Sweden's SEB Group forms impairment provision of 125.8 mln euros for Russia-related assets

MOSCOW. Jan 26 (Interfax) - Sweden's Skandinaviska Enskilda Banken (SEB) in 2022 created provisions for an impairment of 1.4 billion Swedish krona, or 125.8 million euros, on assets in Russia, SEB said in a financial report posted on its website.

SEB provides banking services to corporate clients, companies, and individuals in Scandinavia, Estonia, Latvia, Lithuania, Poland, Germany, Russia, and Ukraine.

"As communicated in March 2022, it is not viable for SEB to maintain operations in Russia, and we are therefore in the process of scaling these down. As the Russian Federation has limited transactions between subsidiaries in Russia and parent companies in so-called unfriendly countries, an impairment of 1.4 billion Swedish krona has been made for the group's assets in Russia," the bank said in the financial report.

The Russian authorities have also limited funds transferrable abroad to 10 million rubles per month.

SEB's Russia-related assets are currently estimated at 7 billion Swedish krona, or 629 million euros.

SEB Bank, formerly St. Petersburg-based PetroEnergoBank, was established in 1995. The bank

ranked 89th in the Interfax-100 ranking at the end of 2022, with assets totaling 57.7 billion rubles.