platform and can therefore further increase its investments within investment banking. This will be an advantage both to our customers and to our employees.”

AFX

ECONOMY

Swedish economy beats growth expectations

Sweden's economy grew by 0.6 percent in the first quarter from the previous three-month period, Statistics Sweden (Statistiska centralbyrån - SCB) said on Wednesday as it released fresh data that beat expectations.

Swedish economy beats growth expectations

“Sweden’s position in Europe remains strong,” Statistics Sweden said, noting Sweden had experienced growth that was “significantly higher than the European average.”

The growth, the strongest recorded in Sweden since the second quarter last year, is significantly higher than analysts’ forecasts.

They had predicted the economy would see weak growth, be flat or even contract, with a survey by Dow Jones Newswires forecasting an average increase of 0.3 percent.

Sweden’s first quarter economic health contrasts sharply with that of countries in the eurozone, of which it is not a member.

Many eurozone countries have registered weak quarterly data, such as Germany which reported 0.1 percent growth, or were in recession, such as France which saw its economy shrink by 0.2 percent.

Sweden’s “upside surprise is mainly due to stronger inventories” while “domestic demand (was) mixed,” SEB bank analyst Erica Blomgren commented on Twitter.

She said “private and public consumption (were) stronger than expected but investments (were) very weak.”

AFP/The Local/at

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