Nordic financial services provider SEB has set out a sweeping new business structure to be implemented from the new year, which it says will increase efficiency and facilitate further growth in areas of strength.

<p>From January 1, 2007, SEB will integrate its retail units in five countries to create one retail banking unit. Furthermore, the Baltic lender will increase its ambition in asset management and private banking activities by integrating its current asset management and private banking units into a new wealth management unit. <br /><br />In addition, SEB will also operate merchant banking and life divisions. The bank hopes that the changes will enable it to become the leading North European bank in customer satisfaction and financial performance. <br /><br />SEB president and CEO Annika Falkengren said: By integrating our businesses we are taking the next step to further exploit our platform and enable investments in product development, better customer services and future growth opportunities. Our new and more client focused organization will provide customers with better access to our leading product offerings and higher quality. We are also taking a first step to integrate support functions in order to provide a solid basis for increased operational efficiency.</p>